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Stockholders' Equity
12 Months Ended
Dec. 31, 2018
Stockholders Equity  
Stockholders' Equity

NOTE 7 - STOCKHOLDERS' EQUITY

 

The Company is authorized to issue an aggregate of 3,000,000,000 common shares with a par value of $0.0001 per share and 1,000,000 shares of preferred stock with a par value of $0.0001 per share. On August 6, 2013, the Company filed a Certificate of Designation with the Delaware Secretary of State thereby designating two hundred thousand (200,000) shares as Series A Convertible Preferred Stock. No preferred shares have been issued.

 

On August 20, 2018, pursuant to stockholder consent, our Board of Directors authorized an amendment (the "Amendment") to our Certificate of Incorporation, as amended, to affect a reverse stock split of the issued and outstanding shares of our common stock, par value $0.0001, on a 1 for 500 basis (the "Reverse Stock Split"). We filed the Amendment with the Delaware Secretary of State on August 27, 2018. On September 7, 2018 the Financial Industry Regulatory Authority, Inc. notified us that the Reverse Stock Split would take effect on September 10, 2018 (the "Effective Date"). All common stock share and per-share amounts for all periods presented in these consolidated financial statements have been adjusted retroactively to reflect the reverse stock split.

 

During 2018, the Company elected to convert $162,900 of principal and interest of non-redeemable convertible notes into 35,172,000 shares of common stock of the Company valued at $3,651,300. The conversions resulted in a loss on settlement of debt of $3,488,400.

 

On February 7, 2018, the Company issued 50,000 shares of common stock valued at $190,000 ($3.80 per share) to settle accrued liabilities for salary of $180,000 and shares to be issued of $10,000 due to the Nadav Elituv, the Chief Executive Officer of the Company.

 

On May 22, 2018, the Company issued 17,431 shares of common stock to settle shares to be issued (stock payable) valued at $922,218, which has been recorded over the contract period ended June 30, 2018, for stock based compensation due to the Nadav Elituv, the Chief Executive Officer of the Company.

 

On May 22, 2018, the Company issued 25,607 shares of common stock valued at $57,618 ($2.25 per share) for accounts payable of $57,618.

 

On June 26, 2018, the Company issued 120,000 shares of common stock valued at $294,000 ($2.45 per share) for the services to be provided in a period of June 26, 2018 to December 31, 2018.

 

On September 10, 2018, the Company issued 20,000,000 shares of common stock valued at $602,000 ($0.0301 per share) to the Nadav Elituv, the Chief Executive Officer of the Company for officer compensation.

 

On September 10, 2018, the Company issued 16,000,000 shares of common stock valued at $481,600 ($0.0301 per share) to the Brandon Milner, a Director of the Company.

 

On September 10, 2018, the Company issued 18,000,000 shares of common stock valued at $541,800 ($0.0301 per share) for the services to be provided in a period of September 10, 2018 to December 31, 2018.

 

On September 10, 2018, the Company issued 20,000,000 shares of common stock valued at $602,000 ($0.0301 per share) for the services to be provided in a period of September 10, 2018 to September 10, 2019.

 

On September 10, 2018, the Company issued 42,000,000 shares of common stock valued at $1,264,200 ($0.0301 per share) for the consulting services.

 

Shares to be issued

 

As at December 31, 2018 and 2017, the Company had total shares to be issued for 11,467,577 shares of common stock and 10,062 shares of common stock, respectively, for stock-based compensation –salaries (see Note 5).