Quarterly report pursuant to Section 13 or 15(d)

Capital Stock and Additional Paid-in Capital

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Capital Stock and Additional Paid-in Capital
6 Months Ended
Jun. 30, 2019
Capital Stock and Additional Paid-in Capital  
Note 6 - Capital Stock and Additional Paid-in Capital

(a) Preferred Stock

 

The Company is authorized to issue 5,000,000 shares of Preferred Stock, par value $0.001 per share (the Preferred Stock), of which 50,000 have been designated as Series C Preferred Stock (the Series C Preferred Stock). Pursuant to the amended Certification of Designation of the Series C Preferred Stock filed on July 16, 2019, each share of Series C Preferred Stock entitles the holder thereof to 20,000 votes on all matters submitted to the vote of the stockholders of the Company. Each share of Series C Preferred Stock is convertible, at the option of the holder, at any time after the date of issuance of such share, at the office of the Corporation or any transfer agent for such stock, into one share of fully paid and non-assessable common stock (the Conversion Rate).

 

(b) Common Stock

 

On November 5, 2018, the Company amended its Articles of Incorporation to increase the number of shares of common stock the Company is authorized to issue from 100,000,000 to 500,000,000.

 

During the six months ended June 30, 2019, the Company issued the shares of its common stock as follows:

 

 

·

210,929 shares of common stock issued for services valued at fair market value on the date of the transaction, totaling $42,082.

 

During the six months ended June 30, 2018, the Company issued the shares of its common stock as follows:

 

 

·

668,500 shares of common stock issued for services valued at fair market value on the date of the transaction, totaling $117,660.

 

·

250,000 shares of common stock issued as prepaid equity-based compensation valued at fair market value at the date of the transaction, totaling $55,000.

 

·

4,110,000 shares of common stock issued as debt discount valued at fair market value on the date of each transaction, totaling $615,185.