XML 42 R10.htm IDEA: XBRL DOCUMENT v2.4.0.8
CAPITAL STRUCTURE
 12 Months Ended
Dec. 31, 2013
Notes to Financial Statements  
Note 4 - CAPITAL STRUCTURE

Common Stock

 

The Company is authorized to issue 300 million common shares and had issued 100,000,000 in connection with the merger and inherited 25,585,532 shares upon the merger (see Note 3).

 

Other Equity Transactions

 

The Company inherited 240,000 options granted to Konstantinos Vassilopoulos, Secretary and Director. The options have an exercise period of four years with an exercise price of $0.10. In the event that the Director ceases to serve on the Board of Directors for any reason, the Director is entitled to a pro-rata portion of the annual options.

 

Preferred Stock

 

The Company is authorized to issue 100 million shares of preferred stock which has preferential liquidation rights over common stock and is non-voting. As of December 31, 2013, no shares have been issued.

  

Potentially Dilutive Securities

 

On January 5, 2013, we granted 240,000 options to an incoming Director under a four-year agreement to provide 240,000 options per year at $0.10. The initial tranche of 240,000 shares expires on January 5, 2017.

 

No options, warrants or other potentially dilutive securities other than those disclosed above have been issued as of December 31, 2013.