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Note 6 - Stockholders' Deficit
3 Months Ended
Mar. 31, 2018
Notes  
Note 6 - Stockholders' Deficit

NOTE 6 - 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 $0.001 per share. No preferred shares have been issued.

 

On February 7, 2018 the Company elected to convert $2,000 of principal and interest of a convertible note due to The Cellular Connection Ltd. into 20,000,000 shares of common stock of the Company valued at $152,000 ($0.0076 per share) at a fixed conversion price of $0.0001 per share. The conversion resulted in a loss on settlement of debt of $150,000.

 

On February 7, 2018, the Company issued 25,000,000 shares of common stock valued at $190,000 ($0.0076 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.

 

Shares to be issued

 

As at March 31, 2018 and December 31, 2017, the Company had total shares to be issued of 6,215,302 shares of common stock and 5,031,092 shares of common stock, respectively, for stock-based compensation –salaries (see Note 5).