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STOCKHOLDERS' EQUITY
3 Months Ended
Dec. 31, 2018
Equity [Abstract]  
STOCKHOLDERS EQUITY (DEFICIT)

9. STOCKHOLDERS’ EQUITY

Overview

The Company’s authorized capital stock consists of 100,000,000 shares of common stock and 10,000,000 shares of preferred stock, par value $0.001 per share. As of December 31, 2018, there were 36,679,197 shares of common stock issued and outstanding and 1,000,000 shares of preferred stock issued and outstanding. 

 

Common Stock issuances during the three months ended December 31, 2018

 

During the period commencing October 1, 2018 through December 31, 2018, the Company received $361,800 from 14 investors pursuant to private placement agreements with the investors to purchase 452,250 shares of the Company’s $0.001 par value common stock at a purchase price equal to $0.80 for each share of common stock.

 

On September 11, 2018, the Company entered into an agreement with Regal Consulting, LLC for investor relations services. Under this agreement the Company agreed to issue 30,000 shares of the Company’s common stock per month as compensation for services plus additional cash compensation . During the three months ended December 31, 2018, the Company issued a total of 90,000 shares of its common stock and incurred $166,000 in cash compensation in accordance with the agreement. Stock compensation of $240,000 was recorded as a result of the stock issued under the agreement.

 

On October 15, 2018, the Company entered into an agreement with a consultant for services. Under this agreement the Company agreed to issue 30,000 shares of the Company’s common stock which vest evenly over a six-month period from the agreement date. During the three months ended December 31, 2018, the Company recorded stock compensation of $31,731 was recorded as a result of the stock issued under the agreement.

 

On October 2, 2018, an investor exercised warrants to purchase 3,000 shares of the Company’s $0.001 par value common stock at a purchase price equal to $0.363 for each share of Common stock. The Company receive $1,089 as a result of this exercise.

 

The Company issued 100,000 shares in relation to a Securities purchase agreement executed on December 31, 2018. (See Note 7 for additional details.)

 

On December 31, 2018, the Company settled $25,000 of a promissory note (See Note 6) through the issuance of 25,000 shares of the Company’s common stock. The shares were valued at 51,225 and a $26,225 loss on settlement of debt was recorded as a result of the issuance.

 

Common stock returned during the three months ended December 31, 2017

 

In connection with the issuance of the Auctus Fund, LLC Convertible Note, the Company issued to Auctus, as a commitment fee 137,500 returnable shares of its common stock. As a result of the conversion of the note on September 21, 2018, the shares were returned to treasury and cancelled on December 21, 2018.

 

Common Stock issuances during the three months ended December 31, 2017

 

During the period commencing October 1, 2017 through December 31, 2017, the Company received $137,500 from 10 investors pursuant to private placement agreements with the investors to purchase 171,875 shares of the Company’s $0.001 par value common stock at a purchase price equal to $0.80 for each share of Common stock.

 

On December 13, 2017, an investor exercised warrants to purchase 27,548 shares of the Company’s $0.001 par value common stock at a purchase price equal to $0.363 for each share of Common stock. The Company receive $10,000 as a result of this exercise.