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PREFERRED STOCK
6 Months Ended
Jun. 30, 2017
Notes to Financial Statements  
NOTE 6 - PREFERRED STOCK

Preferred Stock

 

The company has 5,000,000 shares of preferred stock authorized, 1,000,000 of which have been designed Series A. Shares of Series A Preferred Stock may be converted at the holder’s election into shares of common stock, at the conversion rate of fifty shares of fully paid and nonassessable common stock for one share of Series A Preferred Stock. Series A is entitled to votes equal to the number of common shares into which the preferred could be converted into and has liquidation preferences of $2.00 per share.

 

On November 2, 2016, the Board approved the exchange of 14,000,000 shares of common stock for the issuance of 1,000,000 shares of Series A Preferred Stock. In addition, the Board approved a three for one forward stock split immediately following the surrender of the 14,000,000 common shares.

 

The above designation and forward split were approved by FINRA on February 14, 2017, and have been retroactively presented in these financial statements.