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Note 12 - STOCKHOLDERS' EQUITY
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12 Months Ended |
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Dec. 31, 2013
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| Notes to Financial Statements | |
| Note 12 - STOCKHOLDERS' EQUITY |
Common stock
The Company is authorized to issue 200,000,000 shares of common stock with par value $.001 per share. As of December 31, 2013 and 2012, the Company had 127,343,501 shares and 100,768,501 shares of common stock issued and outstanding.
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.
During the months of May and June 2012, the Company issued an aggregate of 1,400,000 shares of its common stock in connection with the issuance of notes payable valued at $37,100.
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.
In January 2013, the Company issued an aggregate of 14,500,000 shares of its common stock for services valued at $170,347, net of prior year accretion. The fair value of the common stock issued is amortized to operations over the underlying contractual period.
In February 2013, the Company issued 100,000 shares of its common stock in settlement of a past services previously accrued at December 31, 2012.
In April 2013, the Company issued an aggregate of 1,275,000 shares of its common stock in connection with an issued convertible debenture.
In June 2013, the Company issued 100,000 shares of its common stock in settlement of interest relating to an issued notes payable.
In June 2013, the Company issued 1,000,000 shares of its common stock in payment of legal fees incurred valued at $45,000.
In July 2013, the Company issued 125,000 shares of its common stock for services rendered valued at $4,250 based on the underlying market value of the common stock at the date of issuance.
In November 2013, the Company issued 300,000 shares of its common stock in connection with an issued convertible debenture.
In November 2013, the Company issued 9,000,000 shares of its common stock in connection with the exercise of employee stock options exercised at $0.015 per share. The aggregate exercise price of $135,000 was paid to the Company by utilizing amounts due to the employees by the Company.
In December 2013, the Company issued 175,000 shares of its common stock for services valued at $19,250. The fair value of the common stock issued is amortized to operations over the underlying contractual period.
As of December 31, 2013, the Company is obligated to issue an aggregate of 1,705,000 and 3,100,000 shares of its common stock in connection with issuance of convertible notes and approximately $187,600 of past services rendered, respectively. The fair value, determined by the underlying market value of the common stock at the date of obligation, was recorded in the current period operations.
During the years 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 the 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. During the year ended December 31, 2013, the common shares were issued.
At December 31, 2013 and 2012, the Company has $87,436 and $179,137 remaining unrecognized compensation. |