Quarterly report pursuant to Section 13 or 15(d)

EQUITY

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EQUITY
6 Months Ended
Sep. 30, 2019
EQUITY INVESTMENTS  
NOTE 9 - EQUITY

Preferred Stock

 

The Company has authorized 5,000,000 shares of $0.00001 par value, undesignated Preferred Stock. As of September 30, 2019, the Company has not issued any shares of Preferred Stock nor has the Company designated any class of Preferred Stock.

 

Stock Option Plan

 

On May 17, 2019, the board of directors of the Company approved and adopted the terms and provisions of a 2019 Stock Option Plan (the “Plan”) for the Company. No stockholder approval has been obtained approving the Plan. An aggregate of 2,000,000 shares of the Company’s common stock are initially reserved for issuance upon exercise of nonqualified and/or incentive stock options which may be granted under Plan. No options have yet been issued under the Plan.

 

Shares Issued 

 

In conjunction with the resignation of a board member in September 2019, the Company issued 100,00 shares to the former board member for past services rendered at a price of $0.70 per share for a total cost of $70,000, which represented the market price of the shares as of the date of issuance. The value of the shares was reflected in general and administrative expenses is the Company’s condensed consolidated statements of operations.