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5. Common Shares
6 Months Ended
Mar. 31, 2018
Notes  
5. Common Shares

5.    Common Shares

 

The Company’s authorized common stock consists of 500,000,000 shares of common stock, with par value of $0.001.

 

(a)   On December 5, 2017, the Company issued 578,696 common shares with a fair value of $66,500 as part of a conversion of convertible notes payable and accrued interest at $0.115 per share.

 

(b)  On December 18, 2017, the Company cancelled 1,000,000 common shares issued to the Chief Executive Officer of the Company which was previously issued in error.

 

(c)   On December 29, 2017, the Company issued 19,700,000 common shares with a fair value of $1,970,000 for services, including 5,000,000 common shares to the Chief Executive Officer of the Company, and 4,000,000 common shares to directors of the Company. In addition, the Company also issued 1,000,000 common shares to the Chief Executive Officer of the Company to replace the common shares that were previously issued in error and cancelled on December 18, 2017.

 

(d)  On January 29, 2018, the Company issued 3,600,000 common shares with a fair value of $360,000 to the directors of the Company, of which $135,000 has been recorded in prepaid expense as at March 31, 2018. In addition, the Company issued 2,400,000 common shares for consulting services with a fair value of $240,000, of which $180,000 has been recorded as prepaid expense as at March 31, 2018. All amounts in prepaid expenses will be amortized over one year from the date of issuance of the common shares.

 

(e)   On January 29, 2018, the Company issued 1,440,000 common shares for professional fees with a fair value of $144,000.

 

(f)   On February 2, 2018, the Company issued 578,696 common shares with a fair value of $66,550 as part of a conversion of convertible notes payable and accrued interest at $0.115 per share.

 

(g)  On March 8, 2018, the Company issued 2,000,000 common shares to officers of the Company for management fees with a fair value of $190,000, of which 1,000,000 common shares were issuable on each of January 1, 2018 and March 1, 2018.

 

(h)  On March 8, 2018, the Company issued 350,000 common shares for consulting services with a fair value of $33,250.