FORM 10-K
For the fiscal year ended December 31, 2011 Whitemark Homes, Inc. ITEM 1. DESCRIPTION OF BUSINESS
The current business plan of the Company is to locate and complete a reorganization or acquisition agreement with a business entity. The transaction will normally take the form of a merger, stock-for-stock exchange or stock-for-assets exchange. In most instances the target company will wish to structure the business combination to be within the definition of a tax-free reorganization under Section 351 or Section 368 of the Internal Revenue Code of 1986, as amended.
ITEM 5. MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS
The only class of equity securities authorized by the Company's Articles of Incorporation, as amended, is 100,000,000 shares common stock, $0.001 par value per share. As of the date of this report, there are 97,962,131 shares of common stock outstanding. WTMK has ten outstanding notes payable in the aggregate principal amount of $271,386 as of December 31, 2011. One $80,000 note bears no interest and is convertible at $0.001 per share. $127,492 of the outstanding notes is convertible into common stock at the average of the three lowest trading prices for the common stock over the 20 trading days prior to a notice of conversion. The Company cannot at present honor any conversion rights as of the date of this filing as it does not have sufficient authorized and unissued common stock to complete any conversions. It is our intent to hold a shareholder meeting as soon as possible to request authorization for a reverse split of the outstanding common stock and an increase in the number of authorized common stock to 500,000,000 shares.
