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Capital Stock, Stock Options, And Incentives
12 Months Ended
Dec. 31, 2016
Compensation and Retirement Disclosure [Abstract]  
Capital Stock, Stock Options, And Incentives

NOTE 8. CAPITAL STOCK, STOCK OPTIONS, AND INCENTIVES

PREFERRED STOCK

Preferred stock, Series "B", $0.001 par value, 10,000,000 shares authorized, no shares issued and outstanding as of December 31, 2016 and 2015, respectively. The Company’s Board of Directors shall determine the rights, preferences, privileges and restrictions of the preferred stock, including dividends rights, conversion rights, voting rights, terms of redemption, liquidation preferences, sinking fund terms and the number of shares constituting any series or the designation of any series.

COMMON STOCK

Common stock, $0.001 par value, 50,000,000 shares authorized, 5,624,123 and 4,624,123 shares issued and outstanding as of December 31, 2016 and 2015, respectively. On October 18, 2016 1,000,000 shares of the Company’s common stock were issued to the Boretas, in exchange for the cancellation of promissory notes and other debts owed to the Boretas and the interest accrued.

On May 24, 2013, the Company granted 68,000 shares of restricted common stock to one director and one employee for services. In accordance with the terms of the grant, the shares vested in full at the end of two years from the date of grant for the director. The restricted common stock granted to the employee vested in full at the end of three years from the date of grant. The Company recorded prepaid stock-based compensation of $13,600 representing the estimated fair value on the date of grant, and amortized the fair market value of the shares to compensation expense ratably over the two and three year vesting periods. No additional shares were issued in 2015 and 2016. Total amortization of pre -paid equity compensation is $944 and $3,682 as of December 31, 2016 and 2015 respectively.