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3. Stockholders' Equity/Deficit
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9 Months Ended | |||
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Sep. 30, 2013
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| Equity [Abstract] | ||||
| STOCKHOLDERS' EQUITY/DEFICIT | The Company had shares of the following class of capital stock issued and outstanding as of September 30, 2013:
On December 15, 2006, the Company issued 105,000,000 shares of its common stock at $0.0000666 per share to the sole member of the Board of Directors and President of the Company for cash proceeds of approximately $7,000.
On May 12, 2008, the Company issued 45,000,000 shares of its common stock at $0.0000666 per share to the sole member of the Board of Directors and President of the Company for cash proceeds of approximately $3,000.
From August to September, 2008, the Company issued 9,300,000 shares of its common stock through private placements at $0.001666 per share for net proceeds to the Company of approximately $15,500.
On June 26, 2012, the President of the Company forgave all debts owing to him by the Company for all advances/shareholders loans totaling $54,742. All these sums are reflected as a credit to additional-paid-in-capital.
On August 15, 2012, two shareholders of the Company returned 126,000,000 (pre-split 8,400,000) restricted shares of common stock to treasury and the shares were cancelled by the Company. The shares were returned to treasury for no consideration to the shareholder. Following the cancellation the Company had 33,300,000 (pre-split 2,220,000) shares of common stock outstanding.
On August 22, 2012, a majority of shareholders and the Company’s Board of Directors approved a special resolution to undertake a forward split of the common stock of the Company, exchanging 15 new shares for 1 old share, which was effected on October 1, 2012, increasing the outstanding shares from 2,220,000 to 33,300,000.
On February 25, 2013, the Company issued 100,000 shares of its common stock through a private placement at $0.25 per share for net proceeds to the Company of $25,000.
On February 25, 2013, the Company issued a total of 7,000 common shares to one individual and two companies under the 2013 Plan. Total value received for services rendered was $4,430 (refer Equity Incentive Award Plan).
On July 11, 2013, the Company issued 100,000 common shares through a private placement at $0.25 per share for net proceeds to the Company of $25,000.
On September 16, 2013, the Company issued 300,000 common shares through a private placement at $0.25 per share for net proceeds to the Company of $75,000.
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 15:1 forward split have been adjusted to reflect the stock split on a retroactive basis, unless otherwise noted.
Equity Incentive Award Plan On February 25, 2013, the Board of Directors of the Company adopted a new equity incentive award plan, named the FreeButton, Inc. 2013 Equity Incentive Award Plan (the “2013 Plan”), which has been approved by a majority, or approximately 65% of outstanding shareholders of the Company on February 25, 2013.
The new plan is an “omnibus plan” under which stock options, stock appreciation rights, performance share awards, restricted stock and restricted stock units can be awarded. The 2013 Plan’s initial share reservation will be 3,500,000 shares. The term of the plan is for 10 years from the date of its adoption.
On February 25, 2013 the Company issued under the 2013 Plan a total of 7,000 common shares to one individual and two companies. Total value received for services rendered was $4,430. |