STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2015

Notes to Financial Statements

Note 11 - STOCKHOLDERS' EQUITY

Preferred Stock

At December 31, 2015 and 2014, the Company has authorized 10,000,000 shares of preferred stock, par value $0.001, of which -0- and 595,000- are issued and outstanding as of December 31, 2014 and 2013, respectively.

On May 2, 2014, the Company's board of directors designated 5,000,000 shares of its preferred stock as Series A Convertible Stock ("Series A") with a $0.001 par value. The Series A preferred stock which has rank senior to common and all other preferred stock of the corporation and equal or junior to any preferred stock that may be issued in regard to liquidation; not entitled to dividends and is convertible, at the holders' option, at 10 shares of common stock for each share of Series A preferred stock.

On July 10, 2014, the Company issued an aggregate of 595,000 shares of its Series A Convertible Stock as payment for services rendered valued at $178,500. The Series A Convertible Stock was valued based on the underlying fair value of the Company's common stock.

On July 7, 2015, the Company issued 47,500 shares of its Series A Convertible Stock as payment for services rendered valued at $2,850.

In October 2015, the Company issued an aggregate of 6,425,000 shares of its common stock in exchange of 642,500 shares of Series A Convertible Stock.

Common stock

At December 31, 2015 and 2014, the Company has authorized 500,000,000 and 200,000,000 shares of common stock, par value $0.001, of which 104,612,082 and 98,187,082 are issued and outstanding as of December 31, 2015 and 2014, respectively.

On December 22, 2015, the Company filed with the State of Delaware to amend the Articles of Incorporation to increase authorized shares of common stock from 200,000,000 to 500,000,000.