XML 23 R14.htm IDEA: XBRL DOCUMENT v3.8.0.1
Stockholders' Equity (Deficit in prior periods)
9 Months Ended
Sep. 30, 2017
Stockholders' Equity Note [Abstract]  
Stockholders' Deficit

Note 9 - Stockholders’ Equity (Deficit in prior periods)

 

Common Stock:

 

During the nine months ended September 30, 2017, the Company had the following transactions in its common stock:

 

  issued 3,350,000 shares to, the PTPI note holder upon the conversion of $25,215 of their convertible note;

 

  issued an aggregate of 2,025,000 shares to two consultants for services rendered valued at $766,500. The services, which include business development, analysis, and interaction with professionals, were principally related to assisting the Company with the acquisition of the RWJ assets (see Note 4). The value of the common stock was determined based on the closing stock price of the Company’s common stock on the date of grant; and

 

  issued 5,000,000 shares for the acquisition of the RWJ assets valued at $1,850,000. The value of the common stock was determined based on the closing stock price of the Company’s common stock on the acquisition date.

 

Warrants

 

The following is a summary of warrant activity:

 

      Warrants
Outstanding
  Weighted
Average
Exercise
Price
  Weighted
Average
Remaining
Contractual
Life
  Aggregate
Intrinsic
Value
 
  Outstanding, December 31, 2016     93,750   $           $ 0.00  
  Granted     22,000,000     0.50              
  Forfeited                        
  Exercised                        
  Outstanding, September 30, 2017     22,093,750   $ 0.51              
  Exercisable, September 30, 2017     22,093,750   $ 0.51     4.92   $ 0.00  

 

The exercise price for warrant outstanding and exercisable at September 30, 2017:

 

  Outstanding and Exercisable  
             
  Number of       Exercise  
  Warrants       Price  
  22,000,000     $ 0.50  
  93,750       2.25  
  22,093,750          

 

The Company issued 9,000,000 warrants as consideration for the acquisition of the RWJ assets (see Note 4) and issued an aggregate of 13,000,000 warrants to two consultants for services rendered. The services, which include business development, analysis, and interaction with professionals, were principally related to assisting the Company with the acquisition of the RWJ assets (see Note 4). The fair value of the 13,000,000 warrants of $4,782,297 was determined using the Black-Scholes option pricing model with the following assumptions:

 

  Expected life of 5.0 years

 

  Volatility of 250%;

 

  Dividend yield of 0%;

 

  Risk free interest rate of 1.73%