14. Stockholders' deficit

9 Months Ended

Sep. 30, 2015

Equity [Abstract]

14. Stockholders' deficit

14. Stockholders’ deficit

Common shares

Authorized

On June 30, 2012, the Company filed a Certificate of Amendment with the Colorado Secretary of State to increase the aggregate number of shares, which the Company has authority to issue to one hundred million (100,000,000) common shares, issued at $0.01 par value per share from 50,000,000 common shares with par value at $0.01. The amendment was approved by the Colorado Secretary of State in May 2012.

On March 25, 2013, the Company filed a certificate of Amendment with the Colorado Secretary of State to increase the aggregate number of shares which the Company has the authority to issue to five hundred million (500,000,000) common shares, issued at $0.01 par value per share from 100,000,000 common shares with par value at $0.01. The amendment was approved by the Colorado Secretary of State on March 26, 2013.

Issued and outstanding

The Company has a total of 47,738,855 and 46,131,764 issued and outstanding common shares as at September 30, 2015 and December 31, 2014, respectively.

The Company issued 300,000 shares of its common stock to satisfy its obligations under the conversion of an aggregate principal amount of $8,117 of convertible promissory notes for the nine months ended September 30, 2015.

The Company adjusted previously issued 2,909 common shares pursuant to convertible note conversions to reflect currency exchange differences.

The Company issued 250,000 shares of its common stock as compensation for $25,000 of services rendered for the nine months ended September 30, 2015.

The holders of 106,000 Series “B” preferred shares converted their shares into 1,060,000 common shares on April 30, 2015 at a conversion factor of 10:1.

Preferred shares

Authorized

On March 25, 2013, the Company, under the certificate of amendment filed above also to authorize three million (3,000,000) series A convertible preferred shares with a par value of $0.01 per share, and also to authorize ten million (10,000,000) series B convertible preferred shares, par value $0.01 per share. Each series B convertible preferred share is convertible into 10 Common shares. The amendment was approved by the Colorado Secretary of State on March 26, 2013.

Issued and outstanding

The Company had no issued and outstanding preferred shares as at September 30, 2015.

The holders of 106,000 Series “B” preferred shares converted their shares into 1,060,000 common shares on April 30, 2015 at a conversion factor of 10:1.

The options outstanding are as follows as of September 30, 2015:

	Number of options outstanding		Weighted average exercise price per share
Outstanding at December 31, 2014		6,780,000	$	0.139
Granted		—		—
Cancelled/forfeited		—		—
Expired		—		—
Exercised		—		—
Outstanding at September 30, 2015		6,780,000	$	0.139