NOTE 4 - STOCKHOLDERS DEFICIT
The Company is authorized to issue 300,000,000 shares of $0.001 par value common stock and 25,000,000 shares of $0.001 par value preferred stock. All common stock shares have equal voting rights, are non-assessable and have one vote per share. Voting rights are not cumulative and, therefore, the holders of more than 50% of the common stock could, if they choose to do so, elect all of the directors of the Company. The preferred shares may be issued in series, with the powers, rights and limitations of the preferred shares to be determined by the Board.
Stock Options and Stock-Based Compensation
The Company previously granted 13,300,000 stock options to various employees and consultants for services rendered and to be rendered. As of July 31, 2012 and April 30, 2012, the Company had $12,493 and $42,279 in prepaid stock-based compensation for services to be rendered related to said options. The remaining prepaid stock-based compensation will be amortized over the next two quarters.
During the three months ended July 31, 2012 and 2011, the Company recorded $67,930 and $10,182 in stock-based compensation, respectively.