Note 8 - Common Stock

6 Months Ended

Jun. 30, 2016

Notes to Financial Statements

Note 8 - Common Stock

8.       Common Stock

a) On January 1, 2016, the Company cancelled 1,398 shares of common stock due to rounding errors in share issuances from year ended December 31, 2015.

b) During the six months ended June 30, 2016, the Company recognized stock-based compensation of $1,641,058 pursuant to the employment agreements as disclosed in Notes 6(c) and 10. The fair value of $1,641,058 is included in additional paid-in capital as at June 30, 2016.

c) On April 11, 2016, the Company issued 722,883 shares of restricted common stock of the Company with a fair value of $1,085,726 in exchange for real estate properties.

d) On April 4, 2016, the Board of Directors approved a Stock Repurchase Program. The Stock Repurchase Program became effective on April 5, 2016 and will allow the Company to repurchase up to $2,000,000 of its common stock.  The Stock Repurchase Program expires on the earlier of November, 1, 2016 or a determination by the Board of Directors that the original conclusions and determinations by the Board of Directors in support of the Stock Repurchase Program are no longer valid or no longer consistent with the Company’s short-term and long-term objectives. As of June 30, 2016, the Company had not repurchased any shares as part of the Stock Repurchase Program.