Annual report pursuant to Section 13 and 15(d)

I. CAPITAL STOCK

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I. CAPITAL STOCK
12 Months Ended
Dec. 31, 2020
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, 2020 and 2019, there were 185 shares of Series A preferred stock and 52 shares of Series B preferred stock 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, 2020 and 2019, the Company had 136,311,335 and 135,990,491 shares of common stock issued and outstanding, respectively.

 

During the years ended December 31, 2020 and 2019, the Company issued 320,844 and 1,197,280 shares of common stock, respectively, to directors for services performed during 2020 and 2019. These shares were valued at $18,000 and $132,000, respectively, which approximated the fair value of the shares when they were issued.

 

During the years ended December 31, 2020 and 2019, 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, 2020 and 2019, no shares of Series A or B preferred stock were converted to shares of common stock.