did you read the 10-Q? You should before saying I provided wrong information.
Subsequent Events
On July 19, 2016 Derrick Lefcoe our sole officer and director converted[color=red][/color] 10,000,000 shares of the Company’s Common stock into 250,000 shares of the Company’s Preferred A series. The Preferred Series A has been approved by the Board, but has not been formally created by the Company yet.
On August 3, 2016 Experience Art & Design, Inc. executed an Asset Purchase Agreement (APA) with a Seller on the East Coast of Florida to acquire a green dry cleaning processing plant. The operation will be re-branded under Metropolitan Dry Cleaners. The processing plant currently averages 7,000 pieces per month with an average ticket price of $5.00 per piece, and has seen consistent increases in monthly revenues since August of 2014. Current operations include both drop-off and pick-up services of both Dry Cleaning and Laundry services, catering to a higher-end income demographic.
On August 8, 2016 Lawrence Gorman, a company director, converted 25 ,000,000 shares of the Company’s Common stock into 625,000 shares of the Company’s Preferred A series. The Preferred Series A has been approved by the Board, but has not been formally created by the Company yet.
On August 16, 2016 Experience Art & Design, Inc. executed a Stock Purchase Agreement (SPA) with a Seller to acquire a dry cleaning processing plant and two drop centers located near Fort Myers on the West Coast of Florida. The operation will be re-branded under Metropolitan Dry Cleaners. The combined entities currently generate over $400,000 and had generated over $1 million in previous years. This transaction had previously been announced in March 2016, and the executed SPA concluded the renegotiation.
The Company currently has 15 million Authorized shares of Blank Check Preferred stock. The Board of Directors feels it is necessary to create two classes of Preferred stock Series A and Series B. Each class shall consist of 5 million shares each. The Series A shall be used for Officers and Directors only, this class of Preferred shall have both Conversion and Voting rights attached to it. Each share of Series A Preferred shall have the Right to convert in Common stock at the rate of 1 share of Preferred converts into 40 shares of Common stock, each share of Series A Preferred shall have voting rights equal to 40 votes per share. The Series A Preferred Stock may be converted into Common Stock except to the extent that, at the time of conversion, there are a sufficient number of Authorized but unissued and unreserved shares of Common Stock available to permit conversion.[color=red][/color] Series B shall be used solely for the purpose of acquiring assets, this class of Preferred stock shall not have voting rights or be convertible into Common stock. The Series B Preferred shall have a redemption feature which will allow the Company to purchase back the shares of Preferred B at the agreed upon terms with each party.
