NOTE 8 COMMON STOCK
On February 12, 2010 Generation Zero implemented a 1 for 100 reverse stock split of the common stock. Pursuant to the reverse split, each 100 shares of common stock issued and outstanding as of the effective date were converted into 1 share of common stock. All share and per share data herein has been retroactively restated to reflect the reverse split.
As disclosed in Note 3, Generation Zero issued an aggregate of 24,988,567 shares of common stock valued at $4,543,943 based on the relative fair value to acquire the URL www.find.com and related technology.
As disclosed in Note 4, Generation Zero issued 500,000 shares of its restricted common stock in consideration for entering into an exclusive supply agreement.
As disclosed in Note 5, Generation Zero issued 6,000,000 shares of its restricted common stock, as consideration to acquire StaffMD. In addition, 250,000 shares of restricted common stock were issued to a third-party note holder that was issued in connection with the Merger and subsequently assumed by the assignee of the MedicalWork membership interests 3,000,000 shares have been cancelled by this assignee as more fully described in Note 5.
As disclosed in Note 7, Generation Zero issued an additional 1,050,000 shares of restricted common stock in conjunction with the issuance of Third Party Notes during November 2010.
During the two fiscal years ended December 31, 2011 and 2010, the holders of the long-term convertible notes payable elected to convert $2,300 of the loan into 2,300,000 shares of common stock.