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NOTE 3 - USE OF EQUITY AS COMPENSATION
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12 Months Ended |
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Dec. 31, 2013
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| Stockholders' Equity Note [Abstract] | |
| NOTE 3 - USE OF EQUITY AS COMPENSATION |
NOTE 3 - USE OF EQUITY AS COMPENSATION During the year ended December 31, 2013, the Company had common stock issued for services rendered in amount of $94,000, which was in connection with a consulting service agreement, dated April 16, 2012, with a Consultant for software development, performing such software supervisory duties on behalf of the Company as the Company’s CEO and Board of Directors may from time to time reasonably direct, in exchange for the issuance of 400,000 shares of common stock of the Company. The agreement had a term of one year effective from April 16, 2012 ending April 15, 2013. The fair value of this stock issuance was determined using the market value of the Company’s common stock on the grant date at a price of approximately $0.57 per share. Accordingly, the Company calculated the stock based compensation of $228,000 at its fair value and booked pro rata within the relative service periods. The 400,000 shares were not issued as of December 31, 2013. During the year ended December 31, 2013 the Company issued an aggregate of 476,884 shares of common stock as payment for an accrued expense with an aggregate value of $33,383.
During the year ended December 31, 2012 the Company issued an aggregate of 25,987 shares of common stock as payment for an accrued expense with an aggregate value of $14,813.
During the year ended December 31, 2013, the Company issued 5,936,115 common shares as part of its stock dividend in the spin off from Worlds Inc. to Worlds, Inc.
During the year ended December 31, 2012, the Company issued 23,859,248 common shares as part of its stock dividend to the shareholders of Worlds, Inc. |
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- Details
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- Definition
The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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