CAPITAL STOCK

6 Months Ended

Jun. 30, 2014

Capital Stock

NOTE 5 - CAPITAL STOCK

Authorized Stock

The Company is authorized to issue 10,000,000 shares of preferred stock, having a par value of $0.0001 per share, and 50,000,000 shares of common stock, having a par value of $0.0001 per share.

Issued and Outstanding

Preferred Stock

As of June 30, 2014, the Company had not issued any preferred stock.

Common Stock

At June 30, 2014, the Company had 16,179,108 shares of common stock issued and outstanding.

During the six months ended June 30, 2014, the Company issued 16,028,620 shares of common stock as follows:

On January 13, 2014, the Company issued 14,000,000 shares of the Company’s Common Stockin conjunction with its asset purchase agreement to acquire www.classifiedride.com. See further discussion at Note 1.

On January 15, 2014, the Company issued 765,000 shares of the Company’s Common Stock for 51% of the membership interests of Autoglance, LLC, a Tennessee Limited Liability Company. See discussion at Note 1.

On March 14, 2014, the Company entered into a note conversion agreement with Rocky Road Capital, Inc. to convert 12.725% of the note balance, which was due to a former director and subsequently assigned to Rocky Road Capital, Inc., into 1,153,620 shares of Common Stock at $0.10 per share, as partial payment for $115,362, thereby reducing the balance owed to $791,212. The Company recognized a gain of $115,247 on extinguishment of the debt, as a result of this transaction. Below is a summary of the Contingent Consideration Payable at June 30, 2014: 

	As of June 30, 2014			As of December 31, 2013
Contingent consideration due	$	2,000,000		$	2,000,000
Less payments		(984,638	)		(984,638	)
Payment of exercise of warrants		(108,788	)		(108,788	)
Conversion of contingent consideration to common stock		(115,362	)		-
	$	791,212		$	906,574