October 10, 2005, the Company increased its authorized shares of common stock from 3,000,000 shares with a par value of .05 to 5,00,000,000 million shares with a par value of .001.
9. Preferred stock
As of December 31, 2005, the Company has commitments to provide preferred stock to PCI and LexReal (see Notes 1 and 7). The class B preferred stock ($1 par value) committed to LexReal is convertible up to 7,300,000,000 shares of common stock.
10. Common stock
October 10, 2005, the Company increased its authorized shares of common stock from 3,000,000 shares with a par value of .05 to 5,00,000,000 million shares with a par value of .001.
All common stock activity has been adjusted to the .001 par value in the accompanying consolidated financial statements.
During the year ended December 31, 2005, the Company issued 2,277,253,729 shares of new
common stock to the 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 year ended December 31, 2005 is approximately $27,600,000 of beneficial interest.
The value for the consideration was based on the fair market value of the shares on the date of issue. For the year ended December 31, 2004, 1,402,619,771 new common stock shares were issued, to which 1,344,693,154 shares are considered restricted, as follows:
For the year ended December 31, 2004, the Company issued 873,777,544 shares of common
stock for the conversion and/or satisfaction of debt.
Of these shares issued for debt, a total of 758,833,001 shares were issued to the majority shareholder.
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