Stockholders' Equity

6 Months Ended

Jun. 29, 2014

Equity [Abstract]

Stockholders' Equity

NOTE 12 – STOCKHOLDERS’ EQUITY

The Company is authorized to issue 1,125,000,000 shares of $0.001 par value common stock. As of June 29, 2014 and December 29, 2013, 27,026,529 shares and 24,159,145 shares were issued and outstanding, respectively.

On January 27, 2014, the Company issued 50,000 shares of common stock to a third party for legal services. The fair value of the shares of common stock was $12,000 which is recorded to non-employee stock-based compensation.

On February 12, 2014, the Company issued 150,000 shares of common stock to a third party for services. The fair value of the shares of common stock was $28,500 which is for a contract period of February 2014 to August 2014. As of June 29, 2014, the Company has recorded $21,375 as non-employee stock-based compensation with the remaining prepayment balance of $7,125.

On February 19, 2014, the Company issued 23,333 shares of common stock to a third party for settlement of an account payable balance of $1,800. The fair value of the shares of common stock was $4,667 which the difference of $2,867 has been recorded as a loss on settlement of payable.

On February 26, 2014, the Company issued 150,000 shares of common stock to a third party for services. The fair value of the shares of common stock was $28,500, which is for a contract period of twelve months. As of June 29, 2014, the Company has recorded $10,688 as non-employee stock-based compensation with the remaining prepayment balance of $17,813.

On March 25, 2014, the Company issued 25,000 shares of common stock to a third party for settlement of an account payable balance of $10,000. The fair value of the shares of common stock was $5,000 which the difference of $5,000 has been recorded as a gain on settlement of payable.

On March 25, 2014, the Company issued 250,000 shares of common stock to its Chief Officer of Operations for services rendered in the previous year. This is to settle common stock payable balance by of $299,500.

On April 14, 2014, the Company issued 72,222 shares of common stock to a third party for service. The fair value of the shares of common stock was $14,806.

On May 9, 2014, the Company issued 975,000 shares of common stock for cash proceeds of $195,000 raised under the Amended 2013 Offering. See Note 11.

On May 9, 2014, the Company issued 425,000 shares of common stock to a third party for service. The fair value of the shares of common stock was $119,000, which is for a contract period of nine months. As of June 29, 2014, the Company has recorded $26,444 as non-employee stock-based compensation with the remaining prepayment balance of $92,556.

On May 9, 2014, the Company issued 238,986 shares of common stock pursuant to 100% exercise of warrants granted to WestPark related to the 2013 Offering and Amended 2013 Offering.

On June 11, 2014, the Company issued 283,243 shares of common stock pursuant to 100% conversion of a note with a principal amount of $100,000 and the related accrued interest in relations to the conversion of the Debentures listed in Note 10.

On June 11, 2014, the Company issued 224,600 shares of common stock pursuant to 100% conversion of a convertible note payable with principal amount of $50,000 and the related accrued interest. See Note 10.

On June 23, 2014, the Company issued 300,000 shares of common stock for cash proceeds of $255,000 raised under the Amended 2013 Offering. See Note 11.