Quarterly report pursuant to Section 13 or 15(d)

COMMON STOCK

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COMMON STOCK
6 Months Ended
May. 31, 2015
Equity [Abstract]  
COMMON STOCK

The Company is authorized to issue 75,000,000 common shares with a par value of $0.001 per share.

 

On August 22, 2014, the Company approved a two for one stock split. All shares have been retroactively adjusted to reflect the split.

 

On December 15, 2014, the Company issued 1,600 shares of common stock at a price of $1.25 per share for total cash proceeds of $2,000.

 

On January 28, 2015, the Company issued 200,000 shares of common stock to Hallmark Investments, Inc. for consulting services. The stock was issued at the closing price on the date of grant of $1.60 for total non-cash expense of $320,000. The expense is being recognized over the six month term of the agreement. As of May 31, 2015, $213,333 has been expensed with the balance debited to prepaid stock for services.

 

On January 30, 2015, the Company issued 12,500 shares of common stock to Scott Messier for consulting services. The stock was issued at the closing price on the date of grant of $1.62 for total non-cash expense of $20,250. The expense is being recognized over the six month term of the agreement. As of May 31, 2015, $13,500 has been expensed with the balance debited to prepaid stock for services.

 

On March 27, 2015, the Company issued 50,000 shares of common stock to Dr. Gary Gelbfish in connection with the issuance of a convertible promissory note. The fair value of the common stock issued was determined to be $41,349 based its fair value relative to the fair value of the debt issued.

 

On April 14, 2015, the Company issued 100,000 shares of common stock to Hallmark Investments, Inc. for consulting services. The stock was issued at the closing price on the date of grant of $1.00 for total non-cash expense of $100,000. The expense is being recognized over the six month term of the agreement. As of May 31, 2015, $25,000 has been expensed with the balance debited to prepaid stock for services.

 

On May 11, 2015, the Company issued 14,495 shares of common stock to Union Capital, LLC in connection with the issuance of a convertible promissory note. The stock was issued at the closing price on the date of grant of $1.25 for total non-cash expense of $18,119. The expense has been recognized as a loan fee.

 

On May 12, 2015, the Company issued 14,495 shares of common stock to Adar Bays, LLC in connection with the issuance of a convertible promissory note. The stock was issued at the closing price on the date of grant of $1.10 for total non-cash expense of $15,930. The expense has been recognized as a loan fee.

 

On May 29, 2015, the Company issued 15,000 shares of common stock to Typenex Co-Investment, LLC in connection with the issuance of a convertible promissory note. The stock was issued at the closing price on the date of grant of $1.08 for total non-cash expense of $16,185. The expense has been recognized as a loan fee.