STOCKHOLDERS' EQUITY
 3 Months Ended
Mar. 31, 2018
Equity [Abstract]  
STOCKHOLDERS' EQUITY

NOTE 7. STOCKHOLDERS’ EQUITY

 

Preferred Stock

Effective March 23, 2018, the Company amended the articles of incorporation and authorized 10,000,000 shares of preferred stock with a par value of $0.001 per share. During the three-month period ended March 31, 2018 and December 31, 2017 there were nil shares of preferred stock issued.

 

Common Stock

Effective March 23, 2018, the Company amended the articles of incorporation and increased the authorized shares of common stock with a par value of $0.001 per share from 100,000,000 to 300,000,000 shares.

 

On January 2, 2018, the Company sold 110,000 shares of common stock to an unrelated shareholder for $55,000.

 

On March 15, 2018 the Company entered into a 12-month service agreement, expiring on March 15, 2019, for strategic planning, financing, capital formation, up listing and expansion of the Company’s shareholder base. Per the terms of the agreement, the consulting company will receive a $5,000 non-refundable initial fee, $2,500 per month, and 2,000,000 fully vested non-forfeitable shares of restricted common stock, valued at $1,000,000 ($0.50 per share). As of March 31, 2018, the Company recorded $43,836 in additional paid-in capital for the consulting expense related to the portion of the 12-month service agreement that has been completed, due to the fact that the 2,000,000 common shares have not yet been issued through the filing of these financial statements.

 

Stock Options

Below is a table summarizing the options issued and outstanding as of March 31, 2018:

 

Date  Number  Number  Exercise  Weighted Average Remaining Contractual  Expiration  Proceeds to Company if
Issued  Outstanding  Exercisable  Price $  Life (Years)  Date  Exercised
 05/21/2014    1,875,000    1,875,000    0.13    1.14    05/20/2019   $250,000 
 01/01/2016    90,000    90,000    0.33    1.75    12/31/2019    30,000 
 01/01/2016    75,000    75,000    0.33    1.75    12/31/2019    25,000 
 09/15/2016    10,000    10,000    1.00    1.75    12/31/2019    10,000 
 10/01/2016    7,500    7,500    1.00    1.75    12/31/2019    7,500 
 01/01/2017    30,000    30,000    2.00    0.76    01/01/2019    60,000 
 01/26/2017    200,000    200,000    2.00    3.83    01/26/2022    400,000 
      2,287,500    2,287,500                  $782,500 

 

The weighted average exercise prices are $0.34 and $0.34 for the options outstanding and exercisable, respectively.