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9) Common Stock
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9 Months Ended |
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Sep. 30, 2013
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| Notes | |
| 9) Common Stock | 9) COMMON STOCK
There were 5,000,000,000 shares of common stock authorized, with 3,081,452,913 shares issued and outstanding at September 30, 2013 and December 31, 2012, respectively. The par value for the common stock is $.001 per share.
There were common stock transactions for the nine months ended September 30, 2013.
In June 2013, The Company issued 33,000,000 shares of common stock on settlement of accounts payable of $33,000. The fair market value of the shares at the date of issuance aggregated $222,500, the excess of the fair value over the amount of the payable amounted to $189,500 and has been charged to operations and is included in General and administrative expenses on the accompanying consolidated statement of operations.
For the third quarter ended 2013, the Company issued 297,368,076 shares of common stock on settlement of accounts payable of $90,700, officers loan of $6,000.00, note payable of $4,500 and accrued interest of $1,935.00. The fair market value of the shares at the date of issuance aggregated $355,906, the excess of the fair value over the amount of the payable and others amounted to $257,271 and has been charged to operations and is included in General and administrative expenses on the accompanying consolidated statement of operations.
Then, for the third quarter ended 2013, The Company issued 201,064,316 shares of common stock for the payment of consulting fees of $74,250. The fair market value of the shares at the date of issuance aggregated $92,977, the excess of the fair value over the amount of the expense amounted to $18,727 and has been charged to operations and is included in General and administrative expenses on the accompanying consolidated statement of operations.
Finally, for the third quarter ended 2013, the Company issued 2,421,195,644 shares of common stock on settlement of convertible loans of $341,480, accrued interest of $16,233 and miscellaneous expense of $1,457. |