Shareholders' Equity

9 Months Ended

Sep. 30, 2019

Note 7.

Shareholders’ Equity

On March 19, 2018, the Company sold in a private placement to LICT, 1,500,000 of its shares common stock for $180,000, or $0.12 per share. These funds were intended to be used to pay administrative costs for the subsequent three years, until an acquisition candidate could be found, and appropriate financing obtained. The funds from the sale were received on April 3, 2018.

At the Company’s Annual Meeting of Stockholders on May 8, 2014, its stockholders voted to amend the Company’s Certificate of Incorporation (the “Charter Amendment”) to increase the number of authorized shares of common stock, par value $0.01 per share, from 10,000,000 to 100,000,000. In connection with the proposed acquisition of G.Research, as further described in Note 2, and in order to effectuate this increase in authorized capital, on July 15, 2019, the Company filed the Charter Amendment with the State of Delaware.