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Note 6 - Stockholders' Deficit
9 Months Ended
Sep. 30, 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.

 

Effective August 14, 2018, the Company’s Board of Directors and a majority of the shareholders of the Company amended the Company’s Articles of Incorporation to) effect a 1-for-500 reverse common stock split. All common stock share and per-share amounts for all periods presented in these consolidated financial statements have been adjusted retroactively to reflect the reverse stock split.

 

On February 7, 2018 the Company elected to convert $2,000 of principal and interest of a non-redeemable convertible note due to The Cellular Connection Ltd. into 40,000 shares of common stock of the Company valued at $152,000 ($3.80 per share) at a fixed conversion price of $0.05 per share. The conversion resulted in a loss on settlement of debt of $150,000.

 

On February 7, 2018, the Company issued 50,000 shares of common stock valued at $190,000 ($3.80 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.

 

On May 22, 2018 the Company elected to convert $2,600 of principal and interest of a non-redeemable convertible note due to The Cellular Connection Ltd. into 52,000 shares of common stock of the Company valued at $117,000 ($2.25 per share) at a fixed conversion price of $0.05 per share. The conversion resulted in a loss on settlement of debt of $114,400.

 

On May 22, 2018 the Company elected to convert $120,000 of principal and interest of a non-redeemable convertible note due to DC Design Inc. into 80,000 shares of common stock of the Company valued at $180,000 ($2.25 per share) at a fixed conversion price of $1.50 per share. The conversion resulted in a loss on settlement of debt of $60,000.

 

On May 22, 2018, the Company issued 17,431 shares of common stock to settle shares to be issued (stock payable) valued at $922,218, which has been recorded over the contract period ended June 30, 2018, for stock based compensation due to the Nadav Elituv, the Chief Executive Officer of the Company.

 

On May 22, 2018, the Company issued 25,607 shares of common stock valued at $57,616 ($2.25 per share) for accounts payable of $57,616.

 

On June 26, 2018, the Company issued 120,000 shares of common stock valued at $294,000 ($2.45 per share) for the services to be provided in a period of June 26, 2018 to December 31, 2018.

 

On September 10, 2018 the Company elected to convert $1,100 of principal and interest of a non-redeemable convertible note due to The Cellular Connection Ltd. into 11,000,000 shares of common stock of the Company valued at $331,100 ($0.0301 per share) at a fixed conversion price of $0.0001 per share. The conversion resulted in a loss on settlement of debt of $330,000.

 

On September 10, 2018 the Company elected to convert $36,000 of principal and interest of a non-redeemable convertible note due to DC Design Inc. into 12,000,000 shares of common stock of the Company valued at $361,200 ($0.0301 per share) at a fixed conversion price of $0.003 per share. The conversion resulted in a loss on settlement of debt of $325,200.

 

On September 10, 2018, the Company issued 20,000,000 shares of common stock valued at $602,000 ($0.0301 per share) to the Nadav Elituv, the Chief Executive Officer of the Company for officer compensation.

 

On September 10, 2018, the Company issued 18,000,000 shares of common stock valued at $541,800 ($0.0301 per share) for the services to be provided in a period of September 10, 2018 to December 31, 2018.

 

On September 10, 2018, the Company issued 20,000,000 shares of common stock valued at $602,000 ($0.0301 per share) for the services to be provided in a period of September 10, 2018 to September 10, 2019.

 

On September 10, 2018, the Company issued 58,000,000 shares of common stock valued at $1,745,800 ($0.0301 per share) for the consulting services.

 

On September 25, 2018 the Company elected to convert $500 of principal and interest of a non-redeemable convertible note due to The Cellular Connection Ltd. into 5,000,000 shares of common stock of the Company valued at $1,250,000 ($0.2500 per share) at a fixed conversion price of $0.0001 per share. The conversion resulted in a loss on settlement of debt of $1,249,500.

 

Shares to be issued

 

As at September 30, 2018 and December 31, 2017, the Company had total shares to be issued of 2,047,782 shares of common stock and 10,062 shares of common stock, respectively, for stock-based compensation –salaries (see Note 5).