Note E - Stockholders' Equity |
12 Months Ended |
|---|---|
Dec. 31, 2013 | |
| Notes | |
| Note E - Stockholders' Equity | Note E – Stockholders' Equity
Common Stock
During the year ended December 31, 2012 we issued a total of 4,657,626 shares of our common stock with a fair value at date of issuance of $149,044 to satisfy principal and accrued interest in the amount of $83,838. Accordingly, we recognized a $65,207 loss on settlement of this debt.
Additionally, during 2012 we issued 3,675,708 shares of our common stock for cash consideration at a price of $.018 per share for total proceeds of $66,162.
During 2012, we also issued 407,950 shares of common stock for services at a price of $0.036 per share for total consideration of $14,686.
Preferred stock
Our Articles of Incorporation provide that we may issue up to 10,000,000 shares of preferred stock. Subject to the requirements of the Colorado Business Corporation Act, the Board of Directors may issue the preferred stock in series with rights and preferences as the Board of Directors may determine appropriate, without shareholder approval. As of December 31, 2013, 4,500,000 shares of our Series B Preferred Stock have been authorized for issuance, of which 80,000 were issued and outstanding. These 80,000 Series B shares are convertible at our option into 40,000 common shares. |