Quarterly report pursuant to Section 13 or 15(d)

STOCKHOLDERS' DEFICIT

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STOCKHOLDERS' DEFICIT
6 Months Ended
Jun. 30, 2018
Notes to Financial Statements  
NOTE 12 - STOCKHOLDERS' DEFICIT

Preferred stock

 

The Company is authorized to issue 600,000 shares of preferred stock with no par value. As of June 30, 2018 and December 31, 2017, the Company had 80,000 shares of preferred stock and 160,000 shares of Series B preferred stock issued and outstanding.

 

Common stock

 

On May 10, 2018, the Company filed a Certificate of Amendment to its Articles of Incorporation with the Secretary of State of the State of Nevada increasing the total number of shares which the Company is authorized to issue from five hundred twenty five million six hundred thousand (525,600,000) shares to seven hundred fifty million six hundred thousand (750,600,000) shares and increasing the number of authorized shares of common stock from five hundred and twenty five million (525,000,000) shares of common stock, $0.001 par value, to seven hundred and fifty million (750,000,000) shares of common stock.

 

As of June 30, 2018 and December 31, 2017, the Company had 247,186,285 shares and 244,086,285 shares of common stock issued and outstanding.

 

During the six months ended June 30, 2018, the Company issued an aggregate of 750,000 shares of its common stock for services rendered valued at $111,410 based on the underlying market value of the common stock at the date of issuance.

 

During the six months ended June 30, 2018, the Company issued 1,000,000 shares of its common stock in connection with a distribution agreement previously accrued during the year ended December 31, 2017.

 

During the six months ended June 30, 2018, the Company issued an aggregate of 100,000 shares of its common stock in connection with the issuance of promissory notes payable valued at $25,500 based on the underlying market value of the common stock at the date of issuance.

 

During the six months ended June 30, 2018, the Company issued 1,250,000 shares of its common stock in exchange for proceeds of $150,000 and received $1,150,000 common stock subscriptions for 5,750,000 shares of its common stock and 5,750,000 three year warrants with an exercise price of $1.00 per share.