SHAREHOLDERS' DEFICIT | 9 Months Ended |
|---|---|
Sep. 30, 2011 | |
| SHAREHOLDERS' DEFICIT |
NOTE 4—SHAREHOLDERS’ DEFICIT
Common stock
On
January 10, 2006, the founders of the Company purchased 2,500,000
shares of common stock for $2,500.
On
March 10, 2006, the Company purchased certain assets and assumed
certain liabilities of Select Video in exchange for 3,022,991
shares of common stock issued at the deemed fair market value of
$.001 per share or $3,023.
On
May 23, 2006, the Company issued 60,000 shares of common stock at
$0.25 per share in lieu of cash for liabilities
assumed.
During
2006, the Company raised additional cash of $87,500 at $0.25 per
share through the issuance of 350,000 shares of common
stock.
During
2006, the Company issued 22,000 shares to various consultants at
$0.25 per share for services rendered.
During
2006, the Company issued 100,000 shares valued at $4,000 (value of
the services to be provided) for services rendered and to be
rendered.
On
January 15, 2007, the Company issued 600,000 shares of common stock
to two consultants for services to be provided over a 12 month
period commencing on January 15, 2007. These services
were valued at $50,000.
On
January 15, 2007, the Company issued 500,000 shares of common stock
to the two founders for their services to be provided over a 12
month period commencing January 15, 2007. These services
were valued at $48,000.
On
July 26, 2007, the Company settled the note payable of $7,084 for a
cash payment of $2,375 and the issuance of 20,000 shares of common
stock valued at $4,709 for payment in full on the
note.
In
July 2007, the Company raised cash of $20,000 at $0.25 per share
through the issuance of 80,000 shares of common stock.
On
August 1, 2007, the Company issued 65,000 shares of common stock
for services to be provided over a 12 month period commencing
retroactively on June 1, 2007. These services were
valued at $5,000.
On
August 1, 2007, the Company issued 100,000 shares of common stock
to a consultant for services to be provided over a 12 month period
commencing on August 1, 2007. These services were valued
at $8,300.
On
August 1, 2007, the Company issued 25,000 shares of common stock
for services. These services were valued at $1,000.
On
November 26, 2007, the Company issued 50,000 shares of common stock
to a consultant for services to be provided over a 12 month period
commencing on November 26, 2007. These services were
valued at $12,500.
In
December 2007, the Company raised cash of $30,000 at $0.25 per
share through the issuance of 120,000 shares of common
stock.
In
January 2008, the Company raised cash of $25,000 at $0.25 per share
through the issuance of 100,000 shares of common
stock.
On
May 28, 2008, the Company raised cash of $250,000 at $0.25 per
share through the issuance of 1,000,000 shares of common stock
together with a warrant, classified as permanent equity, to
purchase up to 1,000,000 shares of common stock, which was
immediately exercisable. The warrants do not possess any
embedded derivative features. The exercise price was
$0.25 per share if purchased within six months of
issuance. The exercise price increased to $0.425 for
months seven through twelve (after the date of issuance) and to
$0.50 after twelve months. The warrant expired on May
27, 2010.
In
May 2008, the Company raised cash of $12,500 at $0.25 per share
through the issuance of 50,000 shares of common stock.
On
August 26, 2008, the Company issued 200,000 shares of common stock
to a consultant for services to be provided over a five month
period commencing on August 1, 2008. These services were
valued at $20,000.
On
August 26, 2008, the Company issued 60,000 shares of common stock
for services to be provided over a five month period commencing
retroactively on August 1, 2008. These services were
valued at $5,000.
On
August 26, 2008, the Company issued 60,000 shares of common stock
for services to be provided over a twelve month period commencing
retroactively on August 1, 2008. These services were
valued at $5,000.
On
August 26, 2008, the Company issued 10,000 shares of common stock
for services. These services were valued at
$2,500.
On
August 26, 2008, the Company issued 50,000 shares of common stock
for services. These services were valued at
$5,000.
On
December 16, 2008, the Company issued 40,400 shares of common stock
for services. These services were valued at
$10,100.
On
December 31, 2008, the Company issued 32,000 shares of common stock
for officer compensation. These services were valued at
$8,000.
On
February 25, 2009, the Company redeemed, at the request of a
non-affiliate shareholder, 366,667 shares of common stock held by a
single shareholder at a price of $.25 per share, for a total amount
of $91,667, which was the price originally paid for the redeemed
shares.
On
June 30, 2009, the Company issued 400,000 shares of common stock
for officer compensation with a fair value of $12,000.
On
June 30, 2009, the Company issued 200,000 shares of common stock
for officer bonus compensation with a fair value of
$6,000.
On
June 30, 2009, the Company issued 50,000 shares of common stock for
consultant service bonus with a fair value of $1,500.
On
June 30, 2009, the Company issued 5,000 shares of common stock for
services with a fair value of $150.
On
June 30, 2009, the Company issued 7,500 shares of common stock for
services with a fair value of $225.
On
September 30, 2009, the Company issued 200,000 shares of common
stock for officer compensation with a fair value of
$12,000.
On
December 31, 2009, the Company issued 200,000 shares of common
stock for officer compensation with a fair value of
$12,000.
On
March 31, 2010, the Company issued 120,000 shares of common stock
for officer compensation with a fair value of $12,000.
On
June 30, 2010, the Company issued 150,000 shares of common stock
for officer compensation with a fair value of $12,000.
On
September 30, 2010, the Company issued 200,000 shares of common
stock for officer compensation with a fair value of
$12,000.
On
December 31, 2010, the Company issued 200,000 shares of common
stock for officer compensation with a fair value of
$12,000.
On
December 31, 2010, the Company issued 200,000 shares of common
stock for officer bonus compensation with a fair value of
$12,000.
On
December 31, 2010, the Company issued 125,000 shares of common
stock as a bonus to a consultant for services with a fair value of
$7,500.
On
December 31, 2010, the Company issued 50,000 shares of common stock
for consultant services with a fair value of $3,000.
On
March 31, 2011, the Company issued 24,000 shares of common stock
for officer compensation with a fair value of $12,000.
On
June 30, 2011, the Company issued 100,000 shares of common stock
for officer compensation with a fair value of $12,000.
On
September 30, 2011, the Company issued 48,000 shares of common
stock for officer compensation with a fair value of
$12,000.
At
September 30, 2011, a total of 11,180,224 shares of common stock
were issued and outstanding.
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