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Equity
9 Months Ended
Sep. 30, 2018
Equity [Abstract]  
Equity

Note 10 – EQUITY

 

During the year ended December 31, 2016, the Company agreed to issue 3,200,000 shares for services at a price between $0.157 to $0.075, for a total of $256,480. Additionally, the Company agreed to issue 825,000 shares of common stock for marketing services at a per share price of $0.1497 for a total consideration of $125,000. As of June 30, 2018, these shares are yet to be issued and have been recorded as common stock issuable.

 

During the nine-month period ended September 30, 2018, the Company issued three million shares of preferred stock to the prior president of the Company valued at the fair market value of $45,000.

 

During the nine-month period ended September 30, 2018, the Company issued five million shares of common stock valued at the fair market value of $12,500 for services.

 

During the nine-month period ended September 30, 2018, the Company issued 129,667,221 shares of common stock to effect the conversions of various convertible note payables amounting to $218,777 and accrued interest of $23,284 on the same and recorded a net loss on debt settlement of $158,380 for the difference with the agreed conversion price.

 

During the nine-month period ended September 30, 2018, the Company issued 24,000,000 shares of common stock to effect the conversions of related party line of credit and accrued interest on same and recorded a loss on debt settlement of $21,600 for the difference with the agreed conversion price.

 

During the nine-month period ended September 30, 2018, the Company issued 12,640,000 shares of common stock to effect the conversions of related party loan amounting to $31,600.

 

During the nine-month period ended September 30, 2018, several convertible notes matured and were converted and the embedded conversion feature on the same of $503,356, was reclassed as equity.

 

During the nine-month period ended September 30, 2018, the Company reclassified $503,356 from equity to derivative liability for the embedded feature on the options and warrants attached to convertible loans and related party notes.

 

During the nine-month period ended September 30, 2018, the Company amortized $18,750 for the equity offering costs.

 

During the nine-month period ended September 30, 2018, the Company issued 6,000,000 shares of common stock for $15,000 cash received during the year ended December 31, 2017. These shares were recorded as shares to be issued in the prior period.

 

On or around February 26, 2018, the Company obtained shareholder consent for the approval of an amendment to the Company’s certificate of incorporation to increase the authorized shares of common stock, no par value, of the Company from 300,000,000 to 1,000,000,000.

 

On July 23, 2018, the Company borrowed $21,000 pursuant to a convertible note agreement bearing an interest rate of 12% per annum and with a maturity date of April 30, 2019.

 

On July 31, 2018, the Company issued 2,000,000 shares of Series B Convertible Preferred Stock to officers and directors for services rendered, totaling $2,000. In March 2019, these shares were returned to the Company and canceled.

 

During the three-month period ended September 30, 2018, the Company issued 36,490,407 shares of common stock to effect the conversion of $34,301 of convertible notes payable and $812 of accrued interest on the same.

 

On August 1, 2018, the Company obtained shareholder consent for the approval of an amendment to the Company’s certificate of incorporation to increase the authorized shares of common stock, no par value, of the Company from 1,000,000,000 to 3,000,000,000.

 

As of September 30, 2018, the Company was negotiating with a note holder who sent the Company a legal notice, dated June 25, 2018, demanding approximately $404,000, from the note holder for defaulting on the loan. The Company has been incurring a penalty of $2,000 per day while delinquent in its filings with the SEC, including its 10-Q for the period ending June 30, 2018, which was not filed on time, and its 10-Q for the period ending September 30, 2018 and 10K for the fiscal year ended December 31, 2018, which were also not filed on time and/or are in the process of being filed. The Company is working with the lender to reach a favorable resolution in this matter, though there can be no assurances.