The authorized capital stock of CTI consists of 600,000,000 shares of Common Stock , par value $0.001 per share, of which 317,210,160 shares are issued and outstanding, and 10,000,000 shares of Preferred Stock, par value $0.001 per share, of which 5,000,000 shares are designated as Series A Preferred Convertible Shares (“Series A Preferred”), with 1,282,000 issued and outstanding, and 1,000,000 shares designated as Series B Preferred Convertible Shares (“CTI Series B Preferred Shares”), of which a total 1,000,000 will be issued and outstanding at Closing.
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