Quarterly report pursuant to Section 13 or 15(d)

CAPITAL STOCK

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CAPITAL STOCK
 9 Months Ended
Sep. 30, 2021
Equity [Abstract]  
CAPITAL STOCK

NOTE H – CAPITAL STOCK

 

The Company has authorized 15,000,000 shares of preferred stock, with a par value of $.001 per share. Of those shares, the Company has authorized 215 shares as Series A preferred stock and 567 shares as Series B preferred stock. At September 30, 2021 and December 31, 2020, there were 185 shares of Series A and 52 shares of Series B outstanding, respectively.

 

As of September 30, 2021, the Company had authorized 190,000,000 shares of common stock with a par value of $.001 per share. As of September 30, 2021 and December 31, 2020, the Company had 136,311,335 common shares issued and outstanding.

 

During the nine months ended September 30, 2021, the Company did not issue any shares of common stock. During the three months ended September 30, 2020, the Company issued 320,844 shares of common stock to directors for services performed during the three months ended September 30, 2020. The shares issued for the three months ended September 30, 2020 were valued at $18,000, which approximated the fair value of the shares when they were issued.

 

During the three and nine months ended September 30, 2021 and 2020, no warrants were exercised. These warrants were originally granted to shareholders of the April 8, 2011 Series B preferred stock issuance.

 

During the three and nine months ended September 30, 2021 and 2020, no shares of Series A or B preferred stock were converted to shares of common stock.