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NOTE 10 - LIABILITY TO ISSUE COMMON STOCK
9 Months Ended
Sep. 30, 2019
Notes to Financial Statements  
NOTE 10 - LIABILITY TO ISSUE COMMON STOCK

(10) LIABILITY TO ISSUE COMMON STOCK

 

During the fourth quarter 2018 and second quarter 2019 the Company entered into four (4) Securities Purchase Agreements with three parties, two of whom are related to each other. All four of these SPAs have language prohibiting the holder to own more than 4.99% of the issued and outstanding shares of the Company at any time.

 

In connection with these SPAs the Company is entitled to receive $906,500 in cash for the issuance of common stock, issuable at per share prices ranging between $0.0035 and $0.06 per share subject to downward adjustment based on volume weighted average price as defined at the date of issuance notice. The Company received $265,500 in 2018 and $300,000 in 2019 under these SPAs.