|9 Months Ended|
Sep. 30, 2018
The Company has authorized 500,000,000 common shares with a par value of $0.0001 each. The Company has issued and outstanding 83,792,313 and 56,207,424 shares of common stock as of September 30, 2018 and December 31, 2017, respectively.
In terms of various debt conversion notices received between January 17, 2018 and September 7, 2018, the Company issued an aggregate of 27,349,094 shares of common stock in settlement of $2,230,980 of convertible notes, resulting in a net loss on conversion of $3,510,039.
On June 6, 2018, 115,795 of the commitment shares issued to Labrys Fund, LLP, were recorded as issued as the Company had not repaid the note by the due date of June 16, 2018. The remaining 115,796 commitment shares were returned to the Company and were cancelled.
On June 29, 2018, in terms of a share option plan recently implemented by the Company, 120,000 restricted shares were issued to a director as compensation for services rendered.
The Company has authorized 25,000,000 shares of preferred stock with a par value of $0.0001 authorized, no preferred stock is issued and outstanding as of September 30, 2018.
The warrants outstanding and exercisable at September 30, 2018 are as follows:
The warrants outstanding have an intrinsic value of $0 and $0 as of September 30, 2018 and December 31, 2017, respectively.
On June 18, 2018, the Company established its 2018 Stock Incentive Plan. The purpose of the plan is to promote the interests of the Company and the stockholders of the Company by providing directors, officers, employees and consultants of the Company with appropriate incentives and rewards to encourage them to enter into and continue in the employ or service of the Company, to acquire a proprietary interest in the long-term success of the Company and to reward the performance of individuals in fulfilling long-term corporate objectives. The plan terminates after a period of ten years in June 2028.
The Plan is administered by the Board of Directors or a Committee appointed by the Board of Directors who have the authority to administer the Plan and to exercise all the powers and authorities either specifically granted to it under the Plan.
The maximum number of securities available under the plan is 8,000,000 shares of common stock. The maximum number of shares of common stock awarded to any individual during any fiscal year may not exceed 1,000,000 shares of common stock.
On June 29, 2018, the Company granted a director 120,000 shares of restricted common stock in terms of the Stock Incentive Plan. These shares were valued at $49,200 on the date of grant and were vested immediately. The number of securities available under the plan as of September 30, 2018 is 7,880,000 shares of common stock.
The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef