Annual report pursuant to Section 13 and 15(d)

I. CAPITAL STOCK

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I. CAPITAL STOCK
12 Months Ended
Dec. 31, 2019
Equity [Abstract]  
CAPITAL STOCK

NOTE I – 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 December 31, 2019 and 2018, there were 185 shares of Series A and 52 shares of Series B outstanding, respectively.

 

The Company has authorized 190,000,000 shares of common stock with a par value of $.001 per share. As of December 31, 2019 and 2018, the Company had 135,990,491 and 134,793,211 common shares issued and outstanding, respectively.

 

During the years ended December 31, 2019 and 2018, the Company issued 1,197,280 and 1,098,100 shares of common stock, respectively to directors for services performed during 2019 and 2018. These shares were valued at $132,000 and $144,000, respectively, which approximated the fair value of the shares when they were issued.

 

During the years ended December 31, 2019 and 2018, no warrants were exercised. These warrants were originally granted to shareholders of the April 8, 2011 Series B preferred stock issuance.

 

During the years ended December 31, 2019 and 2018, no shares of Series A or B preferred stock were converted to shares of common stock.