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Common Stock
9 Months Ended
Oct. 31, 2015
Notes  
Common Stock

NOTE 6: COMMON STOCK

 

The total number of authorized shares of common stock that may be issued by the Company is 650,000,000 shares with a par value of $0.10.

 

On September 3, 2015, -4,966,667 shares of the Company’s issued and outstanding common stock were cancelled by the certificate holder.  As a result of this transaction, the shares were returned to treasury, and the total issued and outstanding shares of common stock was reduced to 26,176,334 shares.

 

On October 28, 2015, in accordance with his 2014 Employment Agreement, the Company issued 250,000 shares of restricted common stock, valued at $100,000,  to its President for cash in the amount of $250. As a result, additional paid in capital was reduced by $24,750.

 

During the nine months ended October 31, 2015 and the year ended January 31, 2015, respectively, a total of $453,750 and $945,000 in deferred compensation has been expensed. There remains $0 and $453,750, respectively, in deferred compensation as of October 31, 2015 and January 31, 2015, to be expensed over the next month.

 

As of October 31, 2015 and January 31, 2015, respectively, 27,926,334 and 30,643,001 shares of the Company’s common stock were issued and outstanding.