Quarterly report pursuant to Section 13 or 15(d)

NOTE 7. PREFERRED STOCK

v3.19.1
NOTE 7. PREFERRED STOCK
9 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
NOTE 7. PREFERRED STOCK

As of September 30, 2018 and December 31, 2017, the Company has 1,388,575 issued shares of their Series A Preferred Stock payable to two related parties.  Shares of the Series A Preferred Stock are convertible at a 35% discount rate to the average closing price per share of the Company’s common stock (either as listed on a national exchange or as quoted over-the-market) for the last fifteen (15) trading days immediately prior to conversion.  However, no conversions of the Series A Preferred Stock to shares of common stock can occur unless the average closing price per share of the Corporation’s common stock (either as listed on a national exchange or as quoted over-the-market) for the last fifteen (15) trading days immediately prior to conversion is at least five cents ($0.05).  The shares of Series A Preferred Stock vote on an “as converted” basis.