STOCKHOLDERS' EQUITY (DEFICIT) | 12 Months Ended |
Dec. 31, 2013 |
Notes to Financial Statements | ' |
NOTE 9 - STOCKHOLDER'S EQUITY (DEFICIT) | ' |
(a) Share Capital |
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The Company is authorized to issue 7,000,000,000 shares of common stock with a par value of $0.001 per share. |
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The Company has 2,000,000,000 common shares issued and 1,463,327,499 common shares outstanding as of December 31, 2013. |
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On April 22, 2008, the directors of the Company approved a special resolution to undertake a reverse split of the common stock of the Company on a basis of 1 new share for 3 old shares. On July 26, 2006, the directors of the Company approved a special resolution to undertake a forward split of the common stock of the Company on a basis of 2 new shares for 1 old share. On May 10, 2006, the directors of the Company approved a special resolution to undertake a forward split of the common stock of the Company on a basis of 2 new shares for 1 old share. On July 14, 2009, the directors of the Company approved a special resolution to undertake a forward split of the common stock of the Company on a basis of 2 new shares for 1 old share. |
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On July 16, 2012, the Company filed a Certificate of Change with the Nevada Secretary of State in relation to a five for one forward split of the Company’s common stock. |
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All references in these financial statements to number of common shares, price per share and weighted average number of common shares outstanding prior to the 2:1 forward stock split on May 10, 2006, the 2:1 forward split on August 8, 2006, the 3:1 reverse stock split on April 22, 2008 the 2:1 forward split on August 3, 2009, and the 5:1 forward split on July 23, 2012 have been adjusted to reflect these stock splits on a retroactive basis, unless otherwise noted. |
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On December 19, 2006, a founding shareholder of the Company returned 40,000,000 restricted shares of common stock to treasury and the shares were subsequently cancelled by the Company. The shares were returned to treasury for no consideration to the shareholder. |
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(b) Private Placements |
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On November 26, 2004, the Company issued 20,666,660 shares of common stock at $0.0075 per share for proceeds of $155,000. |
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On December 15, 2004, the Company issued 25,166,670 shares of common stock at $0.0075 per share for proceeds of $188,750 and 8,802,670 shares of common stock at $0.0375 per share for proceeds of $330,100. |
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On March 9, 2005, the Company issued 933,330 shares of common stock at a price of $0.0375 per share for proceeds of $35,000. |
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On October 16, 2006, the Company completed a private placement consisting of 3,147,020 units at $0.45 per unit for proceeds of $1,416,158. Each unit consists of one common share and one non-transferable share purchase warrant exercisable at $0.90 per share for the period commencing on October 16, 2006 and ending on October 16, 2008, being the day which is the earlier of 24 months from the date of issuance of the units or 18 months from the effective date of a planned registration statement. Of this private placement, 1,877,780 of the units issued were in exchange for $845,000 previously advanced to the Company by a shareholder. The estimated fair value of the warrants at the date of grant of $592,210, which has been included in additional paid in capital, was determined using the Black-Scholes option pricing model with an expected life of 2 years, risk free interest rate of 4.49%, a dividend yield of 0% and an expected volatility of 153%. |
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During 2008, the Company completed a private placement consisting of 12,240,000 units at $0.075 per unit for total gross proceeds of $918,000. Each unit consists of one common share and one non-transferable share purchase warrant exercisable at $0.15 per share for a period of 12 months from the date of share issuance. A finders fee of 3.5% ($20,913) was paid on $597,500 of the private placement proceeds received. |
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During 2009, the Company completed a private placement consisting of 9,800,000 units at $0.025 per unit for total proceeds of $245,000. Each unit consists of one common share and one-half non-transferable share purchase warrant exercisable at $0.50 per share for a period of 12 months from the date of issuance. A finder’s fee of 7% ($3,500) was paid on $50,000 of the private placement proceeds received. |
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During 2010, the Company completed a private placement consisting of 17,400,000 units at $0.10 per unit for total proceeds of $1,740,000. Each unit consists of one common share and one-half non-transferable share purchase warrant exercisable at $0.20 per share for a period of 12 months from the date of issuance. A finder’s fee of 7% ($7,000) was paid on $100,000 of the private placement proceeds received. Of the total proceeds, $1,468,000 (net of finder’s fee) was received during 2009. |
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During 2010, the Company completed a private placement consisting of 500,000 units at $0.05 per unit for total proceeds of $25,000. Each unit consists of one common share and one-half non-transferable share purchase warrant exercisable at $0.10 per share for a period of 12 months from the date of issuance. |
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(c) Other issuances |
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On February 13, 2008, the Company issued 25,253,560 shares of common stock at a price of $0.075 per share on settlement of related party advances and accrued interest totaling $1,515,214. The difference between the estimated fair value of the common shares issued at issuance and the amount of debt settled totaling $378,803 was recorded as a finance cost during 2008. |
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On March 24, 2008, the Company issued 15,285,380 shares of common stock at a price of $0.063 per share on settlement of related party advances and the acquisition of the interest in the Boggs #1 well totalling $962,980. The difference between the estimated fair value of the common shares at issuance and the amount of debt settled totaling $45,857 was recorded as a finance cost during 2008. |
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On July 20, 2009, the Company issued 8,200,000 units at $0.025 per unit on settlement of related party advances of $200,000 and accounts payable of $5,000. Each unit consists of one common share and one non-transferable share purchase warrant exercisable at $0.05 per share for a period of 12 months from the date of issuance. |
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On October 21, 2010, the Company issued 75,000,000 shares of restricted common stock at a price of $0.04 per share totalling $3,000,000, pursuant to an Option Agreement with Westrock Land Corp to purchase 21,000 net acres in the Mississippi Prospect. |
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On June 15, 2012, the Company agreed to settle $135,000 of notes and accounts payable debts by issuing 22,500,000 common shares fair valued at $135,000 or $0.006 per share (Notes 7 and 11). |
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On June 29, 2012, the Company issued 45,378,670 shares of restricted common stock with a value of $272,272 related to the acquisition of Glob Media (Note 3). |
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On May 7, 2013, the Company issued 17,101,710 common shares pursuant to a convertible promissory note. These common shares were outstanding as of December 31, 2013. |
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On May 28, 2013, the Company issued 6,427,916 common shares pursuant to a convertible promissory note. These common shares were outstanding as of December 31, 2013. |
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On June 10, 2013, the Company issued 4,545,454 common shares pursuant to a convertible promissory note. These common shares were outstanding as of December 31, 2013. |
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On June 18, 2013, the Company issued 4,489,338 common shares pursuant to a convertible promissory note. These common shares were outstanding as of December 31, 2013. |
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On June 25, 2013, the Company issued 4,500,000 common shares pursuant to a convertible promissory note. These common shares were outstanding as of December 31, 2013. |
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On July 2, 2013, the Company issued 6,080,477 common shares pursuant to a convertible promissory note. These common shares were outstanding as of December 31, 2013. |
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On July 16, 2013, the Company issued 6,000,000 common shares pursuant to a convertible promissory note. These common shares were outstanding as of December 31, 2013. |
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On July 16, 2013, the Company issued 15,584,416 common shares pursuant to a convertible promissory note. These common shares were outstanding as of December 31, 2013. |
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On July 17, 2013, the Company issued 12,500,000 common shares pursuant to a convertible promissory note. These common shares were outstanding as of December 31, 2013. |
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On July 23, 2013, the Company issued 8,471,075 common shares pursuant to a convertible promissory note. These common shares were outstanding as of December 31, 2013. |
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On July 31, 2013, the Company issued 18,660,000 common shares pursuant to a convertible promissory note. These common shares were outstanding as of December 31, 2013. |
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On August 6, 2013, the Company issued 18,660,000 common shares pursuant to a convertible promissory note. These common shares were outstanding as of December 31, 2013. |
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On August 7, 2013, the Company issued 13,500,000 common shares pursuant to a convertible promissory note. These common shares were outstanding as of December 31, 2013. |
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On August 26, 2013, the Company issued 21,360,000 common shares pursuant to a convertible promissory note. These common shares were outstanding as of December 31, 2013. |
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On August 29, 2013, the Company issued 20,360,000 common shares pursuant to a convertible promissory note. These common shares were outstanding as of December 31, 2013. |
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On September 5, 2013, the Company issued 22,300,000 common shares pursuant to a convertible promissory note. These common shares were outstanding as of December 31, 2013. |
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On September 9, 2013, the Company issued 8,913,079 common shares pursuant to a convertible promissory note. These common shares were outstanding as of December 31, 2013. |
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On September 13, 2013, the Company issued 23,400,000 common shares pursuant to a convertible promissory note. These common shares were outstanding as of December 31, 2013. |
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On September 20, 2013, the Company issued 24,000,000 common shares pursuant to a convertible promissory note. These common shares were outstanding as of December 31, 2013. |
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On September 27, 2013, the Company issued 25,000,000 common shares pursuant to a convertible promissory note. These common shares were outstanding as of December 31, 2013. |
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On October 3, 2013, the Company issued 30,000,000 common shares pursuant to a convertible promissory note. These common shares were outstanding as of December 31, 2013 |
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On October 9, 2013, the Company issued 30,000,000 common shares pursuant to a convertible promissory note. These common shares were outstanding as of December 31, 2013 |
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On October 14, 2013, the Company issued 32,000,000 common shares pursuant to a convertible promissory note. These common shares were outstanding as of December 31, 2013 |
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On October 17, 2013, the Company issued 32,000,000 common shares pursuant to a convertible promissory note. These common shares were outstanding as of December 31, 2013 |
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On October 21, 2013, the Company issued 28,904,615 common shares pursuant to a convertible promissory note. These common shares were outstanding as of December 31, 2013 |
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On November 1, 2013, the Company issued 37,000,000 common shares pursuant to a convertible promissory note. These common shares were outstanding as of December 31, 2013 |
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On November 8, 2013, the Company issued 38,000,000 common shares pursuant to a convertible promissory note. These common shares were outstanding as of December 31, 2013 |
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On November 8, 2013, the Company issued 22,727,273 common shares pursuant to a convertible promissory note. These common shares were outstanding as of December 31, 2013 |
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On November 13, 2013, the Company issued 25,214,285 common shares pursuant to a convertible promissory note. These common shares were outstanding as of December 31, 2013 |
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On November 20, 2013, the Company issued 40,000,000 common shares pursuant to a convertible promissory note. These common shares were outstanding as of December 31, 2013 |
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On November 20, 2013, the Company issued 37,878,788 common shares pursuant to a convertible promissory note. These common shares were outstanding as of December 31, 2013 |
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On November 22, 2013, the Company issued 40,000,000 common shares pursuant to a convertible promissory note. These common shares were outstanding as of December 31, 2013 |
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On November 29, 2013, the Company issued 43,000,000 common shares pursuant to a convertible promissory note. These common shares were outstanding as of December 31, 2013 |
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On December 5, 2013, the Company issued 40,000,000 common shares pursuant to a convertible promissory note. These common shares were outstanding as of December 31, 2013 |
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On December 9, 2013, the Company issued 43,022,729 common shares pursuant to a convertible promissory note. These common shares were outstanding as of December 31, 2013 |
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On December 17, 2013, the Company issued 40,000,000 common shares pursuant to a convertible promissory note. These common shares were outstanding as of December 31, 2013 |
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On December 18, 2013, the Company issued 50,000,000 common shares pursuant to a convertible promissory note. These common shares were outstanding as of December 31, 2013 |
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On December 19, 2013, the Company issued 85,000,000 common shares pursuant to a convertible promissory note. These common shares were outstanding as of December 31, 2013 |
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On December 20, 2013, the Company issued 50,000,000 common shares pursuant to a convertible promissory note. These common shares were outstanding as of December 31, 2013 |
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On December 23, 2013, the Company issued 50,000,000 common shares pursuant to a convertible promissory note. These common shares were outstanding as of December 31, 2013 |
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On December 23, 2013, the Company issued 50,000,000 common shares pursuant to a convertible promissory note. These common shares were outstanding as of December 31, 2013 |
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On December 30, 2013, the Company issued 5,785,714 common shares pursuant to a convertible promissory note. These common shares were outstanding as of December 31, 2013 |
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Common shares issued and not yet outstanding |
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During the year ended December 31, 2013, the Company issued 536,672,501 common shares that are not yet outstanding as of December 31, 2013. They are as follows: |
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On May 31, 2013, the Company issued 83,333,333 common shares pursuant to a convertible promissory note. As of December 31, 2013, these common shares were held in escrow and not outstanding. |
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On June 14, 2013, the Company issued 26,339,168 common shares pursuant to a convertible promissory note. As of December 31, 2013, these common shares were held in escrow and not outstanding. |
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On October 31, 2103, the Company issued 150,000,000 common shares pursuant to a convertible promissory note. As of December 31, 2013, these common shares were held in escrow and not outstanding. |
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On November 11, 2013, the Company issued 75,000,000 common shares pursuant to a convertible promissory note. As of December 31, 2013, these common shares were held in escrow and not outstanding. |
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On December 18, 2013, the Company issued 202,000,000 common shares pursuant to a convertible promissory note. As of December 31, 2013, these common shares were held in escrow and not outstanding. |