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EXCEL - IDEA: XBRL DOCUMENT - PAN GLOBAL, CORP.Financial_Report.xls
10-K - PAN GLOBAL, CORP.form10k.htm
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EX-32.1 - CERTIFICATION PURSUANT TO - PAN GLOBAL, CORP.ex32-1.htm
EX-10.1 - PAN GLOBAL, CORP.ex10-1.htm
EX-31.1 - CERTIFICATION OF THE COMPANY S PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER - PAN GLOBAL, CORP.ex31-1.htm
v2.4.0.6
Subsequent Events
12 Months Ended
Sep. 30, 2012
Subsequent Events [Abstract]  
Subsequent Events (Unaudited)

NOTE 8 – Subsequent Events (Unaudited)

 

Designation of Preferred Stock

 

On November 8, 2012, the Company’s Board designated 100 shares of Preferred Stock as “Series B Non-Convertible Preferred Stock” and filed a Certificate of Designation with the Secretary of State of the State of Nevada therein designating and establishing the class of Series B Non-Convertible Preferred Stock.

  

Sale of Preferred Stock

 

On November 8, 2012, the Company sold 100 shares of Series B Non-Convertible Preferred Stock to Virginia K. Sourlis for an aggregate purchase price of $10 under Section 4(2) under the Securities Act.

 

Voting Rights – Preferred Stock

 

The outstanding shares of Series B Non-Convertible Preferred Stock shall vote together with the shares of Common Stock and other voting securities of the Corporation as a single class and, regardless of the number of shares of Series B Non-Convertible Preferred Stock outstanding and as long as at least one of such shares of Series B Non-Convertible Preferred Stock is outstanding, shall represent eighty percent (80%) of all votes entitled to be voted at any annual or special meeting of stockholders of the Corporation or action by written consent of stockholders. Each outstanding share of the Series B Non-Convertible Preferred Stock shall represent its proportionate share of the 80% which is allocated to the outstanding shares of Series B Non-Convertible Preferred Stock.

 

Promissory Note

 

On November 8, 2012, the Company sold a five month promissory note in the principal amount of $193,000 bearing interest at the rate of 8% per annum. The Company may prepay the outstanding principal and interest of the promissory note without penalty.

 

Redemption of Common Stock

 

On November 9, 2012, the Company redeemed an aggregate of 2,700,000 shares of Common Stock of the Company held by Virginia K. Sourlis for $189,000.

 

Common & Preferred Shares Reconciliation

 

          . Number of     Number of  
          Series A     Series B  
    Number of     Convertible     Convertible  
    Common Shares     Preferred     Preferred  
                   
Shares outstanding as of September 30, 2012     5,055,000       4,500,000       -  
                         
Sale of Series B Non-Convertible Preferred Stock on November 8, 2012     -       -       100  
                         
Redemption of Common Stock on November 9, 2012     (2,700,000 )     -       -  
                         
Shares outstanding as of November 29, 2102     2,355,000       4,500,000       100