v3.25.2
CANCELLATION OF PREFERRED STOCK
 6 Months Ended
Jun. 30, 2025
CANCELLATION OF PREFERRED STOCK  
CANCELLATION OF PREFERRED STOCK

Note 7 – CANCELLATION OF PREFERRED STOCK

 

During the period ended June 30,2025, the Company cancelled and permanently retired 12,500 issued and outstanding preferred shares with a par value of $0.01 per share. These shares were originally issued at par, and no consideration was paid upon cancellation.

 

As a result of this transaction:

 

 

·

The Preferred Stock account was reduced by $125.

 

 

 

 

·

There was no impact on Additional Paid-In Capital, as the shares were issued at par.

 

 

 

 

·

The corresponding credit was made to Retained Earnings to reflect the reduction in equity with no inflow of assets or settlement obligation.

 

The cancelled shares have been removed from both issued and authorized capital and may not be reissued in the future.