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6. STOCKHOLDERS' EQUITY
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6 Months Ended |
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Jun. 30, 2014
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| STOCKHOLDERS' EQUITY | |
| Stockholders' Equity |
Common Stock - The Company is authorized to issue up to 190,000,000 shares of common stock (par value $0.0001). As of June 30, 2014 and December 31, 2013, the Company had 33,116,666 and 15,580,000 shares of common stock issued and outstanding, respectively. During the six months ended June 30, 2014, the Company issued 8,031,666 shares of its common stock pursuant to a private placement offering for total proceeds of $8,422,500. The Company had received payment of $175,000 toward the purchase of these shares at December 31, 2013. In addition, 10,000,000 shares of the Company’s common stock were issued for a debt conversion (Note 5).
Preferred Stock - The Company is authorized to issue up to 10,000,000 shares of $.0001 par value preferred stock with designations, rights and preferences to be determined from time to time by the Board of Directors of the Company. Each such series or class shall have voting powers, if any, and such preferences and/or other special rights, with such qualifications, limitations or restrictions of such preferences and/or rights as shall be stated in the resolution or resolutions providing for the issuance of such series or class of shares of preferred stock.
Options/Warrants - On July 23, 2014, the Company’s stockholders approved the Company’s Amended and Restated 2013 Equity Incentive Plan (the “Plan”) which reserves 10,000,000 shares of the Company’s common stock for issuance under the Plan. As of June 30, 2014 and December 31, 2013, there were no outstanding options or warrants for the purchase of the Company’s common stock. |