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Preferred Stock
9 Months Ended
Nov. 30, 2017
Equity [Abstract]  
Preferred Stock

NOTE 5 – PREFERRED STOCK

 

Series A

 

Series A Preferred Stock consists of 40,000,000 shares, par value $0.001. Series A stock shall have 100:1 voting rights, no conversion rights, and no redemption rights. The Series A holders are entitled to dividends if declared and have no liquidation preferences.

 

During the three months ended May 31, 2017, the Company issued 4,000,000 shares of Series A preferred stock to settle $40,000 of accrued payroll due to the CEO. The fair value of the shares is determined to be $180,000 using the weighted-average stock price during the three months ended May 31, 2017. The surplus of $140,000 is recorded as stock based compensation expense.

 

Series B

 

Series B Preferred Stock consists of 40,000,000 shares, par value $0.50. Series B stock has no voting rights and is convertible into common stock at a 50% discount to the average of the lowest three trades in the previous ten days before conversion. There are no redemption rights and no liquidation preferences. The Series B holders are entitled to dividends if declared

 

Series C

 

Series C Preferred Stock consists of 20,000,000 shares, par value $0.001. Series C stock shall have 1,000:1 voting rights and is convertible into common stock at one for ten shares of common. There are no redemption rights and no liquidation preferences. The Series C holders are entitled to dividends if declared

 

On August 31, 2017, the Company issued 10,000,000 shares of Series C preferred stock to settle $30,000 of accrued payroll due to the CEO. The shares were valued using the closing price of the common stock on August 31, 2017.

 

On November 30, 2017, the Company issued 10,000,000 shares of Series C preferred stock to settle $10,000 of accrued payroll due to the CEO. The shares were valued using the closing price of the common stock on November 30, 2017.