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
9 Months Ended
Sep. 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 September 5, 2019, each share of Series C Preferred Stock entitles the holder thereof to 32,500 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 Company or any transfer agent for such stock, into one share of fully paid and non-assessable common stock.

 

(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 nine months ended September 30, 2019, the Company issued shares of its common stock as follows:

 

 

·

1,637,876 shares of common stock issued for services valued at fair market value on the date of the transactions, totaling $276,782.

 

 

·

3,650,046 shares of common stock issued for accrued interest on promissory notes.

 

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

 

 

·

5,029,443 shares of common stock issued for services valued at fair market value on the date of the transactions, totaling $1,178,009.

 

 

·

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.

 

 

·

10,323,356 shares of common stock issued as debt discount valued at fair market value on the date of each transactions, totaling $2,231,331.

 

 

·

447,591 shares of common stock issued in a cashless exercise of warrants.