Yuengling's Ice Cream Corp (YCRM)

[GREEN MAKER]

Common Stock. As of July 31, 2023, there are 5,000,000 shares of Series A preferred stock owned by the CEO.

 

On May 1, 2023, The Company entered into a Series A Preferred Stock Purchase Agreement with Device Corp., of up to $250,000. The Series A Preferred Ir thirty trading days.

 

As of July 31, 2023, the Company has preferred stock to be issued in the amount of $392,022. As of July 31, 2023, the preferred Series A can be converted at $0.0004 per share, into 980,055,000 shares of common stock. As of the balance sheet date and the date of this report, these shares have not been issued to the Purchaser. S99-3A(2) ASR 268 requires preferred securities that are redeemable for cash or other assets to be classified outside of permanent equity if they are redeemable (1) at a fixed or determinable price on a fixed or determinable date, (2) at the option of the holder, or (3) upon the occurrence of an event that is not solely within the control of the issuer. Given that there is an unknown amount of preferred shares to be issued, cash has been repaid and the preferred shares are convertible at the option of the holder, the Company determined that mezzanine treatment appears appropriate. As such, the Company feels these securities should be classified as Mezzanine equity until they are fully issued. 
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