The problem are the prefered stock G.
This allow the new CEO to have 95% of the votes and rights on the company with only 5 000 000 prefered stock G shares based on a price of 0.0001.
This also mean that this guy own 95% of the company with a valor of 500$ usd investment .
So 5 000 000 prefered shares issued before the company move in his hand have more valor than the 400M outstanding shares .
What do this mean in simple words ? that you can buy 100% of the OS and you will only have 5% of the right in the company this mean you have nothing .
So this also mean that no one will never try to buy this company over based on the outstanding shares due that its not possible .
Personaly for my part this is a scandalous way of work .
They dont make money over or yes but very less with over 2.5M $usd loss and no new investors will be able to inject money in the company to become member or the directors board and try to help them become productive .
read this
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4) Control by Image Worldwide, Inc.
As a result of the Agreement with Image Worldwide, Inc., on June 27, 2008 control over our Company passed to Image Worldwide, Inc., a Colorado corporation. The Chief Executive Officer of Image Worldwide, Inc. is Paul Sorkin who is also currently our President, Chief Executive Officer and Chairman of the Board. Since Image Worldwide, Inc. owns 5,000,000 shares of our newly-designated Series G Preferred Stock and each share has the right to 1,000 voting rights and to vote and on all matters submitted to the holders of our Common Stock, they effectively hold 95.71% of the outstanding voting rights. On this basis, persons who acquire our common stock have no real ability to have any influence or control over the Company, its affairs, or its future direction.
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More informations in the quarterly repport .
