Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity Disclosure

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Stockholders' Equity Disclosure
9 Months Ended
Sep. 30, 2018
Notes  
Stockholders' Equity Disclosure

NOTE 12 - 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 September 30, 2018

 

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, 2018, the Company:

 

·      Authorized the issuance of 3,000,000 shares of common stock to third-party consultants as payment for their services. The estimated fair value of these shares totaled $200, and $240,000 was recorded as consulting expense.

·      Authorized the issuance of 6,000 shares of common stock valued at $580 to employees and members of our Board of Directors for their services. These shares were unissued at September 30, 2018.

·      Issued 100,000 shares of common stock valued at $14,000 to a third-party consultant. These shares were authorized but unissued at December 31, 2017.

 

We also recorded a beneficial conversion feature on convertible debt of $8,188 to additional paid-in capital.

 

During the three months ended June 30, 2018, the Company:

 

·      Issued 3,000,000 shares of common stock that were unissued at March 31, 2018.

·      Issued 687,500 shares of common stock valued at $55,000 as repayment of debt at the exercise of the conversion feature of a note payable.

·      Issued 464,700 shares of common stock valued at $23,235 as repayment of debt to third parties.

·      Authorized the issuance of 4,600,000 shares of common stock for cash proceeds totaling $230,000.  At June 30, 2018 these shares were unissued.

·      Authorized the issuance of 36,000 shares of common stock to Company advisors for their services.  The estimated fair value of these shares totaled $2,520. At June 30, 2018, 16,000 of these shares were unissued.

 

We also recorded a beneficial conversion feature on convertible debt of $13,500 to additional paid-in capital.

 

During the three months ended September 30, 2018, the Company:

 

·      Issued 3,032,329 shares of common stock valued at $91,416 as a $50,000 repayment of debt at the exercise of the conversion feature of a note payable, resulting in a loss of $3,873 on the transaction.

·      Issued 157,880 shares of common stock valued at $15,788 as repayment of debt to third parties, resulting in a gain on the transaction of $12,630.

·      Issued 60,000 shares of common stock valued at $2,796 as payment to Company directors and advisors for their services.

·      Authorized the issuance of 56,000 shares of common stock to Company directors and advisors for their services. The estimated fair value of these shares totaled $1,496. At September 30, 2018, 20,000 of these shares were unissued.

 

We also recorded a beneficial conversion feature on convertible debt of $3,572 to additional paid-in capital.