MORE STOCK ISSUED
The Company has authorized 100,000,000 shares of common stock with a par value of $0.001 per share. There were 12,909,471 and 12,168,905 shares of common stock issued and outstanding at February 29, 2016 and May 31, 2015, respectively.
The Company has authorized 10,000,000 shares of Series A preferred stock with a par value of $0.001 per share. There were 1,200,000 and 1,000,000 shares of Series A preferred stock issued and outstanding at February 29, 2016 and May 31, 2015, respectively. The preferred stock has preferential voting rights of 50 votes per outstanding share.
Effective October 30, 2015, the Company entered into a Share Exchange Agreement (“Exchange Agreement”) and a Distribution Agreement with Just Buns, Inc., a New York corporation, (“Just Buns”), the creator of sweet buns sold under the brand name “Swirly Buns”. Under the terms of the Exchange Agreement, the Company acquired a 20% equity interest in Just Buns in exchange for the issuance of 20,000 shares of the Company’s Common Stock, which were valued at $0.50 per share at the time of the exchange. As of February 29, 2016, $10,000 related to the transaction is reported as Investment on the balance sheet. As of April 14, 2016, the 20,000 common shares have not been issued to Just Buns.
During the nine months ended February 29, 2016, the Company issued 619,300 shares of common stock, including 500,000 common shares issued to the president of the Company, at $0.25 per share and 40,000 shares of common stock at $0.50 per share for services provided to the Company.
During the nine months ended February 29, 2016, the Company issued 24,000 shares of common stock at $0.25 per share and 14,000 shares of common stock at $0.50 per share.
During the nine months ended February 29, 2016, the Company issued 43,266 shares of common stock at $0.25 per share to repay a note payable (Note 3).
During the nine months ended February 29, 2016, the Company issued 200,000 shares of Series A preferred stock at $0.001 per share to the president of the Company.
