Common Stock and Preferred Stock Issuances

9 Months Ended

Sep. 30, 2014

Notes

Common Stock and Preferred Stock Issuances

COMMON STOCK AND PREFERRED STOCK ISSUANCES

Common Stock:

In May 2013, the Company increases its authorized share amount from 775,000,000 shares, of which 750,000,000 relate to common shares and 25,000,000 relates to preferred shares, to 975,000,000 shares of which 950,000,000 relate to common shares and 25,000,000 relate to preferred shares. On October 31, 2013 the Company increased its authorized share amount from 950,000,000 to 10,000,000,000 common shares.

Reverse Stock-Split

During February, 2014, the Company’s 1 for 800 reverse stock split of its common stock was declared effective. All information related to the Company’s common stock and price per share of common stock included in the Company’s 2013 information has been restated to reflect the reverse split.

Services Rendered

The Company issued 3,362,500 and 27,438 shares of its common stock (valued at $20,667 and $36,200, respectively) for services rendered by consultants during the nine-month period ended September 30, 2014 and 2013, respectively.

The Company issued 36,689,397 and 113,831,051 shares of its common stock (valued at $120,000 for both periods) as payment for services to the Board of Directors during the nine-month period ended September 30, 2014 and 2013, respectively.

Debt Conversion and related interest

The Company issued 602,189,407 and 392,312 shares of its common stock to satisfy its obligations under an aggregate principal of $402,342 and $155,110 of convertible promissory notes and loans payable during the nine-month period ended September 30, 2014 and 2013, respectively.   Additionally, upon conversion of such promissory notes during the nine month period ended September 30, 2014, the Company reclassified embedded conversion features associated with the promissory notes amounting to $359,090 from liability contracts to equity, which is recorded in the Company’s additional paid-in capital.

The Company satisfied its obligations accrued interest aggregating $3,900 by issuing 10,050 shares of its common stock during the nine-month period ended September 30, 2013.

The Company issued 125,000 shares of its common stock in connection with the issuance of two notes payable during the nine-month period ended September 30, 2014. 

Issuance of Common Stock as a Result of Sale of Securities

The Company issued 23,435 shares of common stock for proceeds from the sale of the Company’s common stock of $20,848 during the nine month period ending September 30, 2013.