Replies to post #24118 on Megola Inc (MGON)

[ITYS]

company doesnt increase authorized if they planned a r/s..plus only 196 m issued

How does a company doing zero revenues get a 41M deficit, come on man, its ALL about stock and IF...IF...IF the company were to issue ALL the preferred to common they dont have enough preferred to cover...NOW why would company issue 3 billion shares...they wouldnt...

BUUT current ISSUED from the past management that issued these preferred shares that convert to more then 200 m authorized so that creates the deficit...BUT accounting needs to take ALL unissued shares into account as well..so company has revised new preferred and IF they issue it ALL out they would go over authorized...ITS ana ccounting thing that has to be recorded...

FACT, 196m issued and current preferred (from old management) being returned to treasury

Company doesn't even own anything YET...they have current common issued and nothing else...we can assume they will issue preferred shares for acquisitions...hence the CLEAN SLATE forward

[JPS02]

2) Security Information [Extract]

On January 25, 2020, the sole member of the Board of Directors and majority shareholder of the Company approved an Amendment to the Articles of Incorporation whereby, the Company designated a series of Preferred Shares, being Series D, E, F and G and approved the cancellation of the 2018 Special Series B and D shares of preferred stock upon their return to treasury. The Certificate of Amendment was filed with the State of Nevada on February 28, 2020.

Further on May 21, 2020, Mr. William Ottens resigned as the sole officer and director of the Company and Mr.Robert Gardiner was appointed President and director and Mr. Rodney Nettles was appointed Secretary/Treasurer and director.

On January 30, 2020, Mr. William Ottens, formerly our sole officer and director, entered into an agreement with Mr. Rodney Nettles, whereby Mr. Ottens will sell his 1 share of 2018 Special Series A Preferred Stock for $50,000 and the two additional shareholders have agreed to the cancellation of 20,000,000 shares of 2018 Special Series D Preferred Stock and 10,000,000 shares of 2018 Special Series B Preferred Stock in consideration for aggregate $15,000. This agreement when completed will effect a change in control of the Company. As of the date of this filing, Mr. Ottens remains the controlling shareholder of the Company.

- Also, note from the table below that the Special Series A, B and D Preferred Shares are restricted.



Extract source - MGON June 30, 2020 Quarterly Report - Pages 4 and 5: https://backend.otcmarkets.com/otcapi/company/financial-report/255439/content

Go MGON!