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Preferred Stock
12 Months Ended
Dec. 31, 2019
Equity [Abstract]  
Preferred Stock

Note 5. Preferred Stock

 

Issuance of Series A Preferred stock

 

Effective September 1, 2019, the Company issued 1,080,092 shares of Series A Preferred Stock in satisfaction of Note 2 in Note 4 to the financial statement held by its majority shareholder in the initial principal amount of $255,681 together with all interest accrued thereon.

 

Series A Preferred Stock

 

The shares of Series A Preferred Stock have a stated value of $0.25 per share and are initially convertible into shares of common stock at a price of $0.05 per share (subject to adjustment upon the occurrence of certain events). The Series A Preferred Stock does not accrue dividends and ranks prior to the common stock upon a liquidation of the Company. The Series A Preferred Stock votes on all matters brought before the shareholders together with the Common stock as a single class and each share of Series A Preferred Stock has a number of votes, initially 5, equal to the number of shares of preferred stock into which it is convertible as of the record date for any vote.