Quarterly report pursuant to Section 13 or 15(d)

STOCKHOLDERS' DEFICIT

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STOCKHOLDERS' DEFICIT
 3 Months Ended
Mar. 31, 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 March 31, 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

 

The Company is authorized to issue 525,000,000 shares of common stock with par value $.001 per share. As of March 31, 2018 and December 31, 2017, the Company had 247,111,285 shares and 244,086,285 shares of common stock issued and outstanding.

 

During the three months ended March 31, 2018, the Company issued an aggregate of 675,000 shares of its common stock for services rendered valued at $98,285 based on the underlying market value of the common stock at the date of issuance.

 

During the three months ended March 31, 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 three months ended March 31, 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 three months ended March 31, 2018, the Company issued 1,250,000 shares of its common stock in exchange for proceeds of $150,000.