Annual report pursuant to Section 13 and 15(d)

EQUITY

v3.19.2
EQUITY
12 Months Ended
Mar. 31, 2019
Notes to Financial Statements  
NOTE 9 - EQUITY

Preferred Stock

 

The Company has authorized 5,000,000 shares of $0.00001 par value, undesignated Preferred Stock. As of March 31, 2019, the Company has not issued any shares of Preferred Stock nor has the Company designated any class of Preferred Stock.

 

Stock Subscriptions

 

During the fiscal years ended March 31, 2019 and 2018, the Company sold 37,500 and 397,500 shares of common stock, respectively, of which 25,000 and 50,000 had not been issued as of March 31, 2019 and 2018, respectively and was reflected in Common Stock to be Issued in the Consolidated Balance Sheets. The shares were issued at a price of $2.00 per share for total proceeds of $75,000 and $795,000, respectively, pursuant to a private placement Subscription Agreement with accredited investors. The Subscription Agreement offered up to one million shares of the Company’s common stock at a price per share of $2.00 per share. The Company made this offering solely to accredited investors, as defined under Rule 501(a) of Regulation D promulgated under the Securities Act of 1933, as amended.

 

Shares Issued for Services

 

During the fiscal years ended March 31, 2019 and 2018, the Company granted an aggregate of 164,815 and 154,510 shares of its common stock, respectively, to consultants and other service providers as payment for services rendered to the Company and recorded expense of $346,802 and $341,778, respectively, based on the fair value of the Company’s common stock at grant dates. Of the shares granted, 37,000 shares valued at $61,852 had not been issued as of March 31, 2019 and were reflected in “Common stock to be issued” in the condensed consolidated statement of stockholders’ equity during the period then ended.

 

Shares Issued to officers and directors

 

During the fiscal years ended March 31, 2019 and 2018, the Company granted an aggregate of 875,000 and 150,000 shares, respectively, of its common stock to officers and directors of the Company as payment for services rendered to the Company and recorded expense of $1,058,750 and $375,000, respectively, based on the fair value of the Company’s common stock at grant dates.

 

Repurchase of Shares

 

During the fiscal year ended March 31, 2018, the Company repurchased and cancelled 5,400,000 shares, or approximately 40.4% of the then issued and outstanding common stock of the Company, for $100,000.