SHAREHOLDERS' DEFICIT |
9 Months Ended |
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Sep. 30, 2021 | |
Equity [Abstract] | |
SHAREHOLDERS' DEFICIT |
NOTE 8. SHAREHOLDERS’ DEFICIT Preferred Stock We are authorized to issue 25,000,000 shares of preferred stock with a par value of $0.00001, with such relative rights, preferences and designations as may be determined by our Board of Directors in its sole discretion upon the issuance of any shares of Preferred Stock. 1 share of Series A Preferred Stock and 24,999,999 shares of Series B Preferred Stock were designated effective July 27, 2015. There are no remaining shares of preferred stock available for designation at this time.
9 Series A Preferred Stock As of September 30, 2021, we were authorized to issue 1 share of Series A Preferred Stock with a par value of $0.00001. 1 share of Series A Preferred Stock was issued and outstanding as of December 31, 2020. The share of Series A Preferred Stock carried super majority voting rights such that it can vote the equivalent of of all votable preferred and common stock at all times.The share of Series A Preferred Stock was convertible into 1,000 shares of common stock at the option of the Holder. As described above, effective May 29, 2021, the 1 existing issued share of Series A Preferred Stock was returned to us by of former controlling shareholder and cancelled by us. Further on May 29, 2021, we issued a new share of Series A Preferred Stock, valued by an independent, third party valuation company at $39,900, as compensation to our new controlling shareholder, director and Chief Financial Officer. The new share of Series A Preferred Stock carries the same super majority voting rights as before such that it can vote the equivalent of 61% of all votable preferred and common stock at all times. However, the new share of Series A Preferred Stock is now convertible into such number of shares of common equal to 61% ownership of the common stock of the Company at the option of the Holder. As further discussed in Note 9 Subsequent Events below, effective October 26, 2021, the Company’s board of directors and controlling shareholder increased the super majority voting rights of the one share of outstanding share of Series A Preferred Stock from . Series B Preferred Stock As of September 30, 2021, we were authorized to issue 24,999,999 shares of Series B Preferred Stock with a par value of $0.00001. No shares of Series B Preferred Stock were issued or outstanding during the three- and nine-months periods ended September 30, 2021 and 2020. Each share of Series B Preferred Stock is entitled to one vote. In the event of a liquidation, each share of Series B Preferred Stock is entitled to $1.00 per share distribution before any distribution is made to holders of any stock ranking junior to the Series B Preferred Stock. Each share of series B Preferred Stock is convertible into 100,000 common shares of the Company. Common Stock As of September 30, 2021, we were authorized to issue 15,000,000,000 shares of common stock with a par value of $0.0001. No shares of common stock were issued during the three- and nine-month periods ended September 30, 2021 and 2020. As of September 30, 2021 and December 31, 2020, 5,850,705,874 shares of common stock were issued and outstanding.
10 As further discussed in Note 9. Subsequent Events below, on November 9, 2021, we filed a Preliminary Schedule 14C in respect of: - a proposed reverse split of the common stock issued and outstanding on a basis, to be followed by- a proposed forward split on a .These transactions were approved by the Board of directors and the Company’s controlling shareholder on November 9, 2021 and will become effective upon the filing of an amendment to our Certificate of Incorporation with the Secretary of State and approval from FINRA. Warrants No warrants were issued or outstanding during the three- and nine-month periods ended September 30, 2021 and 2020. Stock Options We currently have no stock option plan. No stock options were issued or outstanding during the three- and nine-month periods ended September 30, 2021 and 2020. |