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Preferred Stock
3 Months Ended
Mar. 31, 2015
Equity [Abstract]  
Preferred Stock

NOTE 9 – PREFERRED STOCK

 

The Company is authorized to issue 2,000,000 shares of preferred stock at a par value of $0.10. March 31, 2015 and December 31, 2014 there were 809,400 and 874,400 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. As the conversion price is fixed the Company has determined there is no embedded financial derivative.

 

 

On February 4, 2015 the holder of 65,000 shares of preferred stock converted 65,000 shares of preferred stock into 6,500,000 shares of common stock.