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Preferred Stock
12 Months Ended
Dec. 31, 2014
Equity [Abstract]  
Preferred Stock

NOTE 10 – PREFERRED STOCK

 

The Company is authorized to issue 2,000,000 shares of preferred stock at a par value of $0.10 As of December 31, 2014 and 2013, there were 874,400 and 809,400 shares of preferred stock issued and outstanding, respectively.

 

On February 26, 2014 the Company issued 65,000 shares of preferred stock for cash at $1.00 per share, resulting in total cash proceeds of $65,000. The preferred shares have 1:100 conversion and voting rights.