Capital Stock

9 Months Ended

Sep. 30, 2020

Stockholders' Equity Note [Abstract]

Capital Stock

6.       Capital Stock

a) Authorized capital stock

i. Common Stock

10,000,000,000 shares of common stock with a par value of $0.001 per share.

ii. Preferred Stock

500,000,000 shares of preferred stock with a par value of $0.001 per share.

b)       Issued capital stock

During the period ended September 30, 2020:

i) On March 11, 2020, the Company issued 2,000,000 restricted shares of common stock at a price of $0.04 per share for a purchase price of $80,000 in exchange for the retirement of $60,000 of accounts payable and $20,000 for the provision of services.

ii) On August 24, 2020, the Company issued 242,800 restricted shares of common stock at a price of $0.05 per share for proceeds of $12,134.

iii) On September 21, 2020, the Company entered into two shares for debt agreements with the Chairman and his spouse to issue an aggregate of 240,000,000 restricted shares of common stock at a price of $0.05 per share for a purchase price of $12,000,000 in exchange for the retirement of $12,000,000 of liabilities comprised of:

· Promissory Notes - Accrued interest - $ 2,318,542

· Line of Credit - Accrued interest - $ 8,642,491

· Line of Credit - Principal - $ 1,038,967

During the year ended December 31, 2019:

On June 19, 2019, the Company issued 26,000,000 shares of common stock to two individuals for the exercise of stock options as follows:

· 25,000,000 shares at an exercise price of $0.002 per share for a purchase price of $50,000. As consideration, the Company retired accrued interest owing to the Chairman on his line of credit totaling $50,000; and

· 1,000,000 shares at an exercise price of $0.015 per share for a purchase price of $15,000. As consideration, the Company retired accounts payable totaling $15,000.