SoOum Corp. (fka SOUM)

[iSmellCrickets]

Lets see if Mr.Westbrook can dig this thing out, there's no where else to go, the previous board had a last minute planned feeding frenzy.
Now it's a simple science project in the name of GAP juggling.

Upon the issuance of the Series B Preferred and the Series C Preferred for the SoOum Corp acquisition, the owners of these securities were entitled to receive in total 80% of the common stock of the Company upon full conversion. Assuming full conversion at a fixed conversion ratio, based on the common shares outstanding at March 31, 2015 and December 31, 2014, there would be 26,250,000,000 shares common that would be converted, which is 25,737,438,286 and 25,690,960,686 more shares respectively, than the current authorized amount. Based on the stock price at March 31, 2015 and December 31, 2014, the total value of those shares would be $5,147,488 and $12,845,480 respectively. In accordance with Generally Accepted Accounting Principles, the Company recorded a liability for that amount on the March 31, 2015 and December 31, 2014 financial statements.

NOTE P – Subsequent Events

Subsequent to March 31, 2015, the following actions were approved by the majority stockholders:

·
Amendment to the Company’s Articles of Incorporation to change the Company’s name to SoOum Corp.

·
Amendment to the Company’s Articles of Incorporation to increase the number of authorized preferred shares from 50 million shares to 200 million shares with a par value of $.0001.

·
Amendment to the Company’s Articles of Incorporation to effect a reverse stock split of common stock at a rate of 1,000 shares to 1.