Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity

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Stockholders' Equity
3 Months Ended
Mar. 31, 2017
Equity [Abstract]  
Stockholders' Equity

Note 4 – Stockholders’ Equity

 

Authorized Capital

 

The Company is authorized to issue 500,000,000 shares of common stock, $0.0001 par value, and 50,000,000 shares of preferred stock, $0.0001 par value.

 

Common Stock and Warrant Offering

 

On September 17, 2015, the Company issued an aggregate of 220,000 shares of common stock at $0.50 per unit to investors for aggregate gross proceeds of $110,000. In connection with the purchases, the Company issued three-year warrants to purchase an aggregate of 220,000 shares of common stock at an exercise price of $2.00 per share. The warrants expire September 17, 2018.

 

Warrants

 

During 2015, the Company issued 100,000 warrants as part of a convertible note offering. The fair value of the warrants was $19,965. The warrants expire December 23, 2020. Under an investment agreement dated April 1, 2016, warrants to purchase 2,000,000 shares of the Company’s common stock at an exercise price of $3.50 per share expiring on March 23, 2019. On September 30, 2016, The Company’s CEO loaned the Company $120,000 in addition to paying interest at 10%, the Company issued 600,000 warrants at an exercise price of $1.00 per share.

 

    2017     2016  
Risk-free interest rate     -       1.14 %
Expected dividend yield     -       -  
Expected term (in years)     -       2 - 5  
Expected volatility     -       514 %

 

The following table summarizes warrants outstanding as of March 31, 2017 and 2016, and the related changes during the periods are presented below.

 

          Weighted  
    Number of     Average  
    Warrants     Exercise Price  
             
Balance at December 31, 2016     2,920,000       2.62  
Granted     -       -  
Exercised     -       -  
Forfeited     -       -  
                 
Balance at March 31, 2017     2,920,000     $ 2.62  

 

There has been no equity transaction since December 31, 2016