Monday, July 30, 2018 1:18:23 PM
Table of Contents
The Series C Preferred has the following anti-dilution language:
“For a period of 24 months after the Preferred is issue, the conversion price of the Series C Preferred will be subject to adjustment to prevent dilution in the event that the Company issues additional shares at a purchase price less than the applicable conversion price. The conversion price will be subject to adjustment on a weighted basis that takes into account issuances of additional shares and the fully convertible positions of this Series C Preferred. At the expiration of the anti-dilution period, the conversion rate in Section V (A) above shall be equal to a conversion rate equal to 72.5% on the Common Stock. For example, if on the date of expiration of the anti-dilution clause there are 500,000,000 shares of Common Stock issued and outstanding then each Series C Preferred Stock shall convert at a rate of 181.9 common shares for each 1 Series Preferred Share.”
Common Shares Beneficially Owned
Prior to Offering
Common Shares Beneficially Owned
After the Offering
Series C Preferred Shares Beneficially Owned
Before and After the Offering
Name and Position of Beneficial Owner
Number
Percent
Number
Percent
Number
Percent
(Each person owning more than 10% not yet known)
O/S
O/S
O/S
O/S
0
0
Todd Higley
0
0
0
0
2,000,000
20.01
Phil Kirkland
0
0
0
0
2,000,000
20.01
Cecilia Widner-White
0
0
0
0
2,000,000
20.01
Devon Jones
0
0
0
0
2,000,000
20.01
Other Shareholders as a Group
O/S
O/S
O/S
O/S
1,996,000
19.96
Total
207,050,000
100
1,207,050,000
100
9,996,000
100
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