David Levy owns all of the Series A Preferred stock. It has voting rights equal to 2 votes for every share of common stock outstanding at any one time. Therefore he will always have the majority of the voting rights.
In the recent 10Q, the following note was included saying they converted debt into 1.3bil shares. I couldn't figure out who owned the debt though or whether it had anything to do with UMS or the failed agreement with the oil and gas company.
NOTE 6 – STOCKHOLDERS EQUITY
On January 14, 2015 the Company filed an amendment to their Articles increasing the authorized shares to 1,875,000,000 shares.
During the nine months period ended May 31, 2015 the Company issued 1,312,946,954 shares of common stock for convertible debt with a value of $306,240.
Here is a history of their share structure...
Also on December 18, 2012, we filed a Certificate of Change with the Nevada Secretary of State to give effect to a forward split of our authorized, issued and outstanding shares of common stock on a 25 new for 1 old basis and, consequently, our authorized capital increased from 75,000,000 to 1,875,000,000 shares of common stock and our issued and outstanding shares of common stock increased from 1,700,000 to 42,500,000, all with a par value of $0.001. These amendments became effective on December 21, 2012 upon approval from the Financial Industry Regulatory Authority and our ticker symbol changed to our new symbol “TALK” to better reflect our company’s new name. Our CUSIP number is 465353 100.
On July 10, 2013, the Company’s majority stockholders approved to amend the Articles of Incorporation reduce number of authorized shares of common stock from 1,875,000,000 to 500,000,000 shares and to authorize 50,000,000 shares of preferred stock.
On January 14, 2015 the Company filed an amendment to their Articles increasing the authorized shares to 1,875,000,000 shares.
What we have here...is a failure to communicate!
