Quarterly report pursuant to Section 13 or 15(d)

Note 10 - Subsequent Events

v3.19.2
Note 10 - Subsequent Events
6 Months Ended
Jun. 30, 2019
Notes  
Note 10 - Subsequent Events

NOTE 10 – SUBSEQUENT EVENTS

 

Stock Issuances

 

During the period July 1, 2019 to August 6, 2019, the Company issued 750,000 shares of common stock at $.10 per share for proceeds of $75,000.

 

Option Agreement

 

The Company has entered into an Option Agreement (“Agreement”) with a third-party entity (the “Purchaser”).  The Agreement provides that upon purchasing a total of 4.8 million shares of the Company’s common stock from the Company at a price of $0.10 per share, then the Purchaser shall have the option to purchase an additional 15.2 million shares of common stock from the Company at $.10 per share during the period ending on September 3, 2019.  The Agreement also provides that if the Purchaser has purchased a total of 8 million shares of the Company’s common stock prior to August 15, 2019, then the Purchaser shall have the right during the month of December 2020 to require the Company to purchase up to 20 million of the purchased shares of common stock at $.10 per share, subject to the Company’s ability to repurchase such shares in accordance with applicable law.  As of August 6, 2019, the Purchaser had purchased 4.8 million shares of the Company’s common stock for $480,000 from the Company.