Real Estate Contacts Inc. Just Filed Its Annual Report: 15.             Subs...

15.             Subsequent Events

 

On March 1, 2018, the sole director accepted an offer to convert $112,266 of the existing unpaid compensation to the Company’s Chief Executive Officer, Robert DeAngelis, in exchange for the issuance to him of 449,065 shares of the Company’s Series A Preferred Shares.

 

On February 20, 2018, the Board of Directors recommended and the majority shareholder (holding 83% of the voting shares) voted in favor of increasing the authorized capital of the Company from Three Billion (3,000,000,000) shares, to Ten Billion (10,000,000,000) shares.  No change was made to the number of preferred shares authorized.  Accordingly, as of February 20, 2018, the total authorized capital of the Company will be comprised of Nine Billion Nine Hundred Ninety-Nine Million (9,999,000,000) shares of common stock, par value $0.00001 per share, and One Million (1,000,000) shares of Preferred Stock, of which Five Hundred Thousand (500,000) shares are designated as Series A Preferred Stock, par value $0.0001 per share.

 

On February 5, 2018, the Board of Directors recommended and the majority shareholder (holding 74% of the voting shares) voted in favor of increasing the authorized capital of the Company from One Billion (1,000,000,000) shares, to Three Billion (3,000,000,000) shares.  No change was made to the number of preferred shares authorized.  Accordingly, as of February 5, 2018, the total authorized capital of the Company will be comprised of Two Billion Nine Hundred Ninety-Nine Million (2,999,000,000) shares of common stock, par value $0.00001 per share, and One Million (1,000,000) shares of Preferred Stock, of which Five Hundred Thousand (500,000) shares are designated as Series A Preferred Stock, par value $0.0001 per share.

 

On January 23, 2018, the Company issued 100,000,000 shares of its common stock to sole officer and director, Robert DeAngelis, as his 2017 annual bonus per his employment agreement.  The annual bonus, if any, is determined and paid in accordance with policies set from time to time by the Board or Directors, in its sole discretion. The Board’s policy has been to base the stock price for such issuances upon the average of the closing price of the preceding 10 trading days as reported on OTCMarkets website, which was $0.0033.  Since the Company’s closing stock price on the date of grant was also $0.0033, the Company will not recognize any associated discounts or benefits associated with the shares issued.

The above information was disclosed in a filing to the SEC. To see the filing, click here.

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