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STOCKHOLDERS' DEFICIT
3 Months Ended
Jul. 31, 2020
Equity [Abstract]  
STOCKHOLDERS' DEFICIT

Note 7 – STOCKHOLDERS’ DEFICIT

 

Common Stock

 

The Company is authorized to issue 75,000,000 shares of common stock, $0.001 par value per share.

 

Common Stock Issuances

 

The Company is in the process of cancelling the shares issued to an individual from the cancelled Southern Amusement transaction. All such shares are held in escrow for cancellation under our Counsel and President.

 

Preferred Shares

 

On May 1, 2020, the Board of Directors of TSR designated 2,000,000 shares of the total 75,00,000 shares authorized to be designated as Preferred Class Shares, with such class to be designated by class and preferences by the Board of Directors. On the same day the Company’s Board authorized the creation of 100 Series A preferred shares.

 

Series A Preferred Stock

 

The Series A Preferred Share will exist in one hundred (100) Preferred A Shares authorized, maximum. Each Series A Preferred Share will cost $4,000, with a three share minimum purchase ($12,000) to accredited investors only in a Preferred Class A Share Agreement. Each Series A Preferred share gets .2% of TSR Game Net Profit, after deductions for costs and other distributions below. Each Series A Preferred Share will continue to exist, unless the game app is sold to another entity, at which time the Series A Preferred Shareholders will receive their same percentage of the TSR net sales proceeds price. All hosting and sales platforms costs, developer costs, marketing and advertising costs, game improvement costs, costs of hosting on servers either internally or outside the company, store costs such and all other sources of cost are excluded from any net that a designer would receive for game build out and maintaining the game, advertising and marketing, which shall be fees excluded from all gross revenues before revenue and profit for TSR. TSR has or will have partnerships with game developers which may gain a percent of the revenue for the game which may deduct from the TSR portion, and the Preferred A Shareholders’ revenue. The Series A Preferred Shares have no voting rights, and no rights to ordinary dividends that other shares classes may receive, the Preferred Series A Shares shall each share will entitled to such revenue rights only as stated above. The Series A Preferred Shares are not convertible into any other shares of the Company’s stock. Such shares shall be transferable with consent of the Company.

 

During the three month period ended July 31, 2020, the Company issued 51 shares of Series A preferred shares for total proceeds of $202,455.