6. Common Stock
We filed a registration statement on Form S-1 with the United States Securities Commission (the “S-1”). The S-1 registered 20,000,000 common shares to be sold at $0.005 per common share for proceeds of $100,000. The S-1 was declared effective on April 22, 2013 and the 20,000,0000 shares registered thereunder were sold on June 12, 2013 for gross proceeds of $100,000.
On September 6, 2013 all outstanding short-term loans, plus accrued interest of $8,977, were converted into 2,693,183 Units at $0.15 per Unit. Each unit contained one common share and one common share purchase warrant exercisable at $0.30 for a three year period.
On October 25, 2013 we increased our authorized capital stock from 100,000,000 to 200,000,000. We now have the authority to issue 190,000,000 common shares and 10,000,000 preferred shares.
On November 1, 2013 we issued a total of 1,500,201 units for proceeds of $225,030 pursuant to our $0.15 Unit Offering which closed October 31, 2013. Each Unit contained one common share and one common share purchase warrant exercisable at $0.30 for a three year period.
On November 1, 2013 we issued a total 749,093 shares for proceeds of $224,728 pursuant to the exercise of $0.30 warrants.