Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2015 | Apr. 27, 2015 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2015 | |
Entity Registrant Name | RERAISE GAMING CORPORATION | |
Entity Central Index Key | 1,592,411 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,015 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 17,326,000 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Mar. 31, 2015 | Dec. 31, 2014 |
Current assets | ||
Cash | $ 8,617 | $ 21,113 |
Total current assets | 8,617 | 21,113 |
Intangible asset, less accumulated amortization of 1,592 and $1,059 respectively | 4,808 | 5,341 |
Total assets | 13,425 | 26,454 |
Current liabilities | ||
Accounts payable and accrued liabilities | 1,034 | 2,477 |
Loan payable - related party | 30,000 | 30,000 |
Note payable | 25,000 | 25,000 |
Note payable - related party | 1,500 | 1,500 |
Total current liabilities | 57,534 | 58,977 |
Stockholders' deficit | ||
Common stock, 100,000,000 shares authorized, at $0.001 par value, 17,326,000 and 17,271,000 shares outstanding, respectively | 17,327 | 17,272 |
Additional paid in capital | 2,657,673 | 2,630,228 |
Accumulated deficit | (2,719,109) | (2,680,023) |
Total stockholders' deficit | (44,109) | (32,523) |
Total liabilities and stockholders' deficit | $ 13,425 | $ 26,454 |
Condensed Balance Sheets(Parent
Condensed Balance Sheets(Parenthetical) - USD ($) | Mar. 31, 2015 | Dec. 31, 2014 |
Condensed Balance Sheets [Abstract] | ||
Intangible Assets, accumulated amortization | $ 1,592 | $ 1,059 |
Common Stock, shares authorized | 100,000,000 | 100,000,000 |
Common Stock, par value per share | $ 0.001 | $ 0.001 |
Common Stock, shares outstanding | 17,326,000 | 17,271,000 |
Condensed Statements of Operati
Condensed Statements of Operations - USD ($) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Income Statement [Abstract] | ||
Revenue | ||
Operating expenses | ||
General and administrative | $ 11,278 | $ 10,687 |
Stock based compensation | 27,500 | 2,136,250 |
Total operating expenses | 38,778 | 2,146,937 |
Loss from operations | (38,778) | $ (2,146,937) |
Other expenses | ||
Interest expense | (308) | |
Total other expenses | (308) | |
Loss before provision for income taxes | (39,086) | $ (2,146,937) |
Net loss | $ (39,086) | $ (2,146,937) |
Basic and diluted loss per share | $ (0.0023) | $ (0.15) |
Weighted average shares outstanding Basic and diluted | 17,322,333 | 14,713,000 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flow - USD ($) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Cash flows from operating activities | ||
Net loss | $ (39,086) | $ (2,146,937) |
Adjustments to reconcile net loss to cash used in operating activities | ||
Stock based compensation | 27,500 | $ 2,136,250 |
Depreciation | 533 | |
Change in assets and liabilities - | ||
Decrease in accounts payable and accruals | (1,443) | |
Net cash used in operating activities | $ (12,496) | $ (10,688) |
Cash flows from investing activities | ||
Acquisition of interactive web site | (4,100) | |
Net cash used in investing activities | (4,100) | |
Cash flows from financing activities | ||
Common stock issued to repay payable | (5,000) | |
Common stock issued for cash | 10,000 | |
Net cash provided by financing activities | 5,000 | |
Increase (Decrease) in Cash | $ (12,496) | (9,788) |
Cash, beginning | 21,113 | 33,655 |
Cash, ending | $ 8,617 | $ 23,868 |
ORGANIZATION AND OPERATIONS
ORGANIZATION AND OPERATIONS | 3 Months Ended |
Mar. 31, 2015 | |
ORGANIZATION AND OPERATIONS [Abstract] | |
ORGANIZATION AND OPERATIONS | NOTE 1 - ORGANIZATION AND OPERATIONS Reraise Gaming Corporation (Reraise) located in Las Vegas, Nevada, was incorporated on October 2, 2013, in the State of Nevada. As of March 31, 2015 the Company has acquired a variety of poker games, some with patents and some with patents pending, in addition to those we are developing. Each of the games has been acquired or is being developed for different segments of the poker market, namely video poker, brick and mortar, as well as online poker. Several of the games are available on line, at no charge, to test their viability. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2015 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited interim financial statements of Reraise Gaming Corporation have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission, and should be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2014 contained in the Company's Form S 1/A amendment 5 originally filed with the Securities and Exchange Commission on March 24, 2015. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents For purposes of the statements of cash flows, cash equivalents include all highly liquid investments with original maturities of three months or less which are not securing any corporate obligations. The Company maintains its cash in bank deposit accounts, which, at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts. Accounts Receivable Accounts receivable are stated at the amount management expects to collect from outstanding balances. As of March 31, 2015 and December 31, 2014 the Company had not generated any revenue therefore the accounts receivable balance was nil. An allowance for doubtful accounts is provided for those accounts receivable considered to be uncollectable based on historical experience and management's evaluation of outstanding accounts receivable at the end of the period. Bad debts are written off against the allowance when identified. The Company determined that no Revenue Recognition The Company recognizes revenue when it is realized or realizable and earned, and therefore only recognizes revenue on sales once those sales meet the following requirements, in accordance with the contracts entered into with its customers. The contracts must meet all of the following four criteria in order to recognize revenue: Persuasive evidence of an arrangement exists Delivery has occurred The sales price is fixed or determinable Collection is reasonably assured Payments received in advance of satisfaction of the relevant criteria for revenue recognition are recorded as advances from customers. Cost of Sales Cost of sales is the direct cost associated with the earning of revenue and predominantly includes the cost of delivering the game to the customer, including permits, licenses, payroll and payroll related costs and the cost of the infrastructure to support the delivery. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is provided for deferred tax assets if it is more likely than not these items will either expire before the Company is able to realize their benefits, or that future deductibility is uncertain. The Company also follows the guidance related to accounting for income tax uncertainties. In accounting for uncertainty in income taxes, the Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more likely than not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the relevant tax authority. No Stock-Based Compensation The Company records stock-based compensation at fair value as of the date of grant and recognizes the corresponding expense over the requisite service period (usually the vesting period), utilizing the Black-Scholes option-pricing model. The volatility component of the calculation is based on the historic volatility of the Company's stock or the expected future volatility. The expected life assumption is primarily based on historical exercise patterns and employee post-vesting termination behavior. The risk-free interest rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant. Loss per Common Share Basic earnings per share are calculated dividing income available to common stockholders by the weighted average number of common shares outstanding. Diluted earnings per share are based on the assumption that all dilutive convertible shares and stock options and warrants were converted or exercised. Dilution is computed by applying the treasury stock method. Under this method, warrants and options are assumed to be exercised at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby were used to purchase common stock at the average market price during the period. There were no Recently Adopted Accounting Pronouncements On June 10, 2014, the Financial Accounting Standards Board ("FASB") issued update ASU 2014-10, Development Stage Entities (Topic 915). Amongst other things, the amendments in this update removed the definition of development stage entity from Topic 915, thereby removing the distinction between development stage entities and other reporting entities from US GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information on the statements of income, cash flows and shareholders' equity, (2) label the financial statements as those of a development stage entity; (3) disclose a description of the development stage activities in which the entity is engaged and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The amendments are effective for annual reporting periods beginning after December 31, 2014 and interim reporting periods beginning after December 15, 2015, however entities are permitted to early adopt for any annual or interim reporting period for which the financial statements have yet to be issued. The Company has elected to early adopt these amendments and accordingly have not labeled the financial statements as those of a development stage entity and have not presented inception-to-date information on the respective financial statements. There are no other recent accounting pronouncements that are expected to have a material effect on the Company's financial statements. Year-end The Company has adopted December 31, as its fiscal year end. |
GOING CONCERN
GOING CONCERN | 3 Months Ended |
Mar. 31, 2015 | |
GOING CONCERN [Abstract] | |
GOING CONCERN | NOTE 3 - GOING CONCERN The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the recoverability of assets and the satisfaction of liabilities in the normal course of business. Since its inception, the Company has been engaged substantially in financing activities and developing its business plan and marketing. As a result, the Company incurred accumulated net losses from inception (October 2, 2013) through the period ended March 31, 2015 of $ 2,719,109 2,680,023 2,421,250 The ability of the Company to continue as a going concern is dependent upon its ability to raise additional capital from the sale of common stock or through debt financing and, ultimately, the achievement of significant operating revenues. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from this uncertainty. |
COMMINTEMENT
COMMINTEMENT | 3 Months Ended |
Mar. 31, 2015 | |
COMMINTEMENT [Abstract] | |
COMMINTEMENT | NOTE 4- COMMINTEMENT The Company entered into an agreement with Chris Moneymaker, an individual to use his name and likeness alongside a brief positive quote on the Company's website, paraphernalia or literature. In exchange, the Company will compensate Chris Moneymaker the following: $ 10,000 $ 1,000 24 1,000,000 Additional $ 500 |
INTELLECTUAL PROPERTY
INTELLECTUAL PROPERTY | 3 Months Ended |
Mar. 31, 2015 | |
INTELLECTUAL PROPERTY [Abstract] | |
INTELLECTUAL PROPERTY | NOTE 5- INTELLECTUAL PROPERTY The Company entered into an agreement to purchase, three 35,000 300,000 0.50 As part of its marketing strategy the Company, to acquaint users with its product, has undertaken to build its own interactive web site. To date $ 6,400 36 |
NOTE PAYABLE
NOTE PAYABLE | 3 Months Ended |
Mar. 31, 2015 | |
NOTE PAYABLE [Abstract] | |
NOTE PAYABLE | NOTE 6 NOTE PAYABLE On June 2, 2014 the Company borrowed $ 25,000 5 26,250 2,000,000 |
STOCKHOLDERS EQUITY
STOCKHOLDERS EQUITY | 3 Months Ended |
Mar. 31, 2015 | |
STOCKHOLDERS' EQUITY [Abstract] | |
STOCKHOLDERS' EQUITY | NOTE 7 - STOCKHOLDERS' EQUITY On January 14, 2014, the Company issued 47,500 five 0.50 23,750 On February 6, 2014, the Company issued 2,200,000 two 0.50 1,100,000 10,000 one 0.50 5,000 2,000,000 0.50 On February 19, 2014, the Company issued 2,020,000 two 0.50 1,010,000 On March 28, May 28, May 30 and June 5, all 2014 the Company issued 5,000 10,000 5,000 500,000 four 0.50 260,000 On January 7, 2015 the Company issued 55,000 two 0.50 27,500 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2015 | |
SUBSEQUENT EVENTS [Abstract] | |
SUBSEQUENT EVENTS | NOTE 8 SUBSEQUENT EVENTS The Company has evaluated subsequent events through the date the financial statements were issued and has not identified any reportable events. |
SUMMARY OF SIGNIFICANT ACCOUN14
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policy) | 3 Months Ended |
Mar. 31, 2015 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited interim financial statements of Reraise Gaming Corporation have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission, and should be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2014 contained in the Company's Form S 1/A amendment 5 originally filed with the Securities and Exchange Commission on March 24, 2015. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of the statements of cash flows, cash equivalents include all highly liquid investments with original maturities of three months or less which are not securing any corporate obligations. The Company maintains its cash in bank deposit accounts, which, at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts. |
Accounts Receivable | Accounts Receivable Accounts receivable are stated at the amount management expects to collect from outstanding balances. As of March 31, 2015 and December 31, 2014 the Company had not generated any revenue therefore the accounts receivable balance was nil. An allowance for doubtful accounts is provided for those accounts receivable considered to be uncollectable based on historical experience and management's evaluation of outstanding accounts receivable at the end of the period. Bad debts are written off against the allowance when identified. The Company determined that no |
Revenue Recognition | Revenue Recognition The Company recognizes revenue when it is realized or realizable and earned, and therefore only recognizes revenue on sales once those sales meet the following requirements, in accordance with the contracts entered into with its customers. The contracts must meet all of the following four criteria in order to recognize revenue: Persuasive evidence of an arrangement exists Delivery has occurred The sales price is fixed or determinable Collection is reasonably assured Payments received in advance of satisfaction of the relevant criteria for revenue recognition are recorded as advances from customers. |
Cost of Sales | Cost of Sales Cost of sales is the direct cost associated with the earning of revenue and predominantly includes the cost of delivering the game to the customer, including permits, licenses, payroll and payroll related costs and the cost of the infrastructure to support the delivery. |
Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is provided for deferred tax assets if it is more likely than not these items will either expire before the Company is able to realize their benefits, or that future deductibility is uncertain. The Company also follows the guidance related to accounting for income tax uncertainties. In accounting for uncertainty in income taxes, the Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more likely than not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the relevant tax authority. No |
Stock-Based Compensation | Stock-Based Compensation The Company records stock-based compensation at fair value as of the date of grant and recognizes the corresponding expense over the requisite service period (usually the vesting period), utilizing the Black-Scholes option-pricing model. The volatility component of the calculation is based on the historic volatility of the Company's stock or the expected future volatility. The expected life assumption is primarily based on historical exercise patterns and employee post-vesting termination behavior. The risk-free interest rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant. |
Loss per Common Share | Loss per Common Share Basic earnings per share are calculated dividing income available to common stockholders by the weighted average number of common shares outstanding. Diluted earnings per share are based on the assumption that all dilutive convertible shares and stock options and warrants were converted or exercised. Dilution is computed by applying the treasury stock method. Under this method, warrants and options are assumed to be exercised at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby were used to purchase common stock at the average market price during the period. There were no |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements On June 10, 2014, the Financial Accounting Standards Board ("FASB") issued update ASU 2014-10, Development Stage Entities (Topic 915). Amongst other things, the amendments in this update removed the definition of development stage entity from Topic 915, thereby removing the distinction between development stage entities and other reporting entities from US GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information on the statements of income, cash flows and shareholders' equity, (2) label the financial statements as those of a development stage entity; (3) disclose a description of the development stage activities in which the entity is engaged and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The amendments are effective for annual reporting periods beginning after December 31, 2014 and interim reporting periods beginning after December 15, 2015, however entities are permitted to early adopt for any annual or interim reporting period for which the financial statements have yet to be issued. The Company has elected to early adopt these amendments and accordingly have not labeled the financial statements as those of a development stage entity and have not presented inception-to-date information on the respective financial statements. There are no other recent accounting pronouncements that are expected to have a material effect on the Company's financial statements. |
Year-end | Year-end The Company has adopted December 31, as its fiscal year end. |
SUMMARY OF SIGNIFICANT ACCOUN15
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) None in scaling factor is -9223372036854775296, None in scaling factor is -9223372036854775296 | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |||
Allowance for doubtful accounts receivable | |||
Liability for unrecognized tax benefits | |||
Number of antidilutive shares, options or warrants outstanding |
GOING CONCERN (Details)
GOING CONCERN (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
GOING CONCERN [Abstract] | ||
Accumulated deficit | $ (2,719,109) | $ (2,680,023) |
Share based compensation for consulting and other services | $ 2,421,250 |
COMMINTEMENT (Details)
COMMINTEMENT (Details) - 3 months ended Mar. 31, 2015 - USD ($) | Total |
COMMINTEMENT [Abstract] | |
Amount of agreement signing bonus | $ 10,000 |
Amount of compensation paid per month | $ 1,000 |
Term period of consulting contract | 24 months |
Amount raised from the contract initiated | $ 1,000,000 |
Additional amount of compensation paid per month for every $1,000,000 thereafter that is raised | $ 500 |
INTELLECTUAL PROPERTY (Details)
INTELLECTUAL PROPERTY (Details) - Mar. 31, 2015 - Intellectual Property [Member] | USD ($)item$ / sharesshares |
Finite-Lived Intangible Assets [Line Items] | |
Number of poker games to be purchased | item | 3 |
Purchase price | $ 35,000 |
Restricted common stock issued | shares | 300,000 |
Common stock price per share | $ / shares | $ 0.50 |
Amortization of intangible assets | $ 6,400 |
Useful life of intangible assets acquired | 36 months |
NOTE PAYABLE (Details)
NOTE PAYABLE (Details) - Notes Payable to Banks [Member] - USD ($) | Jun. 01, 2015 | Jun. 02, 2014 |
Short-term Debt [Line Items] | ||
Amount borrowed | $ 25,000 | |
Interest rate | 5.00% | |
Minimum [Member] | ||
Short-term Debt [Line Items] | ||
Note secured against number of shares | 2,000,000 | |
Subsequent Event [Member] | ||
Short-term Debt [Line Items] | ||
Amount of note to be repayable | $ 26,250 |
STOCKHOLDERS' EQUITY (Details)
STOCKHOLDERS' EQUITY (Details) | Jan. 07, 2015USD ($)item$ / sharesshares | Jun. 05, 2014shares | May. 30, 2014shares | May. 28, 2014shares | Mar. 28, 2014shares | Feb. 19, 2014USD ($)item$ / sharesshares | Feb. 06, 2014USD ($)item$ / sharesshares | Jan. 14, 2014USD ($)item$ / sharesshares | Mar. 31, 2015USD ($)item$ / shares |
Individual [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Common stock issued for services, shares | 2,020,000 | 2,200,000 | |||||||
Number of indivuals to whom shares issued for services | item | 2 | 2 | |||||||
Share price (in dollars per share) | $ / shares | $ 0.50 | $ 0.50 | |||||||
Common stock issued for services | $ | $ 1,010,000 | $ 1,100,000 | |||||||
Alan Shinderman [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Common stock issued for services, shares | 2,000,000 | ||||||||
Share price (in dollars per share) | $ / shares | $ 0.50 | ||||||||
Restricted stock [Member] | Individual [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Common stock issued for services, shares | 500,000 | 5,000 | 10,000 | 5,000 | 10,000 | 47,500 | |||
Number of indivuals to whom shares issued for services | item | 1 | 5 | 4 | ||||||
Share price (in dollars per share) | $ / shares | $ 0.50 | $ 0.50 | $ 0.50 | ||||||
Common stock issued for services | $ | $ 5,000 | $ 23,750 | $ 260,000 | ||||||
Restricted stock [Member] | Two consultants [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Common stock issued for services, shares | 55,000 | ||||||||
Number of consultants to whom shares issued for services | item | 2 | ||||||||
Share price (in dollars per share) | $ / shares | $ 0.50 | ||||||||
Common stock issued for services | $ | $ 27,500 |