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Stockholders' Deficit
3 Months Ended
Mar. 31, 2020
Stockholders Deficit  
Stockholders' Deficit

NOTE 11 - 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.

 

From January 1, 2020 to March 31, 2020, the Company elected to convert $632 of principal and interest of non-redeemable convertible notes into 6,320,000 shares of common stock of the Company with a fair value of $592,225 resulting in a loss of extinguishment of debt of $591,593.

 

From January 1, 2020 to March 31, 2020, the Holder of the Senior Convertible Note issued on March 1, 2019 elected to convert $94,232 of principal and $12,000 of interest into 2,695,000 shares of common stock of the Company with a fair value of $208,285 resulting in a loss on extinguishment of debt of $48,097.

 

From January 1, 2020 to March 31, 2020, the Company issued 2,500,000 shares of common stock for stock-based compensation for consulting services with a fair value of $112,500.

 

From January 1, 2020 to March 31, 2020, the Company issued 18,000,0000 shares of common stock for stock-based compensation due to officer and directors with a fair value of $1,160,000.

 

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. Pursuant to the 2015 Plan, the Board may grant incentive stock options, non-qualified stock options and stock appreciation rights to eligible persons. The maximum aggregate number of shares of common stock with respect to which awards granted under the Plan shall not exceed 1 (as adjusted for the 1-for-2,000, 1-for-500 and 1-for-1,000 reverse stock split on September 1, 2016, September 10, 2018 and December 12, 2019, respectively). On May 6, 2015, the Company filed a Registration Statement on Form S-8 (File No: 333-203889) registering the shares of common stock issuable pursuant to the 2015 Plan under the Securities Act.