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10) Preferred Stock
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12 Months Ended |
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Dec. 31, 2012
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| Notes | |
| 10) Preferred Stock | 10) PREFERRED STOCK
Convertible Preferred Class A Series
On June 20, 2010, the Company designated and authorized 100,000 shares of Class A convertible preferred stock (Class A). The Class A has no par value, has no liquidation preference and each shares of Class A is convertible into 1,000 shares of common stock at the option of the holder. The Class A stockholders have voting rights equal to the number of common shares, into which the Class A shares are convertible into shares of common stock. The Class A does not provide for any cumulative dividends or any other redemption features outside the control of the Company.
Convertible Preferred Class B Series
On June 20, 2010, the Company designated and authorized 400,000 shares of Class B convertible preferred stock (Class B). The Class B has no par value, has no liquidation preference and each shares of Class B is convertible into 40 shares of common stock at the option of the holder. The Class B stockholders have voting rights equal to the number of common shares, into which the Class B shares are convertible into shares of common stock. The Class B does not provide for any cumulative dividends or any other redemption features outside the control of the Company.
Preferred Class C Series
On June 20, 2010, the Company designated and authorized 50,000 shares of Class C preferred stock (Class C). The Class C has no par value, has no liquidation preference and has no conversion provisions. The Class C stockholders have voting rights at a ratio of 1,000 votes for each Class C share. The Class C does not provide for any cumulative dividends or any redemption features outside the control of the Company. |