|
STOCKHOLDERS' DEFICIT
|
6 Months Ended |
|---|---|
|
Jun. 30, 2011
|
|
| STOCKHOLDERS' DEFICIT |
NOTE 4 -STOCKHOLDERS’
DEFICIT:
The
Company is authorized by its Certificate of Incorporation to issue
an aggregate of 85,000,000 shares of capital stock, of which
75,000,000 are shares of Common Stock and 10,000,000 are shares of
preferred stock, par value $0.0001 per share.
All
outstanding shares of Common Stock are of the same class and have
equal rights and attributes. The holders of Common Stock are
entitled to one vote per share on all matters submitted to a vote
of stockholders of the Company. All stockholders are entitled to
share equally in dividends, if any, as may be declared from time to
time by the Board of Directors out of funds legally available. In
the event of liquidation, the holders of Common Stock are entitled
to share ratably in all assets remaining after payment of all
liabilities. The stockholders do not have cumulative or preemptive
rights.
On
March 1, 2006, the Company issued 4,218,750, 2,531,250, and
1,687,500 shares of Common Stock to Michael Rapp, Philip Wagenheim,
and Clifford Chapman, respectively, for total cash consideration of
$30,000 or $.004 per share.
On
May 14, 2009, the Company issued 260,955 shares of Common Stock to
Charles Allen for total cash consideration of $928 or $.004 per
share.
On
March 31, 2011, the Company repurchased 1,687,500 shares of Common
Stock from Clifford Chapman for total cash consideration of $6,000
which was recorded as treasury stock.
On
April 28, 2011, the Company repurchased 260,955 shares of Common
Stock from Charles Allen for total cash consideration of $928, all
of which was recorded as treasury stock.
Subsequent
to the repurchase of the Allen and Chapman Common Stock, the
treasury stock was cancelled.
As
of June 30, 2011, 6,750,000 shares of Common Stock were issued and
outstanding.
|