Included in general and administrative expenses for the nine months ended September 30, 2005 is approximately $8,450,040 of compensation expense.
5.Common Stock
During the nine months ended September 30, 2005, the Company issued 987,556,968 shares of common stock to James N. Turek Sr., the Company’s president and majority shareholder and 10,000,000 shares to an outside investor. The shares were issued primarily for compensation.
Included in general and administrative expenses for the nine months ended September 30, 2005 is approximately $8,450,040 of compensation expense. The value for the consideration was based on the fair market value of the shares on the date of issue.
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