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NOTE 11 – PREFERRED STOCK
The Company has authorized 10,000,000 shares
of preferred stock, with a par value of $0.0001, of which one share has been designated as "Series A Preferred Stock."
There is one share of Series A Preferred Stock issued and outstanding as of October 31, 2019. The description of the Series A Preferred Stock below is qualified in its entirety by reference to the
Company’s Articles of Incorporation, as amended.
The Series A Preferred Stock has the following
features:
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There is one share of preferred stock designated as
Series A Preferred Stock;
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The Series A Preferred Stock has a number of votes at any time equal to the number of votes then held by all
other shareholders of the Company having a right to vote on any matter plus one. The Certificate of Designations that designated
the terms of the Series A Preferred Stock cannot be amended without the consent of the holder of the Series A Preferred Stock;
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The Company may redeem the Series A Preferred
Stock at any time for a redemption price of $1.00 paid to the holder of the share of Series A Preferred Stock;
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The Series A Preferred Stock has no rights of transfer, conversion,
dividends, preferences upon liquidation or participation in any distributions to shareholders. |
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