CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): APRIL 12, 2005
TASTY FRIES, INC. (Exact name of registrant as specified in its charter)
Subsequent to the filing of our Current Report on Form 8-K, filed with the Securities and Exchange Commission (the "Commission") on March 23, 2005 and the amended Current Report on Form 8-K/A, filed with the Commission on April 1, 2005 (the "Form 8-Ks"), we have continued to review the facts and circumstances regarding our previous filings with the Nevada Secretary of State and research the impact our previous disclosures have on our current shareholders. It is our determination, after such review and research, that our current articles of incorporation, as amended, allow for the issuance of 50 million shares of common stock. As of the date of this filing, we have issued 128,824,698 shares of our common stock. Therefore, all shares of common stock issued in excess of 50 million are void pursuant to Nevada corporate law. The Company issued all of its authorized shares of common stock on or before November 26, 2001. As a result of this determination, the Company believes that many of the shares of common stock that are publicly traded are not valid, as many of the shares that are trading were issued after the Company had issued 50 million shares of common stock.
The Company has determined that only the current holders of the original 50 million shares of common stock that were issued (the "Original 50 Million") have rights as shareholders, including the right to vote on any matters submitted to the shareholders of the Company. The Company is currently working with its transfer agent to determine the identity of the current holders of the Original 50 Million. However, since a portion of those shares have been transferred into street name, the Company is unlikely to be able to determine the current holders of all of the Original 50 Million. The Company is potentially liable to any person who holds shares of the Company's common stock that is not part of the Original 50 Million.
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