XML 26 R17.htm IDEA: XBRL DOCUMENT v3.20.2
Stockholders' Deficit
9 Months Ended
Sep. 30, 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 September 30, 2020, the Company elected to convert $11,292 of principal and interest of non-redeemable convertible notes into 112,924,864 shares of common stock of the Company with a fair value of $1,348,418 resulting in a loss of extinguishment of debt of $1,337,126.

 

From January 1, 2020 to September 30, 2020, the Holders of the Senior Convertible Notes issued on March 1, 2019, January 20, 2020 and February 3, 2020 elected to convert $220,456 of principal and $12,000 of interest into 42,487,037 shares of common stock of the Company with a fair value of $395,197 resulting in a loss on extinguishment of debt of $44,762.

 

From January 1, 2020 to September 30, 2020, the Company issued 93,500,000 shares of common stock for stock-based compensation for consulting services with a fair value of $1,013,500.

 

From January 1, 2020 to September 30, 2020, the Company issued 96,000,000 shares of common stock for stock-based compensation due to officer and directors with a fair value of $1,759,800.

 

From January 1, 2020 to September 30, 2020, the Company issued 17,999,999 shares of common stock and incurred an obligation to issue 32,000,001 shares of common stock for prepaid stock-based compensation for consulting services with a fair value of $525,000.

 

On April 14, 2020, the Company issued 2,000,000 shares of common stock with a fair value of $111,800 to fully settle the 1,000,000 warrants issued in conjunction with the issuance of the Senior Convertible Note with Firstfire Global Opportunities Fund, LLC on March 1, 2019. The issue of the shares resulting in a loss on settlement of warrant liability of $70,299.

 

On May 7, 2020, The Company issued 11,111,111 shares of common stock with a fair value of $200,000 for a subscription to an online marketing platform to support the GoCart grocery delivery application.

 

Common Stock to be issued

 

As at September 30, 2020 and December 31, 2019, the Company had an obligation to issue 32,000,001 shares of common stock and 0 shares of common stock, respectively, for stock-based compensation – consulting services.

 

2020 Stock Option Plan

 

On February 12, 2020, the Board of Directors approved the 2020 Stock Incentive Plan (the “2020 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 2020 Plan, the Board may grant incentive stock options, non-qualified stock options, stock appreciation rights, restricted shares and restricted share units. to eligible persons. The maximum aggregate number of shares of common stock with respect to which awards granted under the Plan shall not exceed 50,000,000. At September 30, 2020, there are 11,500,000 shares of common stock available in the 2020 Plan.