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STOCKHOLDERS' EQUITY
12 Months Ended
Dec. 31, 2019
STOCKHOLDERS' EQUITY:  
NOTE 7 - STOCKHOLDERS' EQUITY

The Company’s 2008 Stock Awards Plan was approved April 9, 2008 by the Board of Directors and ratified at the Company’s annual meeting of stockholders held on June 3, 2008. The 2008 Plan became effective June 24, 2008 and terminated on June 24, 2018. Subject to certain adjustments, the number of shares of Common Stock that could be issued pursuant to awards under the 2008 Plan was 2,000,000 shares. A maximum of 80,000 shares may be granted in any one year in any form to any one participant, of which a maximum of (i) 50,000 shares may be granted to a participant in the form of stock options and (ii) 30,000 shares may be granted to a participant in the form of Common Stock or restricted stock. The 2008 Plan was administered by a committee of the Board of Directors. Employees, including any employee who is also a director or an officer, consultants, and outside directors of the Company are eligible to participate in the 2008 Plan. The 2008 Stock Awards Plan expired June 24, 2018; the Board of directors has not adopted a new stock awards plan.

 

On March 12, 2019, the Board of Directors authorized the issuance of 300,000 shares each to 6 directors and to the CFO/Asst. Sect, valued at approximately $9,300 each based on the closing bid price as quoted on the OTC on March 12, 2019 at $0.031 per share, and on June 18, 2019 the Board of Directors authorized the issuance of 300,000 shares, to be issued June 28, 2019 to Matthew W. Long, a newly appointed board member. The shares issued to Mr. Long were valued at approximately $27,000 based on the closing bid price as quoted on the OTC on June 18, 2019 of $0.09 per share. The 2,400,000 restricted shares, were held in escrow, and are for merger/acquisition services to be performed in 2019. The shares were released from escrow upon shareholder approval at the December 6, 2019 Annual Meeting of the change of state of incorporation to Delaware and the subsequent amendment to the Certificate of Incorporation reducing the par value of Common stock from $0.10 to $0.00001.

 

The par value of the Company’s common stock has been adjusted retroactively in this filing.