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Replies to post #75809 on Trans-Pacific Aerospace Company Inc. (fka TPAC)
Preferred stock, par value $0.001, 5,000,000 shares authorized. 3,685 and 2,945 shares issued and outstanding at January 31, 2016 and October 31, 2015, respectively 4 3
Common stock, par value $0.001, 4,500,000,000 shares authorized. 2,944,402,694 and 3,829,346,478 shares issued and outstanding at January 31, 2016 and October 31, 2015, respectively
Preferred Stock
The Company is authorized to issue up to 5,000,000 shares of its $0.001 preferred stock.
In June 2015, the Company designated 20,000 of the authorized preferred stock as convertible preferred stock with the following characteristics:
i. Each share of Preferred Stock would be convertible into 1,000,000 shares of Common Stock at the Preferred Stock holders’ option, subject to restrictions regarding timing, volume and common share availability.
ii. In shareholder votes, each share of Preferred Stock would have voting power equal to 1,000,000 shares of Common Stock.
During the year ended October 31, 2015, 759,817,144 shares of common stock were retired and converted to 767 shares of convertible preferred stock. In addition, the Company issued 1,203 shares of convertible preferred stock to its employee and consultants for services rendered. These shares were value at $645,000 based on closing price of the underlying common stock if converted.
In June 2015, the company entered into various purchase agreements with accredited investors for the sale of 220 shares of its convertible preferred stock at a price of $100 per share. Total cash proceeds from the sale of stock were $22,000 which was recorded as stock to be issued.
During the year ended October 31, 2015, the company entered into various purchase agreements with an accredited investor for the sale of 478,000,000 shares of its common stock at a price ranged from $0.00035 to $0.0012 per share. Total cash proceeds from the sale of stock during the year ended October 31, 2015, was $510,000. As of October 31, 2015, the Company issued 228,000,000 shares of common stock and 250 shares of preferred stock in lieu of 250,000,000 shares of common stock. In connection with these stock purchase agreements, the Company issued 57,019,761 shares of common stock and 725 shares of preferred stock in lieu of finders’ fees, which represents stock offering costs. Finders’ fees are treated as a reduction in paid in capital per current accounting guidance.
During the three months ended January 31, 2016, 692,943,784 shares of common stock were retired and converted to 694 shares of convertible preferred stock. In addition, the Company issued 54 shares of convertible preferred stock to its employee and consultants for services rendered. These shares were value at $172,800 based on closing price of the underlying common stock if converted.
During the three months ended January 31, 2016, 8 shares of preferred stock were retired and cancelled.
At January 31, 2016 and October 31, 2015, there were 3,685 and 2,945 shares issued and outstanding, respectively.
he NVSOS doesn't mention 5 million preferred that are able to convert to 1 million common for each preferred. The filings mention the 20,000 Series A. The fact is that the board could decide that the remaining 4,980,000 preferred could convert at 1 to 1 or not convert and just get voting rights or convert at 10 million (or more) to 1. They can define them however they want. I'm not spreading false information, just trying to explain how blank check preferred shares work. Calm down.
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