NOTE H – CAPITAL STOCK

The Company has authorized 15,000,000 shares of preferred stock, with a par value of $.001 per share. The Company has authorized 215 shares as Series A preferred stock and 567 shares as Series B preferred stock. At September 30, 2020 and December 31, 2019, there were 185 shares of preferred stock Series A and 52 shares of preferred stock Series B outstanding.

The Company has authorized 190,000,000 shares of common stock with a par value of $.001 per share. As of September 30, 2020 and December 31, 2019, the Company had 136,311,335 and 135,990,491 shares of common stock issued and outstanding, respectively.

During the nine months ended September 30, 2020 and 2019, the Company issued 320,844 and 840,139 shares of common stock, respectively, to directors for services performed during the nine months ended September 30, 2020 and 2019, respectively. These shares were valued at $18,000 and $105,000, respectively, which approximated the fair value of the shares when they were issued.

During the nine months ended September 30, 2020 and 2019, no warrants were exercised and no shares of Series A or B preferred stock were converted to shares of common stock.