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6. STOCKHOLDERS' EQUITY (DEFICIT)
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3 Months Ended |
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Mar. 31, 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 March 31, 2014 and December 31, 2013, the Company had 32,832,500 and 15,580,000 shares of common stock issued and outstanding, respectively. During the three months ended March 31, 2014, the Company issued 7,250,000 shares of its common stock pursuant to a private placement offering. 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). During April 2014, the Company sold 781,666 shares of common stock for total proceeds of $1,172,500.
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 25, 2013, the shareholders approved the Company’s 2013 Equity Incentive Plan (the “Plan”) which reserves 1,000,000 shares of the Company’s common stock for issuance under the Plan. As of March 31, 2014 and December 31, 2013, there were no outstanding options or warrants for the purchase of the Company’s common stock. |