Share Payable/ Claim Extinguishment Agreement

6 Months Ended

Jun. 30, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Share Payable/ Claim Extinguishment Agreement

7. Share Payable/ Claim Extinguishment Agreement

During the six months ended June 30, 2018, the Company entered into an agreement with an investor relations company to provide various services to the Company. These services were valued at $150,000 and will be charged to expense as certain milestones are met. The agreement is to be settled through the issuance of 7,500,000 common shares. From April through June, the investor relations company had met milestones that corresponded to $63,600 of expense being recorded. None of the shares had been issued through June 30, 2018.

During the six months ended June 30, 2018, the Company entered into a share issuance/ claim extinguishment agreement with two parties, pursuant to which the Company agreed to issue 50,000,000 shares of its common stock in exchange for the assumption of aggregate accounts payable of the Company totaling $154,057. The fair value of the shares to be issued was estimated to be $650,000 resulting in a loss on the settlement of debt in the amount of $495,943 recognized during the six months ended June 30, 2018. During the period ended June 30, 2018 5,944,449 shares have been issued under this agreement.

During the six months ended June 30, 2018, the Company entered into a share issuance agreement with a public relations company whereby they would issue shares in satisfaction for service rendered. Through June 30, 2018, the public relations company has provided services valued at $18,000. The Company has yet to issue the shares for these services.

During the year ended December 31, 2017, the Company entered into a share issuance/ claim extinguishment agreement with another party, pursuant to which the Company agreed to issue 35,000,000 shares of its common stock in exchange for the assumption of aggregate accounts payable of the Company of $183,443. During the year ended December 31, 2017, the Company issued 10,400,000 of the shares leaving 24,600,000 shares with a value of $856,080 to be issued as at December 31, 2017. No shares were issued during the six months ended June 30, 2018.