The issue is not the O/S being reduced. Its how its being done. Bill claims he is buying shares back but anyone who looks at the filings know that TPAC has 0 revenue. Bill has been misleading investors to thinking he is buying back shares when in all reality he is converting shares of common stock to preferred stock. 1 million shares of common = 1 preferred. Those shares can then be converted back to 1 million common shares when Bill or his so called contractors "Insiders" finds it necessary. Bill is nothing more than a con man. Please look at the latest 10-Q it all in black and white. No share buyback ever happened. That is why he refuses to tell investors where he got the money to buy the shares back. He has been ask on Twitter several times but refuses to answer.
This is a major reason why the TA needs to be un gagged and or OTC Markets needs a full reporting SS showing insiders shares. Restricted and non restricted preferred shares. Thats what Bill is hiding from shareholders
NOTE 7 – CAPITAL STOCK TRANSACTIONS
Preferred Stock
The Company is authorized to issue up to 5,000,000 shares of its $0.001 preferred stock.
In June 2015, the Company designated 20,000 of the authorized preferred stock as convertible preferred stock with the following characteristics:
i. Each share of Preferred Stock would be convertible into 1,000,000 shares of Common Stock at the Preferred Stock holders’ option.
ii. In shareholder votes, each share of Preferred Stock would have voting power equal to 1,000,000 shares of Common Stock.
In July 2015, 319,566,106 shares of common stock were retired and converted to 325 shares of convertible preferred stock. In addition, the Company issued 613 shares of convertible preferred stock to its employee and consultants for services rendered. These shares were value at $490,000 based on closing price of the underlying common stock if converted.
In June 2015, the company entered into various purchase agreements with accredited investors for the sale of 220 shares of its convertible preferred stock at a price of $100 per share. Total cash proceeds from the sale of stock was $22,000 which was recorded as stock to be issued.
At July 31, 2015 and October 31, 2014, there were 938 and 0 shares issued and outstanding, respectively.
Common Stock
The Company is authorized to issue up to 4,500,000,000 shares of its $0.001 common stock.
At July 31, 2015 and October 31, 2014, there were 4,269,597,516 and 179,447,431 shares issued and outstanding, respectively.
This is a major reason why the TA needs to be un gagged and or OTC Markets needs a full reporting SS showing insiders shares. Restricted and non restricted preferred shares. Thats what Bill is hiding from shareholders
NOTE 7 – CAPITAL STOCK TRANSACTIONS
Preferred Stock
The Company is authorized to issue up to 5,000,000 shares of its $0.001 preferred stock.
In June 2015, the Company designated 20,000 of the authorized preferred stock as convertible preferred stock with the following characteristics:
i. Each share of Preferred Stock would be convertible into 1,000,000 shares of Common Stock at the Preferred Stock holders’ option.
ii. In shareholder votes, each share of Preferred Stock would have voting power equal to 1,000,000 shares of Common Stock.
In July 2015, 319,566,106 shares of common stock were retired and converted to 325 shares of convertible preferred stock. In addition, the Company issued 613 shares of convertible preferred stock to its employee and consultants for services rendered. These shares were value at $490,000 based on closing price of the underlying common stock if converted.
In June 2015, the company entered into various purchase agreements with accredited investors for the sale of 220 shares of its convertible preferred stock at a price of $100 per share. Total cash proceeds from the sale of stock was $22,000 which was recorded as stock to be issued.
At July 31, 2015 and October 31, 2014, there were 938 and 0 shares issued and outstanding, respectively.
Common Stock
The Company is authorized to issue up to 4,500,000,000 shares of its $0.001 common stock.
At July 31, 2015 and October 31, 2014, there were 4,269,597,516 and 179,447,431 shares issued and outstanding, respectively.
