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Stockholders' Deficit
3 Months Ended
Mar. 31, 2019
Stockholders Deficit  
Stockholders' Deficit

NOTE 9- STOCKHOLDERS’ DEFICIT

 

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.

 

During three months ended March 31, 2019, the Company elected to convert $900 of principal and interest of non-redeemable convertible notes into 9,000,000 shares of common stock of the Company valued at 738,000 ($0.082 per share). The conversions resulted in a loss on settlement of debt of $737,100.

 

Shares to be issued

 

As at March 31, 2019 and December 31, 2018, the Company had an obligation to issue 20,682,594 shares of common stock and 11,467,577 shares of common stock, respectively, for stock-based compensation –salaries (see Note 8). In addition, at March 31, 2019, the company had an obligation to issue 100,000 shares of common stock for stock based compensation – services.