QDM International issues 6M Series B shares to CEO in exchange for $600K debt cancellation

QDM International Inc.

CEO Huihe Zheng receives 6,000,000 Series B Preferred Shares at $0.10/share, cancelling $600,000 of debt owed by company.
Series B shares each carry 100 votes per share, are not convertible, and have no dividend or redemption rights.
Company amends articles to increase authorized Series B shares from 2,000,000 to 10,000,000 shares.
The issuance is unregistered, exempt under Section 4(a)(2) of the Securities Act.
Total debt owed to CEO is $1,412,277; only $600,000 is being cancelled in this transaction.

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

QDM International Inc.: Amended articles of incorporation to increase authorized Series B Preferred Stock from 2,000,000 to 10,000,000 shares (effective 2024-10-04).

Change: charter amendment
Effective: 2024-10-04

Exact text from the filing

On October 4, 2024, the Company filed an Articles of Amendment to Articles of Incorporation of the Company (the “Amendment”) with the Florida Division of Corporation to increase the Company’s authorized number of Series B Shares from 2,000,000 shares to 10,000,000 shares.

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QDM International Inc. filing history →

Source: SEC EDGAR

accession 0001213900-24-086893

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