|
NOTE 3
– PREFERRED STOCK
The Company
has authorized 10,000,000 shares of preferred stock, with a par value of $0.0001, of which 13,500 shares have been designated
as “Series E Convertible Preferred Stock.” There are no outstanding shares of preferred stock or Series E Convertible
Preferred Stock. The Series E Convertible Preferred Stock has the following features:
| |
· |
The holders of Series
E Convertible Preferred Stock are entitled to receive cash out of the assets of the Company before any amount is paid to the
holders of any capital stock of the Company of any class junior in rank to the shares of Series E Convertible Preferred Stock; |
| |
· |
Each share of Series
E Convertible Preferred Stock is convertible, at the holder’s option, into shares of common stock at the average closing
bid price of the common stock for five trading days prior to the conversion date; |
| |
· |
The Company has the
right, in its sole discretion, at any time 110 days after issuance of shares of Series E Convertible Preferred Stock, to redeem
all the shares of Series E Convertible Preferred Stock upon thirty days advance written notice at a redemption price equal
to the par value of the shares of the Series E Convertible Preferred Stock; and |
| |
· |
At every meeting
of stockholders every holder of shares of Series E Convertible Preferred Stock is entitled to 50,000 votes for each share
of Series E Convertible Preferred Stock with the same and identical voting rights as a holder of a share of common stock. |
|