Common and Preferred Shares | 9 Months Ended |
Dec. 31, 2013 |
Equity [Abstract] | ' |
Common and Preferred Shares | ' |
On July 18, 2013, we designated, from our 10,000,000 authorized shares of preferred stock, par value $0.001, 6,000,000 shares of Series “A” Preferred Stock. Our Series “A” Preferred Stock has voting rights of 100 votes per share and vote with common shares as a single class. |
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On July 18, 2013, we entered into an Asset Assignment Agreement (the “Assignment Agreement”) with Imagic, LLC and its principals to acquire certain assets including a US Patent entitled “Phorbol esters as anti-neoplastic and white blood cell elevating agents” and all related intellectual property associated with the patent. In consideration for the intellectual property we issued 198,625 pre-split common shares, and 6,000,000 Series “A” Preferred Stock. The common and preferred shares were valued at a nominal amount of $199 and $6,000, respectively. As part of the Assignment Agreement, Imagic LLC and its principals have the option prior to November 1, 2014, to assign to us any and all interest they have in the patents and intellectual property related to Hodgkin’s Lymphoma in consideration for us issuing 476,820 pre-split common shares and 1.0408 pre-split common shares for each common share issued prior to receiving notice of intent to exercise the option. |
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On July 19, 2013, we entered into an Agreement of Conveyance, Transfer and Assignment of Assets and Assumption of Obligations (the “Sale Agreement”) with our prior officers and directors. In consequence to the Sale Agreement two former officers sold 1,275,000 pre-split common shares held by them to our new officer/director. In turn, our new officer/director agreed to cancel 1,200,517 of those shares he received and returned them to treasury. Certain other shareholders also agreed to cancel 630,000 pre-split common shares. |
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On September 5, 2013, we increased our authorized common shares, par value $0.001, from 90,000,000 shares to 37,503,000,000 shares. Correspondingly, we affirmed a forward split of 416.7 for 1 in which each shareholder was issued 416.7 common shares for each share held. Prior to approval of the forward split, we had a total of 993,108 issued pre-split common shares and, effective October 2, 2013; we had 413,828,104 issued post-split common shares. |
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On September 6, 2013, we approved the adoption of Rich Pharmaceuticals, Inc. 2013 Stock Option/Stock Issuance Plan (the "2013 Plan”). The 2013 Plan is intended to aid us in recruiting and retaining key employees, directors or consultants and to motivate them by providing incentives through the granting of awards of stock options or other stock based awards. The 2013 Plan is administered by the board of directors. Directors, officers, employees and consultants and our affiliates are eligible to participate under the 2013 Plan. A total of 60,000,000 post-split common shares have been reserved for awards under the 2013 Plan. On September 6, 2013, we approved the grant of 41,000,000 options to purchase post-split common stock to a total of eight directors, officers, employees and consultants of our Company. The options have an exercise price of $0.02 per post-split common share and are subject to vesting schedules and other terms as provided in the individual option grants. The first tranche vested on October 1, 2013. |
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On October 29, 2013, we issued 250,000 shares of Company common stock at Thirty Cents ($.30) per share, and warrants to purchase 250,000 shares of Company common stock at Fifty Cents ($.50) per share for a one year term. The value of the warrants at December 31, 2013 was $7,291. |
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On December 11, 2013, we issued 250,000 shares of Company common stock at Thirty Cents ($.30) per share, and warrants to purchase 250,000 shares of Company common stock at Fifty Cents ($.50) per share for a one year term. The value of the warrants at December 31, 2013 was $7,291. |