Quarterly report pursuant to Section 13 or 15(d)

Note 11 - STOCKHOLDERS' EQUITY

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Note 11 - STOCKHOLDERS' EQUITY
3 Months Ended
Mar. 31, 2014
Notes to Financial Statements  
Note 11 - 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 March 31, 2014 and December 31, 2013, the Company had 135,814,501 shares and 127,343,501 shares of common stock issued and outstanding.

 

In February 2014, the Company issued 2,500,000 shares of its common stock in connection with the exercise of non-employee stock options exercised at $0.015 per share. The aggregate exercise price of $37,500 was paid to the Company by utilizing amounts due to the employees by the Company.

 

In March 2014, the Company issued 4,805,000 shares of its common stock in settlement of a past services and other obligations previously accrued at December 31, 2013.

 

In March 2014, the Company issued 250,000 shares of its common stock for advertising valued at $45,000 based on the underlying market value of the common stock at the date of issuance.

 

In March 2014, the Company issued 100,000 shares of its common stock for related party interest valued at $18,000 based on the underlying market value of the common stock at the date of issuance.

 

In March 2014, the Company issued 716,000 shares of its common stock to a licensee valued at $89,500 based on the underlying market value of the common stock at the date of issuance.

 

In March 2014, the Company issued 100,000 shares of its common stock for services rendered valued at $12,000 based on the underlying market value of the common stock at the date of issuance.