Stockholders' Deficit

3 Months Ended

Mar. 31, 2017

Stockholders' Deficit [Abstract]

Stockholders' Deficit

Note 7 – Stockholders’ Deficit

Preferred Stock

The Company has 10,000 shares of Preferred Stock authorized, each having a par value of $0.01 per share, of which 5,000 shares are designated as Series C Preferred Stock. As of March 31, 2017 and December 31, 2016, there were 2,082 Series C Preferred Stock issued and outstanding. On May 5, 2017, the Series C Preferred Stock was converted into 3,189,208 shares of common stock.

Common Stock

The Company has 12,000,000 common shares authorized at a par value of $0.001. As of March 31, 2017 and December 31, 2016, there were 10,748,884 shares issued and outstanding.

On February 9, 2016, Venture Track, Inc. purchased from a Spider Investments, LLC, all rights, title and interest in and to the development of the apps in exchange for the issuance of 1,429,786 shares of Common Stock for a total value of $18, the intangibles original basis prior to the reverse merger the Company.

On June 30, 2016, prior to the merger with Venture Track, Alltemp (fka Source Financial) entered into a Share Exchange Agreement (the “Moneytech Agreement”) with Moneytech Group Pty Ltd. and certain shareholders of Alltemp (fka Source Financial). Pursuant to the terms of the Moneytech Agreement, an aggregate of 6,076,679 shares of Alltemp’s (fka Source Financial) common stock and 5,000 shares of Series B Preferred Stock were to be cancelled, and a total of 2,714,957 shares of Alltemp’s (fka Source Financial) common stock were still outstanding. Alltemp (fka Source Financial) was only able to cancel 6,053,004 shares of their common stock and 5,000 shares of Series B Preferred Stock. Alltemp (fka Source Financial) was unable to cancel 23,675 shares of common stock in accordance with the Moneytech Share Exchange Agreement.

On June 30, 2016, Alltemp (fka Source Financial) entered into a Share Exchange Agreement with Venture Track. Pursuant to the Share Exchange Agreement, Venture Track agreed to exchange 100% of its outstanding common stock for 3,089,360 shares of common stock and 4,500 shares of Series C Convertible Preferred Stock, par value $0.01 per share (the “Series C Preferred Stock”), of Alltemp (fka Source Financial). The 4,500 shares of Series C Preferred Stock are convertible into 6,893,100 shares of the Company’s common stock, at the rate of 1,531.80 per share. The share exchange is accounted for as a reverse merger with Venture Track being the accounting acquirer as it retained control of Alltemp (fka Source Financial) after the exchange. Alltemp (fka Source Financial) is the legal parent company; the share exchange was treated as a recapitalization of Venture Track.

On October 3, 2016, the Company issued a total of 467,000 shares of common stock to two consultants for consulting services valued at $60,710.

On October 10, 2016, the Company issued 750,000 shares of common stock valued at $108,000, as per the settlement agreement. See note 9 for litigation details.

On September 14, 2016, the Company entered into a demand convertible promissory note agreement of $250,000. The note payable, which has quarterly interest only payments, has an interest rate of 5% per annum, no maturity date and is unsecured. As of March 31, 2017 and December 31, 2017, the Company had an outstanding balance of $250,000. On April 27, 2017, the noteholder converted into a total of 4,464,256 common shares of the Company’s common stock.

On December 5, 2016, the Company entered into a demand convertible promissory note agreement of $25,000. The note payable, which has quarterly interest only payments, has an interest rate of 5% per annum, no maturity date and is unsecured. As of March 31, 2017 and December 31, 2016, the Company has an outstanding balance of $25,000. On April 27, 2017, the noteholder converted into a total of 357,143 common shares of the Company’s common stock.

On December 19, 2016, the Company entered into a demand convertible promissory note agreement of $25,000. The note payable, which has quarterly interest only payments, has an interest rate of 5% per annum, no maturity date and is unsecured. As of March 31, 2017 and December 31, 2016, the Company has an outstanding balance of $25,000. On April 27, 2017, the noteholder converted into a total of 357,143 common shares of the Company’s common stock.

On December 19, 2016, the Company entered into a demand convertible promissory note agreement of $45,000. The note payable, which has quarterly interest only payments, has an interest rate of 5% per annum, no maturity date and is unsecured. As of March 31, 2017 and December 31, 2016, the Company has an outstanding balance of $45,000. On April 27, 2017, the noteholder converted into a total of 642,857 common shares of the Company’s common stock.

On December 30, 2016, the Company entered into a demand convertible promissory note agreement of $5,000. The note payable, which has quarterly interest only payments, has an interest rate of 5% per annum, no maturity date and is unsecured. As of March 31, 2017 and December 31, 2016, the Company has an outstanding balance of $5,000. On April 27, 2017, the noteholder converted into a total of 71,428 common shares of the Company’s common stock.