XML 39 R10.htm IDEA: XBRL DOCUMENT v2.4.0.8
Stockholders' Equity (Deficit)
3 Months Ended
Mar. 31, 2014
Stockholders Equity Deficit  
Stockholders' Equity (Deficit)

NOTE D - STOCKHOLDERS’ EQUITY (DEFICIT)

 

At inception on September 2, 2005, the Company was authorized to have outstanding 10,000 shares of common stock at $0.10 par value per share. On October 24, 2007, the Company amended its Articles of Incorporation to increase the maximum number of authorized common shares to 100,000,000 and changed the par .alue to $0.001 per share, which has been retro-actively restated to $0.001 in the accompanying financial statements.

 

Share transactions during the year ended December 31, 2010, resulted in an increase in shares outstanding of 2,333,750 shares as follows:

 

Shares issued for cash   2,675,000 
Shares issued for cash   5,662,500 
Shares issued for future services   15,000,000 
    23,337,500 

 

During the year ended December 31, 2011, shareholders of the Company agreed to forgive $33,201 of debt. The amount was recorded as contributed capital.

 

On September 13, 2013, the Company received approval from the Financial Industry Regulatory Authority (“FINRA”) clearing a ten to one (10:1) forward stock split previously approved by the Company’s board of directors. The record Date for the forward stock split is September 16, 2013 which resulted in an increase in the number of shares issued and outstanding from 5,899,250 to 58,992,500 shares. All reference to shares and per share amounts in the accompanying financial statements have been retroactively restated to reflect the aforementioned forward stock split.

 

As a result of stock split, there were 58,992,500 shares of common stock issued and outstanding as at December 31, 2013.