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Stockholders' Equity
9 Months Ended
Sep. 30, 2019
Equity [Abstract]  
Stockholders' Equity

NOTE 3 – STOCKHOLDERS’ EQUITY

 

On August 27, 2019 the Company paid the final annual dividend of 50,000 shares of common stock with a fair value of $10,000 to the sole shareholder of our Series A Convertible Preferred Stock (“Series A Preferred”), Chong Corporation, a common control entity.

 

On August 27, 2019 the Company then converted the 500,000 shares of Series A Preferred to 500,000 shares of our common stock. The Series A Preferred designations, rights and preferences provided that each share of the Series A Preferred automatically converted into shares of our common stock on a one for one basis on the fifth anniversary of the date of issuance.

 

On September 30, 2019, the Company had 75,860,000 shares of common stock issued and outstanding and no shares of preferred stock issued and outstanding.