Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Deficit

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Stockholders' Deficit
3 Months Ended
Mar. 31, 2016
Stockholders' Equity [Abstract]  
Stockholders' Equity

Note 9 – Stockholders’ Equity

 

Shares issued to Strategic for Expenses, Deposits and Acquisitions paid for on Behalf of the Company

 

As discussed in Note 8 above, a related entity incurred costs and paid landfill acquisition deposits and paid the cash portion of an acquisition on behalf of the Company. Total restricted common shares issued during the three months ended March 31, 2016 for settlement of these costs totaled 592,829 (settled for $1 per share).

 

Shares Subscribed, Issued During The Three Months Ended March 31, 2016

 

As discussed in note 10, the Company acquired two related party entities and as part of the consideration, issued the Shareholder a total of 3,150,000 restricted common shares of the Company as part of the acquisition. As of December 31, 2015, the shares were not issued, and thus were included in common stock subscribed on our consolidated balance sheet. During the three months ended March 31, 2016, all 3,150,000 shares were issued and transferred from common stock subscribed to additional paid in capital.

 

Preferred Stock

 

During May 2015, the Company amended the Articles of Incorporation to authorize 10,000,000 shares of the Company’s Series A preferred stock, no par value per share. On June 17, 2015, the Company issued one share of Series A Preferred Stock, no par value, to the Company’s Chairman of the Board (the “Chairman”). As a holder of outstanding shares of Series A Preferred Stock, the Chairman is entitled to voting power equivalent to the number of votes equal to the total number of Company’ common stock outstanding as of the record date for the determination of stockholders entitled to vote at each meeting of stockholders of the Company and entitled to vote on all matters submitted or required to be submitted to a vote of the stockholders of the Company.

 

On approximately January 1, 2016, the Company’s Board of Directors approved 10,000,000 shares of Series B, 10%, cumulative preferred stock and $2,000,000 of Shareholder debt was converted to this class of preferred stock. During the three months ended March 31, 2016, $50,000 of dividends was accrued, but not paid on this preferred stock.