COMMON STOCK
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9 Months Ended |
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Sep. 30, 2014
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Notes to Financial Statements | |
COMMON STOCK |
NOTE 10 COMMON STOCK
On May 9, 2014, the Company issued 62,500 shares of common stock for services. The shares were valued at $0.26 for a total non-cash expense of $16,313, $11,702of which was booked to prepaid expense for marketing services. The fair market value for the shares was determined by taking the average share price for each cash-for-stock purchase and the conversion of debt transaction in the period.
On June 16, 2014 the Company converted $180,500 of principal and $859 of interest into 850,000 shares of common stock.
On August 29, 2014, the Company cancelled 380,000 shares of common stock, that had been issued in a prior period for services, for non-performance of the agreed upon services.
On September 10, 2014, the Company sold 135,140 shares of common stock to an investor for cash proceeds of $50,000.
On September 15, 2014, the Company sold 75,758 shares of common stock to an investor for cash proceeds of $25,000.
On September 30, 2014, the Company issued 1,111,617 shares of common stock for services. The shares were valued at $0.35 for a total non-cash expense of $389,066, $194,533 of which was booked to prepaid expense for consulting services. The fair market value for the shares was determined by taking the average share price for each cash-for-stock purchase in the period. The compensation stock shall be non-dilutable for a period of twenty four (24) months following the end of the term of the agreement. |