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Note 11- Stockholders' Equity
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12 Months Ended |
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Dec. 31, 2012
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| Note 11- Stockholders' Equity |
NOTE 11– STOCKHOLDERS' EQUITY
Common stock
The Company is authorized to issue 200,000,000 shares of common stock with par value $0.001 per share. As of December 31, 2012 and 2011, the Company had 100,768,501 shares and 118,141,938 shares of common stock issued and outstanding.
On November 2, 2011, the Company issued 5,672,250 shares of its common stock to acquire licensing rights. See note 5 above.
On May 7, 2012, the Company re-purchased and canceled 27,000,000 shares of its common stock from a shareholder for $75,000. In connection with the repurchase, the Company issued 3,000,000 shares of its common stock for services related to the re-purchase.
In May 2012, the Company issued an aggregate of 4,500,000 shares of its common stock for services rendered valued at $114,200.
During the months of May and June 2012, the Company issued an aggregate of 720,000 shares of its common stock in settlement of interest valued at $11,820.
In August 2012, the Company issued 6,563 shares of its common stock for services rendered valued at $131 based on the underlying market value of the common stock at the date of issuance.
During the year ended December 31, 2012, the Company entered into consulting contracts obligating the Company to issue shares of its common stock. As of December 31, 2012, the common shares had not been issued. The Company accretes the fair value of the stock based obligation, determined at inception of the agreements, over the requisite service period. During the year ended December 31, 2012, the Company recorded $37,228 as stock based compensation. At December 31, 2012, the Company has $179,137 remaining unrecognized compensation. |
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- Details
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- Definition
The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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