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Stockholders' Deficit
6 Months Ended
Jun. 30, 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 the six months ended June 30, 2019, the Company elected to convert $1,420 of principal and interest of non-redeemable convertible notes into 14,200,000 shares of common stock of the Company valued at $998,000 ($0.070 per share). The conversions resulted in a loss on settlement of debt of $996,580.

 

During the six months ended June 30, 2019, the Company issued 30,000,000 shares of common stock to settle shares to be issued (stock payable) valued at $903,000 ($0.0301 per share), which has been recorded over the contract period ended June 30, 2019, for stock based compensation due to the Nadav Elituv, the Chief Executive Officer of the Company.

 

During the six months ended June 30, 2019, the Company issued 100,000 shares of common stock to settle shares to be issued (stock payable) valued at $8,000 ($0.0800 per share).

 

During the six months ended June 30, 2019, the Company issued 100,000 shares of common stock valued at $7,000 ($0.0700 per share) for the services.

 

During the six months ended June 30, 2019, the Company issued 410,000 shares of common stock for $20,500 in cash.

 

Shares to be issued

 

As at June 30, 2019 and December 31, 2018, the Company had an obligation to issue 0 shares of common stock and 11,467,577 shares of common stock, respectively, for stock-based compensation –salaries (see Note 8).

 

2015 Stock Option Plan

 

On April 28, 2015, the Board of Directors of the Company approved of the Company’s 2015 Stock Option Plan (the “2015 Plan”) to attract and retain the best available personnel, to provide additional incentive to employees, directors and consultants, and to promote the success of the Company's business. Under the plan, a total of 1,000 shares of authorized common stock have been reserved for issuance pursuant to grants approved by the Board of Directors. The plan requires stock options to have a maximum term of ten years and may be subject to certain vesting requirements. Stock option are to be priced at no less than 70% of the market value of the Company's common stock on the option's grant date. If a grant to a person who own shares representing more than 10% of the voting power of all classes of shares of the Company, stock option are to be priced at no less than 100% of the market value of the Company's common stock on the option's grant date. No stock options have been granted since the inception of the 2015 Plan. During the years ended December 31, 2016 and 2015, awards for 433 shares of common stock were granted and on June 30, 2019 a total of 567 shares of common stock available for grant. At June 30, 2019, there were no outstanding stock awards.