Note 2. Stock and Stock Transactions
The Company has authorized 10,000,000 shares of preferred stock,
with a par value of $0.0001 per share. The Companys Board of Directors has the ability to determine the rights and preferences
of any series of preferred stock issued. There are no shares of preferred stock currently issued or outstanding.
The Company has authorized 100,000,000 shares of common stock, with
a par value of $0.0001 per share.
At inception (May 4, 2010), the Company issued 5,000,000 shares
of common stock to Accelerated Venture Partners, LLC (AVP) for $2,000.
On March 7, 2011, AVP tendered 3,500,000 shares to the Company for
cancellation. Also on March 7, the Company granted AVP an option to purchase 1,500,000 shares of common stock at par value in exchange
for certain consulting services, and AVP immediately exercised this option. The Company has the option to repurchase the shares
exercised under the option at par value if the below milestones are not met within a specified time:
||Milestone 1 Companys right of repurchase will lapse with respect to 60% of the shares upon securing $5 million in available cash from funding;|
||Milestone 2 Companys right of repurchase will lapse with respect to 40% of the Shares upon securing $10 million in available cash (inclusive of any amounts attributable to Milestone 1).|
On March 7, 2011, the Company issued 22,350,000 shares of common
stock to Daniel Correa at par value.
On March 28, 2011, the Company sold a total of 15,000 common shares
at a price of $2.00 per share to one investor and raised $30,000 in this offering.
As of March 31, 2012, there were 25,362,500 shares issued and outstanding
and 5,962,500 shares of common stock were reserved for issuance under the Companys Stock Option Plan. There were 68,672,500
shares of common stock available for future issuance.