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6. Issuance of Common Stock
 6 Months Ended
Jun. 30, 2016
Text Block [Abstract]  
6. Issuance of Common Stock

During the three months ended June 30, 2016, the Company issued a total of 76,166,791 shares of $0.001 par value Common Stock. Of these 17,611,235 shares valued at $377,814 were issued upon partial conversion of outstanding notes payable, reducing the debt by $121,036 and interest payable by $3,320 and generating a loss on conversion of $256,778 during this three month period.

 

In addition, the Company issued 7,000,000 shares of $0.001 par value Common Stock for $105,000 Canadian (approximately $79,128 US) and 5,555,556 shares of $0.001 par value Common Stock for $25,000.

 

The Company also issued 10,000,000 shares of $0.001 par value Common Stock to an unrelated party for services valued at $88,000 or $0.0088 per share, the market value of the shares at the time of issuance. These services are for a two year period and will be expensed ratably over a 24 month period commencing April 1, 2016. During the period ended June 30, 2016, $11,000 was expensed as consulting services.

 

In addition, the Company issued 36,000,000 shares of $0.001 par value Common Stock for services rendered to the Company by its Directors valued at $252,000 or $0.007 per share, the market value of the shares at the time of issuance.

 

The Company declared no dividends through June 30, 2016.