Tuesday, August 19, 2014 9:31:56 PM
As of August 8, 2014 the shares outstanding of the registrant’s common stock is 470,319,652
The only thing Gary has accomplished over the last 8 months is to dilute the stock 50%.
Good Lord! I see he did do one other thing!
On June 2, 2014, the Company issued 5,000,000 shares of its Series B Preferred Stock (“PS”) to the CEO, who is also one of the founders and majority shareholders of the Company. The PS is convertible into common stock six months after issuance, at a mathematical calculation, which as of issuance represented a 1 PS to 250,000 common stock conversion ratio. The PS has been recognized as a distribution of capital, which resulted in no impact on additional paid in capital
IT IS WHAT IT IS.
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