Quarterly report pursuant to Section 13 or 15(d)

Common Stock

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Common Stock
3 Months Ended
Mar. 31, 2017
Equity [Abstract]  
Common stock

Note 5 – Common stock

 

On January 13, 2017, the Company issued 3,000,000 shares of common stock valued at $106,500 to a consultant for services rendered. The shares were valued at the market price of $0.0035 per share on the date the shares were granted. For the three months ended March 31, 2017, the total fair value of $106,500 is included in general and administrative expense.

 

On February 14, 2017, the Company entered into an employment agreement with Cecil Kyte, the Company’s chief executive officer. As part of the employment agreement, the Company issued 5,000,000 shares of common stock to Kyte valued at $161,500. The shares were valued at the market price of $0.0032 per share on the date the shares were granted. For the three months ended March 31, 2017, the total fair value of $161,500 is included in general and administrative expense.

 

During the three months ended March 31, 2016, the Company sold an aggregate of 10,000,000 shares of its common stock at $0.05 per share and warrants to purchase 10,000,000 shares of its common stock for total gross proceeds of $500,000.