Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity Disclosure

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Stockholders' Equity Disclosure
6 Months Ended
Jun. 30, 2017
Notes  
Stockholders' Equity Disclosure

NOTE 10 - STOCKHOLDERS’ DEFICIT

 

The Company is authorized to issue up to 50,000,000 shares of preferred stock, par value $0.001.  There are no preferred shares issued or outstanding as of June 30, 2017

 

The Company is authorized to issue up to 300,000,000 shares of common stock, par value $0.001.  During the three months ended March 31, 2017, the Company:

 

·      Authorized the issuance of 397,148 shares of common stock for cash proceeds totaling $47,490. 100,000 of these shares were unissued at March 31, 2017.

·      Authorized the issuance of 1,870,000 shares of common stock valued at $187,000 as an incentive to purchase Company assets. At March 31, 2017, 370,000 of these shares were unissued.

·      Authorized the issuance of 1,000,000 shares of common stock to as repayment of debt thru the conversion of a $100,000 note payable.

·      Authorized the issuance of 96,000 shares of common stock to third-party consultants as payment for their services.  The estimated fair value of these shares totaled $11,300. At March 31, 2017, 21,000 of these shares were unissued.

·      Authorized the issuance of 2,011,508 shares of common stock to Company directors and employees for their services.  The estimated fair value of these shares totaled $217,817. At March 31, 2017, 187,000 of these shares were unissued.

 

During the three months ended June 30, 2017, the Company:

 

·      Issued 558,000 shares of common stock that were unissued at March 31, 2017.

·      Authorized and issued 815,832 shares of common stock for cash proceeds totaling $110,000.

·      Authorized the issuance of 444,444 shares of common stock to repay a $60,000 cash advance from a former Director of the Company.

·      Authorized the issuance of 700,000 shares of common stock valued at $103,900 for the purchase of software and domain names. At June 30, 2017, 400,000 of these shares with a value of $60,400 are to be returned to the Company and the value is recorded as stock receivable within accounts receivable on our balance sheet.

·      Authorized the issuance of 310,000 shares of common stock as repayment of debt thru the conversion of two Bridge Loans payable totaling $31,000.

·      Authorized the issuance of 1,475,669 shares of common stock to third-party consultants and attorneys as payment for their services.  The estimated fair value of these shares totaled $258,266.  At June 30, 2017, $198,080 of consulting fee value to third parties was recorded as a prepaid expense on the balance sheet. At June 30, 2017, 21,503 of these shares were unissued.

·      Authorized and issued 3,587,482 shares of common stock to Company directors and employees for their services.  The estimated fair value of these shares totaled $448,109. At June 30, 2017, 100,000 of these shares were unissued. At June 30, 2017, $316,250 of consulting fee value to a related party was recorded as a prepaid expense on the Balance Sheet.