v2.4.0.8
10) Preferred Stock
12 Months Ended
Dec. 31, 2012
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.