Interesting item concerning an 8k filing on 12/5/2014.
I don't remember voting on this, do any of you? I didn't realize we had 3 Billion shares. More to come.
GVibes
Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.
On November 25, 2014, the Company filed a previously approved amendment to its Articles of Incorporation. The amendment was approved by the Board of Directors and by the majority shareholder acting by consent action pursuant to the Nevada General Corporation Law. The amendments are as follows: the number of authorized common stock was increased from 500 million to 3,000,000,000 shares; the par value was reduced from $.001 to $.00001 per share; the previously authorized but unissued Series A, B and C Convertible Preferred Stock was deleted; and the Series D Convertible Preferred Stock was also deleted effective upon the conversion of all 5,000 outstanding shares. (See Item 3.02 above) The par value of the common and preferred stock was reduced since the common stock is currently trading below par value.
The increase in authorized common stock and the elimination of the specifically authorized Series A-D of preferred stock was to simplify the Company ’ s capital structure. The Articles of Incorporation authorized the issuance of up to 10 million shares of preferred stock, with such preferences and limitations as may be determined by the Board of Directors. That provision was unchanged in the amendment, but since the Series A-D Convertible Preferred Stock was eliminated, the full 10 million shares are available for issuance. The Company has no present plans to authorize the issuance of any of the preferred stock.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
By: /s/ Shaun Irvine
Shaun Irvine, Chief Executive Officer
Dated: December 5, 2014
