It is indeed par value of .001. It's not a relevant number, but it's easily found on the balance sheet: Common stock ($0.001 par value). On the 10K too, but they are irrelevant numbers. Usually it's 01. A company could still issue shares below par with a liability, and in this case, they just set the par to rock bottom. Just means they technically can't issue shares below .001 without a per-share liability, but nothing prevents them from doing so. Par value on stock, unlike bonds, have no real meaning in today's world.
In this case, they merely did a 55 million share issuance at rock bottom par. Which, Yang and 3 others paid a total of $50,000 for. This is fact. So they paid par value, which is .001. Just happens that they paid rock bottom price that is equal to its rock bottom par value. Both are true statements. That's less than $15,000 each. That tell you what they think of the company and how deep they had to reach into their pockets. Was that hard to scrape up pennies, or they just don't care that much? Remember, this happens in May when the company was claiming it would go Nasdaq to its partners.
Wang Fei is still majority vote so ultimate dictator. He diluted the company massively, giving Yang and friends about 30% of the company for a mere $50,000 for a "Nasdaq" company. These are all truth claims. Not libel because truth is an absolute defense to all libel claims. This is irrefutable truth. As far as the SEC, I challenge you to bring them to my footsteps so that I don't have to do it myself. Who do you think they are going to be concerned with? Me or you?
What exactly does an alleged Nasdaq qualifying company need $50,000 for? So much so, that it was willing to give up 30% of its company for it. To insiders, no less, rather than somebody like me that would have given them $100,000 for 10% perhaps. They didn't even try to ask, so are they just desperate for $50,000, when they blow through $40,000 a quarter jackign around to keep the lights on? What's your spin on this?
In fact, that's what we need. Spin doctors! For 55 million shares, wouldn't it have been a lot smarter to come public and issue 10 million shares to 5 good stock promoters? Wouldn't that be better for our stock price to get the show on the road? Or are we waiting on Yang Le and taking care of a buddy system first? Are we going to have to wait for her shares to be freely tradeable now? Pre-Madonna Yang?
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