|6 Months Ended|
Jun. 30, 2019
|Stockholders' Equity Attributable to Parent [Abstract]|
The Company has authorized 500,000,000 common shares with a par value of $0.0001 each. The Company has issued and outstanding 149,211,940 and 88,839,218 shares of common stock as of June 30, 2019 and December 31, 2018.
In terms of various debt conversion notices received between January 16, 2019 and June 14, 2019, the Company issued an aggregate of 59,547,004 shares of common stock in settlement of $495,335 of convertible notes, resulting in a net loss on conversion of $551,059.
The Company did not repay a convertible note issued to Labrys Fund, LP prior to the maturity date, which resulted in the returnable commitment shares being retained by Labrys Fund, LP. The 825,718 shares of common stock was expensed as a commitment fee, valued at $165,254 on April 25, 2019.
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 June 30, 2019.
The warrants outstanding and exercisable at June 30, 2019 are as follows:
The warrants outstanding have an intrinsic value of $0 and $0 as of June 30, 2019 and December 31, 2018, 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 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.
The options outstanding and exercisable at June 30, 2019 are as follows:
The options outstanding have an intrinsic value of $0 and $0 as of June 30, 2019 and December 31, 2018, respectively.
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