XML 14 R12.htm IDEA: XBRL DOCUMENT v3.20.1
Stockholders' Equity
12 Months Ended
Dec. 31, 2019
Notes  
Stockholders' Equity

 

NOTE 7 – PREFERRED STOCK

 

In November 2004 the Company amended its Articles of Incorporation so as to authorize 5,000,000 shares of preferred stock. Of this total, 750,000 shares have been designated as “Series A Convertible Preferred Stock”. As of December 31, 2019 and 2018, no shares of the preferred stock are issued and outstanding.

 

Dividends

 

The holders of the Series A Preferred Stock would be entitled to dividends at the rate of 8 percent per year of the liquidation preference of $1.00 per share, payable annually, if and when declared by the board of directors.  Dividends are not cumulative and the board of directors is under no obligation to declare dividends.

 

Convertibility

 

The Series A Preferred Stock is convertible into the Company’s common stock by dividing $1.00 plus any unpaid dividends by 50% of the five-day average closing bid price of the common shares.

 

NOTE 8 -    COMMON STOCK TRANSACTIONS

 

During the years ended December 31, 2019 and 2018, the following stock transactions occurred:

 

·                     During 2019, the Board of Directors approved the issuance of 2,500,000 shares of restricted common stock, valued at $102,500, to the President/CEO.

 

During 2019, the Board of Directors approved the issuance of 200,000 shares of restricted common stock, valued at $8,200 to Directors of the Company.

 

During 2019, the Board of Directors approved the issuance of 81,000 shares of restricted common stock, valued at $3,321 to the CFO of the Company.

 

During 2019, the Board of Directors approved the issuance of 2,100,000 shares of restricted common stock, valued at $86,100, to employees and 750,000 shares of restricted common stock, valued at $30,750, to consultants.

 

·                     During 2018, the Board of Directors approved the issuance of 1,000,000 shares of restricted common stock, valued at $40,000, to the President/CEO.

 

During 2018, the Board of Directors approved the issuance of 200,000 shares of restricted common stock, valued at $8,000 to Directors of the Company.

 

During 2018, the Board of Directors approved the issuance of 81,000 shares of restricted common stock, valued at $3,240 to the CFO of the Company.

 

During 2018, in addition to the shares stated above, the Board of Directors approved the issuance of 1,325,000 shares of restricted common stock, valued at $53,000, to employees and 5,190,000 shares of restricted common stock, valued at $207,600, to consultants.