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CAPITAL STRUCTURE
 12 Months Ended
Dec. 31, 2014
Notes to Financial Statements  
Note 3 - 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 assumed 25,585,532 shares upon the merger (see Note 2).

 

Other Equity Transactions

 

On January 5, 2013 the Company assumed 240,000 options granted to Konstantinos Vassilopoulos, the former Secretary and Director of the Company. The options have an exercise period of four years with an exercise price of $0.10. As he no longer serves on the Board of Directors, he 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, 2014, no preferred shares have been issued.

 

Potentially Dilutive Securities

 

On January 5, 2013, we granted 240,000 options to Mr. Konstantinos Vassilopoulos, former Secretary and 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. Mr. Konstantinos Vassilopoulos resigned on January 13, 2014.

 

No options, warrants or other potentially dilutive securities other than those disclosed above have been issued as of December 31, 2014.