STOCKHOLDERS' EQUITY |
6 Months Ended |
|---|---|
Jun. 30, 2015 | |
| Notes to Financial Statements | |
| Note 14 - STOCKHOLDERS' EQUITY |
Preferred stock
The Company is authorized to issue 80,000 shares of preferred stock with no par value. As of June 30, 2015 and December 31, 2014, the Company had 80,000 shares of preferred stock issued and outstanding.
Common stock
The Company is authorized to issue 200,000,000 shares of common stock with par value $.001 per share. As of June 30, 2015 and December 31, 2014, the Company had 152,734,501 shares and 146,134,501 shares of common stock issued and outstanding.
In January 2015, the Company issued 3,000,000 shares of its common stock for services rendered and accrued in 2014. The common shares were valued at $300,000 based on the underlying market value of the common stock at the date of service provided.
In March 2015, the Company issued an aggregate of 425,000 shares of its common stock for services rendered valued at $36,885 based on the underlying market value of the common stock at the date of issuance.
In April 2015, the Company issued an aggregate of 3,175,000 shares of its common stock for future services valued at $159,800 based on the underlying market value of the common stock at the date of issuance.
On June 30, 2015, the Company entered into a separation agreement and agreed to issue 2,000,000 of the Company’s common stock which was valued at $88,000 which has not been not issued as of the balance sheet date.
The Company issued shares of common stock for future services. The Company amortizes the fair value of the shares issued as stock based compensation during the requisite service period to operations. During the three and six months ended June 30, 2015, the Company recorded $94,067 and $124,668 the three and six months ended June 30, 2014, respectively, as stock based compensation. The unamortized balance of $248,896 and $175,414 as of June 30, 2015 and December 31, 2014, respectively, is classified as part of prepaid expenses in the accompanying balance sheet. |