Quarterly report pursuant to Section 13 or 15(d)

Common Stock Transactions

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Common Stock Transactions
3 Months Ended
Mar. 31, 2015
Equity [Abstract]  
Common Stock Transactions

NOTE 6 - COMMON STOCK TRANSACTIONS

 

In December 2014 the Company entered into an employment agreement with two officers effective February 2015. As part of the agreement, the Company agreed to issue a total of 5,500,000 shares of the Company’s restricted common stock as a form of signing bonus. The Company determined that it was contractually obligated to issue the 5,500,000 signing bonus shares at December 31, 2014 and as a result, recorded its fair value of $987,500 in the 2014 statement of operations and comprehensive income as part of professional fees. The shares issuable were valued at the date of the respective agreements. These shares were issued on January 9, 2015.

 

On January 9, 2015 the Company issued 1,250,000 restricted common shares as part of the base salary pursuant to employment contracts with two officers of the Company. These shares were recorded at fair value of $618,750 in the statement of operations and comprehensive income as part of Labor and related expenses for the three months ended March 31, 2015.

 

On February 1, 2015, the Company issued 2,250,000 restricted common shares pursuant to consulting agreements with various third parties. These shares were recorded at fair value of $891,458 in the statement of operations and comprehensive income as part of professional fees for the three months ended March 31, 2015.

 

On February 23, 2015 the Company issued 2,500,000 shares of the its restricted common stock valued at $1,700,000, in exchange for all of the issued and outstanding shares of Franklin Networks, Inc., a Tennessee corporation (“Franklin”)..

 

On February 23, 2015, the Company issued 250,000 restricted common shares as a form of signing bonus pursuant to an employment agreement with an officer of the Company. These shares were recorded at fair value of $170,000 in the statement of operations and comprehensive income as part of professional fees for the three months ended March 31, 2015.

 

On March 31, 2015, the Company issued 25,000 restricted common shares as part of the base salary pursuant to employment contracts with an officer of the Company. These shares were recorded at fair value of $15,125 in the statement of operations and comprehensive income as part of Labor and related expenses for the three months ended March 31, 2015.