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NOTE 11 - SHAREHOLDERS' EQUITY
9 Months Ended
Sep. 30, 2018
Notes  
NOTE 11 - SHAREHOLDERS' EQUITY

NOTE 11 – SHAREHOLDERS’ EQUITY

 

We have authorized capital stock consisting of 100,000,000 shares of $0.0001 par value common stock and 400,000 shares of $0.0001 par value preferred stock. At September 30, 2018 and December 31, 2017, we had 57,116,055 and 3,695,604 shares of common stock issued and outstanding, respectively, and no shares of preferred stock issued and outstanding.

 

On July 14, 2018, NewBridge closed on Share Exchange and Purchase Agreements as discussed in Note 4, whereby the Company purchased the shares or membership interests (as the case may be) of the several entities making up the Consortium.  The acquisition was considered a reverse acquisition so the Consortium is the accounting acquirer and effectively issued 9,904,589 shares of common stock at $0.0001 per share to acquire NewBridge and Elevated.

 

On or about July 25, 2018, the Company entered into subscription agreements with investors for the purchase of 6,061,466 shares of restricted common stock at $0.50 per share for total consideration of $3,030,733.

 

On July 30, 2018, the Company issued 75,000 shares to Mark Mersman, CEO, and 75,000 shares to Scott Cox, President and COO, based on performance milestones in their October 12, 2017 employment contracts.  The milestones were fulfilled in July 2018. The 150,000 shares were valued at $4.75 per share for a total of $712,500, which is classified as stock issued for services.  

 

On July 29, 2018, the Company issued 10,000,000 shares to Go Fund upon exercise of the stock options for $1,000 (see Note 9).