| Capital Stock |
6. Capital
Stock
| a) | Authorized
capital stock |
10,000,000,000
shares of common stock with a par value of $0.001 per share.
500,000,000
shares of preferred stock with a par value of $0.001 per share.
b) Issued
capital stock
During
the period ended September 30, 2020:
| i) | On
March 11, 2020, the Company issued 2,000,000 restricted shares of common stock at a price
of $0.04 per share for a purchase price of $80,000 in exchange for the retirement of
$60,000 of accounts payable and $20,000 for the provision of services. |
| ii) | On
August 24, 2020, the Company issued 242,800 restricted shares of common stock at a price
of $0.05 per share for proceeds of $12,134. |
| iii) | On
September 21, 2020, the Company entered into two shares for debt agreements with the
Chairman and his spouse to issue an aggregate of 240,000,000 restricted shares of common
stock at a price of $0.05 per share for a purchase price of $12,000,000 in exchange for
the retirement of $12,000,000 of liabilities comprised of: |
| · | Promissory
Notes - Accrued interest - $ 2,318,542 |
| · | Line
of Credit - Accrued interest - $ 8,642,491 |
| · | Line
of Credit - Principal - $ 1,038,967 |
During
the year ended December 31, 2019:
On
June 19, 2019, the Company issued 26,000,000 shares of common stock to two individuals for the exercise of stock options as follows:
| · | 25,000,000
shares at an exercise price of $0.002 per share for a purchase price of $50,000. As consideration,
the Company retired accrued interest owing to the Chairman on his line of credit totaling
$50,000; and |
| · | 1,000,000
shares at an exercise price of $0.015 per share for a purchase price of $15,000. As consideration,
the Company retired accounts payable totaling $15,000. |
|