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NOTE 9 - STOCKHOLDERS' DEFICIT
3 Months Ended
Mar. 31, 2018
Equity [Abstract]  
(9) STOCKHOLDERS' DEFICIT

(9) STOCKHOLDERS’ DEFICIT

 

At March 31, 2018 and December 31, 2017, the Company has 250,000,000 shares of par value $0.001 common stock authorized and 32,203,271 and 30,556,544 shares issued and outstanding, respectively. At March 31, 2018 and December 31, 2017, the Company has 10,000,000 shares of par value $0.001 preferred stock authorized and 500,000 shares issued and outstanding, respectively.

 

During 2017 the Company through a subsidiary issued 112,000 shares in exchange for $50,000 in cash. During 2017 the Company issued 500,000 shares of Series A preferred stock and 5,418,000 shares of common stock in connection with the reverse acquisition of Nixon Restaurant Group, Inc.

 

In the first quarter 2018 the Company issued 100,000 shares of common stock in exchange for services valued at $22,600. The Company issued 340,000 shares of common stock valued at $85,000 as a debt inducement. The Company issued 1,155,829 shares of common stock valued at $216,140 to settle $16,528 of convertible debt and 50,898 shares of common stock valued at $9,518 upon the cashless exercise of a warrant.

 

The rights and privileges of the Series A preferred stock are solely as a “super voting” stock, whereby each one share of Series A holds votes amounting to the equivalent of 100,000 shares of common stock. Therefore, the 500,000 shares of Series A issued and outstanding hold an aggregate number of votes equal to 500,000,000 common shares. The Series A shares have no dividend rights, no liquidation preferences, are not transferable and can be redeemed by the holder for $5,000 in cash from the Company for the entire 500,000 share block at the option of the holder.