Share Activity | 12 Months Ended |
Aug. 31, 2013 |
Share Activity [Abstract] | ' |
Share Activity | ' |
Note E - Share Activity |
|
Stock Awards |
|
On October 18, 2008, Ed Gorman (member of the Board of Directors) was granted as compensation for services options to buy 40,000 shares of the Company's preferred stock at the last quoted common stock offering price as of that day. A total of 40,000 options were granted at a price of $105. The options were issued in error but were subsequently issued as preferred class A shares (see below). |
|
On November 8, 2009, the Company's attorney was granted as compensation for services options to buy 667 shares of the Company's common stock at the last quoted common stock offering price as of that day. A total of 667 options were granted at a price of $40.50. |
|
On May 26, 2010, the Board of Directors were each granted as compensation for services options to buy 667 shares of the Company's common stock at the last quoted common stock offering price as of that day. A total of 4,000 options were granted at a price of $114. |
|
On May 26, 2010 the Company's Chief Financial Officer was granted as compensation for services options to buy 40,000 shares of the Company's preferred class A stock at the last quoted common stock offering price as of that day times 200. A total of 40,000 options were granted at a price of $15.20. |
|
On July 26, 2010, the Company's President was granted as compensation for services options to buy 325,000 shares of the Company's preferred class A stock at the last quoted common stock offering price as of that day times 200. A total of 325,000 options were granted at a price of $8.60. |
|
On August 2, 2010, the Company's attorney was granted as compensation for services warrants to buy 1,333 shares of the Company's common stock at $52.50. On April 5, 2011 these shares were cancelled and 1,333 shares were issued for relief of $11,000 of accrued amounts owed. The grant date fair value of the shares was equal to the liability relieved. |
|
On August 11, 2011 the four board members were granted as compensation for services options to buy common stock at the last quoted common stock offering price as of that day. A total of 22,000 options were granted at a price of $4.20. These options vested immediately and have a ten year contractual term. |
|
|
On December 27, 2012, the Company's attorney was granted as compensation for services options to buy 20,000,000 shares of the Company's common stock at the last quoted common stock offering price as of that day. A total of 20,000,000 options were granted at an exercise price of $0.001. These options vested immediately, have a five year contractual life and were valued utilizing the Black Scholes modal in the amount of $107,863. The following assumptions were utilized in the Black Scholes calculation; a 0.00% dividend yield, 264.49% expected volatility and a 0.72% discount rate. |
|
The following table provides the range of assumptions used by the Company, at the time stock options were issued. |
|
For the years ended August 31, 2013 and 2012, $107,863 and $-0-, was expensed utilizing the Black-Scholes option pricing model, respectively. The following weighted-average assumptions were used for the grants issued: |
|
| | | | |
| | | | Exercisable |
Common Stock | Shares Under | Weighted |
| Option | Average |
| | Exercise |
| | Price |
| | | | |
2012 | | | | |
Balance - September 1, 2011 | 28,000 | $40.50 - $114 | | 28,000 |
Options Granted | -- | -- | | -- |
Options Exercised | -- | -- | | -- |
Options Forfeited | -- | -- | | -- |
Balance - August 31, 2012 | 28,000 | | | 28,000 |
| | | | |
| | | | |
2013 | | | | |
Balance - September 1, 2012 | 28,000 | $40.50 - $114 | | 28,000 |
Options Granted | 20,000,000 | $0.001 | | 20,000,000 |
Options Exercised | -- | -- | | -- |
Options Forfeited | -- | -- | | -- |
Balance - August 31, 2013 | 20,028,000 | | | 20,028,000 |
| | | | |
|
| | | | |
Stock Options - PreferredStock | | Weighted | | Exercisable |
| Average |
Shares Under | Exercise |
Option | Price |
| | | | |
2013 | | | | |
Balance - September 1, 2012 | 365,000 | $8.60 - $15.20 | | 365,000 |
Options Granted | -- | -- | | -- |
Options Exercised | -- | -- | | -- |
Options Forfeited | -- | -- | | -- |
Balance - August 31, 2013 | 365,000 | | | 365,000 |
|
Common Stock |
On March 2, 2010, a stockholder that is closely related to Betty-Ann and Sydney Harland (Chairman, and President, CEO and Director, respectively) converted 1,000,000 Preferred Class C shares to 667 common shares. |
|
|
On April 30, 2010, the Company entered into an agreement with Richard Proulx (Director) as a Contractor. Pursuant to the agreement the Contractor agrees to assist the Company in Sales for the Company in Quebec, Canada. The term of the contract is for one year, expiring on April 30, 2011. In consideration for his services, the Contractor received 1,333 common shares on April 30, 2010. These shares were valued at $28,000 based on the closing price on the date of the grant. |
|
On May 10, 2010, the Company and its wholly owned subsidiary, Global Earth Energy Acquisition Company, entered into an agreement to merge with 688239 B.C. Ltd., a British Columbia Corporation (688239 B.C.). Pursuant to the agreement the Company issued 43,334 common shares to the sole stockholder of 688239 B.C. in exchange for the fair market value of certain assets and liabilities of 688239 B.C. On December 2, 2010 the merger with 688239 B.C. was rescinded and accounted for in the year ended August 31, 2010 (See Note - Discontinued Operations). |
|
On June 22, 2010 the Company agreed to issue Sydney Harland (CEO and Director) 15,667 shares common stock in lieu of payment by the Company of $350,435 owed to Mr. Harland, included in due to directors. The agreement was effective as of May 14, 2010. |
|
On August 31, 2010, the Company resolved to adopt the Non-Employee Consultants Retainer Stock Plan for the Year 2010. The purpose of the Plan is to enable the Company, to promote the interests of the Company and its stockholders by attracting and retaining non-employee consultants capable of furthering the future success of the Company and by aligning their economic interests more closely with those of the Company's stockholders, by paying their retainer or fees in the form of shares of the Company's common stock. 1,333 shares of common stock are registered to this plan at an offering price of $39. The Plan shall expire on August 31, 2020. |
|
On September 9, 2010 Robert Levitt converted 30,000 Preferred Class A shares to 4,000 common shares. |
|
In September of 2010 Norman Reynolds was issued 1,333 shares common stock in lieu of payment by the Company for legal services he provided as the Company's attorney. These shares were valued at $54,000 based on the value of the shares on the date of grant. |
|
On September 27, 2010 Arthur Kelly and Gloria Leung were granted 1,333 and 667 shares of common stock, respectively for rewriting and updating the Company's business plan. These shares were valued at $78,000 based on the closing price on the date of the grant. |
|
On September 27, 2010 Carolyn Merrill was granted 667 shares common stock from the Company as compensation as the Company's accountant. These shares were valued at $16,500 based on the closing price on the date of the grant. |
|
On October 1, 2010 the Company entered into an agreement with Geoffrey Eiten (Contractor). Pursuant to the agreement the Contractor agrees to assist the Company in various industrial relations and marketing services. The term of the contract is for three months expiring on January 1, 2011. In consideration for his services, the Contractor was granted 2,000 common shares on September 27, 2010. These shares were valued at $49,500 based on the fair value of the shares on the grant date. |
|
On October 5, 2010, 16,927 shares of common stock were placed into escrow pursuant to the convertible note agreement made with Asher Enterprises, Inc. These shares were recorded in Stock Held in Escrow account at a value of $253,907 based on the grant date fair value of the shares. |
|
During the fiscal year ended August 31, 2011 Robert Levitt agreed to accept 120,000 shares in lieu of payment of an accrued balance owed to him of $180,000. The value of the shares to be issued on the date of the agreement was $360,000 causing a loss of $180,000 for the conversion. This stock payable was later re-classed to the derivative liability due to the tainted equity environment and the potential inability of the Company to share settle the instrument. As a result, the related value of the stock payable and issuances were re-valued at each issuance date and balance sheet date due to the mark to market requirements for the derivative liability. |
|
On October 12, 2010 Robert Levitt was granted 6,000 shares of common stock in partial satisfaction of the 120,000 shares owed to him for prior consulting services. The value of the shares issued was $73,800. The related portion of the derivative liability was marked to this value and relieved to APIC upon issuance. |
|
On November 8, 2010, the Company resolved to adopt the Non-Employee Consultants Retainer Stock Plan for the Year 2010 No. 2. The purpose of this Plan is to enable the Company, to promote the interests of the Company and its stockholders by attracting and retaining non-employee consultants capable of furthering the future success of the Company and by aligning their economic interests more closely with those of the Company's stockholders, by paying their retainer or fees in the form of shares of the Company's common stock. 33,333 shares of common stock are registered to this plan at an offering price of $.0029. The Plan shall expire on November 8, 2020. |
|
On November 8, 2010 Norman Reynolds was granted 4,000 shares common stock in lieu of payment by the Company for legal services he provided as the Company's attorney. These shares were valued at $16,200 based on the value of the shares on the date of grant. |
|
On November 23, 2010, 48,095 shares of common stock were granted to five shareholders to acquire 40% of the joint venture as determined pursuant to the joint venture agreement signed November 22, 2010 - see Note G. Strategic Alliance, George Sinnis, Glenn Sturm, Atlantic Station and Raymond F. Barbush III received 41,762; 1,333; 333; 1,333 and 3,334 shares respectively. The fair value of the shares based on the agreement date was $324,643 and was capitalized as a part of the joint venture asset. |
|
On October 11, 2010 AGS was granted 6,667 shares common stock valued at $110,000 as part of their investment agreement executed October 5, 2010. The shares were expensed upon grant and the agreement was later dissolved. |
|
On December 3, 2010 Robert Levitt received 6,667 shares common stock in partial satisfaction of the 120,000 shares owed to him for prior consulting services. The value of the shares issued was $179,000. The related portion of the derivative liability was marked to this value and relieved to APIC upon issuance. |
|
On December 9, 2010, 51,467 shares of common stock were placed into escrow pursuant to the convertible note agreement made with Asher Enterprises, Inc. These shares were recorded in Stock |
Held in Escrow account at a value of $772,002 based on the grant date fair value of the shares. |
|
On December 21, 2010, Norman Reynolds was granted 4,000 shares of common stock in lieu of payment by the Company for legal services he provided as the Company's attorney. These shares were valued at $30,000 based on the closing price on the date of the grant. |
|
On December 21, 2010 Spiros Sinnis was granted 2,400 shares of common stock for his consultant work pertaining to the Joint Venture agreement between the Company and Reflora do Brasil. These shares were valued at $15,120 based on the closing price on the date of the grant. |
|
On January 11, 2011 Robert Levitt was granted 14,667 shares of common stock of the 120,000 shares owed. The value of the shares issued was $154,000. The related portion of the derivative liability was marked to this value and relieved to APIC upon issuance. |
|
On January 31, 2011 Norman Reynolds was granted 2,000 shares common stock in lieu of payment by the Company for legal services he provided as the Company's attorney. These shares were valued at $10,500 based on the closing price on the date of the grant. |
|
On January 26, 2011 the Company entered into an agreement with Spiros Sinnis (Contractor). Pursuant to the agreement the Contractor agrees to assist the Company in connection with strategic transactions. The term of the contract is for twelve months expiring on January 26, 2012. In consideration for his services, the Contractor was granted 4,000 common shares on January 31, 2011. These shares were valued at $19,200 based on the closing price on the date of the grant. The shares were expensed upon grant due to being fully vested. |
|
On January 26, 2011 the Company entered into an agreement with Andrew Madenberg (Contractor). Pursuant to the agreement the Contractor agrees to assist the Company in connection with strategic transactions. The term of the contract is for twelve months expiring on January 26, 2012. In consideration for his services, the Contractor was granted 4,000 common shares on January 26, 2011. These shares were valued at $19,200 based on the closing price on the date of the grant. The shares were expensed upon grant due to being fully vested. |
|
On February 9, 2011 GFC 2005 was granted 5,000 shares common stock valued at $34,500 as part of their joint venture agreement executed February 9, 2011. The shares were expensed on the grant date based on the agreement being terminated shortly thereafter. |
|
On February 10, 2011 Robert Levitt received 10,000 shares common stock in partial satisfaction of 120,000 shares owed. The value of the shares issued was $315,000. The related portion of the derivative liability was marked to this value and relieved to APIC upon issuance. |
|
On February 25, 2011 Norman Reynolds was granted 2,000 shares common stock in lieu of payment by the Company for legal services he provided as the Company's attorney. These shares were valued at $30,000 based on the closing price on the date of the grant. |
|
On February 25, 2011 Carolyn Merrill was granted 2,000 shares of common stock in lieu of payment by the Company for compensation as the Company's accountant. These shares were valued at $60,000 based on the closing price on the date of the grant. |
|
On March 2, 2011 Marie Fay was granted 867 shares common stock for services rendered. These shares were valued at $13,000 based on the closing price on the date of the grant. |
|
For the quarter ended May 31, 2011 Spiros Sinnis was granted 11,333 shares for services rendered in connection with his consultant contract. These shares were valued at $92,000 based on the closing price on the date of the grants. |
|
For the quarter ended May 31, 2011 Andrew Madenberg was granted 11,333 shares for services rendered in connection with his consultant contract. These shares were valued at $92,000 based on the closing price on the date of the grants. |
|
On February 1, 2011 the Company entered into an agreement with Geoffrey Eiten (Contractor). Pursuant to the agreement the Contractor agrees to assist the Company in various industrial relations and marketing services. The term of the contract is for six months expiring on August 1, 2011. In consideration for his services, the Contractor was granted 1,333 common shares on February 1, 2011. These shares were valued at $9,200 based on the value of the shares on the grant date. |
|
On May 13, 2011 Norman Reynolds was granted 8,000 shares common stock in lieu of payment by the Company for legal services he provided as the Company's attorney. These shares were valued at $57,600 based on the closing price on the date of the grant. |
|
On April 27, 2011, 32,475 shares of common stock were placed into escrow pursuant to the convertible note agreement made with Asher Enterprises, Inc. These shares were recorded in Stock held in Escrow account at a value of $219,208 based on the grant date fair value of the shares. |
|
On August 2, 2010, the Company's attorney was granted as compensation for services warrants to buy 1,333 shares of the Company's common stock at $0.035. On April 5, 2011 these shares were cancelled and 1,333 shares were issued for relief of $11,000 of accrued amounts owed. The grant date fair value of the shares was equal to the liability relieved. |
|
For the quarter ended May 31, 2011 Robert Levitt received 30,000 shares common stock in partial satisfaction of 120,000 shares owed. The value of the shares issued was $318,500. The related portion of the derivative liability was marked to this value and relieved to APIC upon issuance. |
|
On May 24, 2011, the Company resolved to adopt the Non-Employee Consultants Retainer Stock Plan for the Year 2011. The purpose of this Plan is to enable the Company, to promote the interests of the Company and its stockholders by attracting and retaining non-employee consultants capable of furthering the future success of the Company and by aligning their economic interests more closely with those of the Company's stockholders, by paying their retainer or fees in the form of shares of the Company's common stock. 66,667 shares of common stock are registered to this plan at an offering price of $.004. The Plan shall expire on May 24, 2021. |
|
During June and July, 2011 Andrew Madenberg was granted a total of 16,667 shares for services rendered in connection with his consultant contract. These shares were valued at $90,000 based on the closing price on the date of the grants. |
|
During June and July, 2011 Spiros Sinnis was granted a total of 16,667 shares for services rendered in connection with his consultant contract. These shares were valued at $90,000 based on the closing price on the date of the grants. |
|
During June and July, 2011 Robert Levitt received a total of 20,000 shares common stock in partial satisfaction of 120,000 shares owed. The value of the shares issued was $84,000. The related portion of the derivative liability was marked to this value and relieved to APIC upon issuance. |
|
On June 8, 2011 Norman Reynolds was granted 8,000 shares of common stock in lieu of payment by the Company for legal services he provided as the Company's attorney. These shares were valued at $49,200 based on the closing price on the date of the grant. |
|
On June 8, 2011 Carolyn Merrill was granted 1,333 shares of common stock in lieu of payment by the Company for compensation as the Company's accountant. These shares were valued at $6,400 based on the closing price on the date of the grant. |
|
On July 18, 2011 the Company entered into an agreement with Daniel Chase (Contractor). Pursuant to the agreement the Contractor agrees to assist the Company in its coal, oil and gas procedures and protocols . The term of the contract is for six months expiring on January 18, 2012. In consideration for his services, the Contractor received 32,667 common shares on July 18, 2011. These shares were valued at $147,000 based on the grant date of the shares. |
|
On September 22, 2011, the Company amended their authorized Common Stock Class B to 5,171,013 shares from 50,000,000 shares. The 44,828,987 Class B shares were transferred to Common Stock Class A thereby increasing Common Stock Class A authorized to 844,828,987. |
|
On September 5, 2011 the Company entered into an agreement with Makaha Media Corporation (Contractor). Pursuant to the agreement the Contractor agrees to assist the Company in developing and implementing appropriate plans and means for presenting the Company and its product(s) to the proper industries, establishing an image for the Company and its product(s) and creating the foundation for subsequent marketing efforts. The term of the contract is for two months expiring on October 31, 2011. In consideration for their services, the Contractor received 33,333 common shares. These shares were valued at $130,000 based on the grant date of the shares. |
|
On September 20, 2011 the Company entered into an agreement with Strategic Alliance Consulting Group (Contractor). Pursuant to the agreement the Contractor agreed to return the 21,762 shares Common Stock Class A that they were holding, for consideration of the Company reauthorizing the same amount of shares sometime in the future. The Company recorded the shares as treasury stock based on the value of the shares owed of $47,500 with the offsetting credit to stock payable. The treasury stock were immediately returned to the authorized and unissued pool of shares for the Company. The treasury amount was relieved against common stock and APIC with this retirement. The stock payable was considered a part of the tainted equity environment as a common stock equivalent and re-classed to derivative liability upon being owed. The value of the shares was marked to market on the balance sheet date, see footnote I. |
|
On September 20, 2011, the Company resolved to adopt the Non-Employee Consultants Retainer Stock Plan for the Year 2011, No. 2. The purpose of this Plan is to enable the Company, to promote the interests of the Company and its stockholders by attracting and retaining non-employee consultants capable of furthering the future success of the Company and by aligning their economic interests more closely with those of the Company's stockholders, by paying their retainer or fees in the form of shares of the Company's common stock. 26,667 shares of common stock are registered to this plan at an offering price of $2.10. The Plan shall expire on September 20, 2021. |
|
On May 21, 2012 the Company approved a 1 to 1,500 reverse stock split on its common stock. All share activity has been retroactively adjusted for the split. |
|
On June 7, 2012, the Company resolved to adopt the Non-Employee Consultants Retainer Stock Plan for the Year 2012. The purpose of this Plan is to enable the Company, to promote the interests of the Company and its stockholders by attracting and retaining non-employee consultants capable of furthering the future success of the Company and by aligning their economic interests more closely with those of the Company's stockholders, by paying their retainer or fees in the form of shares of the Company's common stock. 5,000,000 shares of common stock are registered to this plan at an offering price of $0.20. The Plan shall expire on June 7, 2022. |
|
On June 15, 2012 six board members were granted as compensation for services 10,000,000 shares each of common stock for services rendered. These shares were valued at $22,800,000 based on the closing price on the date of the grant. |
|
On June 15, 2012 Norman Reynolds was granted 20,000 shares of common stock in lieu of payment by the Company for legal services he provided as the Company's attorney. These shares were valued at $7,600 based on the closing price on the date of the grant. |
|
On June 21, 2012 Betty and Sydney Harland were each granted 600,000 shares of common stock for services rendered to the company. These shares were valued at $72,000 based on the closing price on the date of the grant. |
|
On June 25, 2012 Betty and Sydney Harland were each granted 1,500,000 shares of common stock for services rendered to the company. These shares were valued at $366,000 based on the closing price on the date of the grant. |
|
On June 26, 2012 Norman Reynolds was granted 150,000 shares of common stock in lieu of payment by the Company for legal services he provided as the Company's attorney. These shares were valued at $18,300 based on the closing price on the date of the grant. |
|
On June 27, 2012, 48,700,963 shares of common stock were placed into escrow pursuant to the convertible note agreement made with Asher Enterprises, Inc. These shares were recorded in Stock Held in Escrow account at a value of $5,941,517 based on the grant date fair value of the shares. |
|
On July 11, 2012, Robert Levitt was issued the final 32,667 common shares related to the original agreement he had with the Company to repay his loan of $180,000 with 120,000 common shares. The value of the shares issued was $3,593. The related portion of the derivative liability was marked to this value and relieved to additional paid in capital upon issuance. Mr. Levitt was also issued on July 11, 2012, 2,967,333 common shares in lieu of payment for services he rendered to the Company. These shares were valued at $326,406 based on the closing price on the date of the grant. |
|
On July 20, 2012 Norman Reynolds was granted 250,000 shares of common stock in lieu of payment by the Company for legal services he provided as the Company's attorney. These shares were valued at $27,500 based on the closing price on the date of the grant. |
|
On August 6, 2012 the Company entered into an agreement with Christian Hansen (Contractor). Pursuant to the agreement the Contractor agrees to assist the Company in developing and implementing appropriate plans and means for presenting the Company and its product(s) to the proper industries, establishing an image for the Company and its product(s) and creating the foundation for subsequent marketing efforts. The term of the contract is for six months expiring on February 6 2013. In consideration for their services, the Contractor received 3,000,000 common shares. These shares were valued at $90,000 based on the grant date of the shares. |
|
On August 21, 2012 Norman Reynolds was granted 1,000,000 shares of common stock in lieu of payment by the Company for legal services he provided as the Company's attorney. These shares were valued at $20,000 based on the closing price on the date of the grant. |
|
On September 12, 2012 Norman Reynolds cancelled 423,618 shares of common stock he was given by the Company. These shares were deducted from common stock issued for the par value of the shares $426 with the cancellation. |
|
On September 21, 2012, 120,000,000 shares of common stock were placed into escrow pursuant to the convertible note agreement made with Asher Enterprises, Inc. These shares were recorded in Stock Held in Escrow account at a value of $1,680,000 based on the grant date fair value of the shares. |
|
On September 12, 2012 Norman Reynolds cancelled 2,000 shares of common stock he was given by the Company in lieu of payment by the Company for legal services he provided as the Company's attorney. These shares were deducted from common stock issued for the par value of the shares $2 with cancellation. |
|
On November 12, 2012 Sydney Harland was granted 100,000,000 shares of common stock for services rendered to the company. These shares were valued at $200,000 based on the closing price on the date of the grant. |
|
On December 4, 2012, 104,411,290 shares of common stock were placed into escrow pursuant to the convertible note agreement made with Asher Enterprises, Inc. These shares were recorded in Stock Held in Escrow account at a value of $479,500 based on the grant date fair value of the shares. |
|
On April 15, 2013 the Company resolved to adopt the Non-Employee Consultants Retainer Stock Plan for the Year 2013. The purpose of this Plan is to enable the Company, to promote the interests of the Company and its stockholders by attracting and retaining non-employee consultants capable of furthering the future success of the Company and by aligning their economic interests more closely with those of the Company's stockholders, by paying their retainer or fees in the form of shares of the Company's common stock. 250,000,000 shares of common stock are registered to this plan at an offering price of $0.0008. The Plan shall expire on April 15, 2023. |
|
On April 15, 2013 Norman Reynolds was granted 15,000,000 shares of common stock in lieu of payment by the Company for legal services he provided as the Company's attorney. These shares were valued at $13,500 based on the closing price on the date of the grant. |
|
On April 15, 2013 Carolyn Merrill was granted 18,400,000 shares of common stock in lieu of payment by the Company for compensation as the Company's accountant. These shares were valued at $16,560 based on the closing price on the date of the grant. |
|
On April 15, 2013 Rich Kaiser was granted 6,000,000 shares of common stock in lieu of payment by the Company for compensation as the Company's consultant. These shares were valued at $5,400 based on the closing price on the date of the grant. |
|
On April 22, 2013, 183,944,906 shares of common stock were placed into escrow pursuant to the convertible note agreement made with Asher Enterprises, Inc. These shares were recorded in Stock Held in Escrow account at a value of $128,761 based on the grant date fair value of the shares. |
|
During the three months ended August 31, 2013, Norman Reynolds was granted 132,000,000 shares of common stock in lieu of payment by the Company for legal services he provided as the Company's attorney. These shares were valued at $44,700 based on the closing price on the dates of the grants. |
|
During the three months ended August 31, 2013, Carolyn Merrill was granted 58,900,000 shares of common stock in lieu of payment by the Company for compensation as the Company's accountant. These shares were valued at $14,670 based on the closing price on the dates of the grants. |
|
During the three months ended August 31, 2013, Rich Kaiser was granted 25,000,000 shares of common stock in lieu of payment by the Company for compensation as the Company's consultant. These shares were valued at $8,800 based on the closing price on the dates of the grants. |
|
During June, 2013 Robert Levitt received a total of 36,000,000 shares common stock in conversion of $3,600 of convertible debt. The value of the shares issued was $3,600. The conversion was in accordance with the modified note agreement therefore no gain or loss was recorded with the conversion. |
|
On July 15, 2013 Phil Sands was granted 25,000,000 shares of common stock in lieu of payment by the Company for compensation as the Company's consultant. These shares were valued at $7,500 based on the closing price on the date of the grant. |
|
On August 20, 2013 the Company resolved to adopt the Non-Employee Consultants Retainer Stock Plan No. 2, for the Year 2013. The purpose of this Plan is to enable the Company, to promote the interests of the Company and its stockholders by attracting and retaining non-employee consultants capable of furthering the future success of the Company and by aligning their economic interests more closely with those of the Company's stockholders, by paying their retainer or fees in the form of shares of the Company's common stock. 250,000,000 shares of common stock are registered to this plan at an offering price of $0.0001. The Plan shall expire on August 20, 2023. |
|
On August 21, 2013 Spiros Sinnis was granted 25,000,000 shares of common stock in lieu of payment by the Company for compensation as the Company's consultant. These shares were valued at $2,500 based on the closing price on the date of the grant. |
|
On August 21, 2013 Michael Harland was granted 25,000,000 shares of common stock in lieu of payment by the Company for compensation as the Company's consultant. These shares were valued at $2,500 based on the closing price on the date of the grant. |
|
On June 5, 2013 Syd Harland cancelled 50,200,001 shares of common stock he previously held. These shares were deducted from common stock issued for the par value of the shares $502 with the cancellation. |
|
See debt footnote H for shares issued for conversions of debt. |
|
Preferred Stock |
|
On January 28, 2011, the Company amended their Preferred Stock Class A authorized shares from 1,000,000 shares to 10,000 shares. |
|
On February 28, 2011 the Board of Directors approved the issuance of 2,000,000 Preferred Stock Class B to Betty Harland. These shares carry 500 to 1 voting rights and are not convertible into common stock. These shares also carry a liquidation preference over common shares. These shares were valued at $600,000 and were expensed upon grant. The shares were valued by a valuation expert on the date of grant. The key inputs in the valuation were related to assigning a value to the control associated with the preferred shares issued. No value was assigned to the liquidation preference of the securities based on the net deficit position of the Company. The valuation expert used industry studies for similar companies which estimated a premium on control equal to 10.05% of the Company's respective market cap. The other inputs involved in calculating the market cap on the date of grant which was calculated as the shares outstanding multiplied by the shares price on the date of grant. The market cap on the date of grant was found to be approximately $5,969,380 based on this calculation. |