Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Deficit

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Stockholders' Deficit
 6 Months Ended
Jun. 30, 2015
Stockholders' Deficit [Abstract]  
STOCKHOLDERS' DEFICIT

NOTE 7 - STOCKHOLDERS’ DEFICIT

 

As of June 30, 2015 the Company had (i) 100,000,000 Common shares authorized with a par value of $.0001 per share, of which 50,411,443 shares were issued and outstanding, and (ii) 25,000,000 shares of preferred stock, par value $.0001 per share, authorized, none of which was issued and outstanding. 8,980,047 shares of Common Stock have been issued to founders, of which, 400,016 shares were issued to the President and director as part of their consulting agreements. The shares were valued at par for a value of $898.

 

The Company had the following common stock issuance transactions from January 1, 2014 to June 30, 2015 pursuant to a Subscription Agreement with accredited investors:

 

Quarter   Date   # of Shares Sold     Per Share Price     Gross Proceeds  
Q1 2014   February 3, 2014     271,400     $ 1.00     $ 271,400  
Q1 2014   March 14, 2014 and March 20, 2014     550,000     $ 1.00     $ 550,000  
Q1 2014   March 25, 2014     150,000     $ 1.00     $ 150,000  
Q2 2014   April 29, 2014     50,000     $ 1.00     $ 50,000  
Q2 2014   June 19, 2014     60,000     $ 1.00     $ 60,000  
Q3 2014   August 28, 2014     170,000     $ 1.00     $ 170,000  

 

On March 21, 2014, the Company cancelled 25,740,000 shares of common stock. The cancellation of the shares decreased the amount of common stock by $2,574 and increased additional paid in capital by the same amount. The shares were held by African Graphite and were cancelled for internal company restructuring.

 

On March 14, 2014, AGI exercised its option under the Option Agreement and the Company paid to NMC the balance of the purchase price in the amount of $150,000 outstanding under the Option Agreement.