You need registered shares to make them able to be legally "traded," like the shares here are free trading. The shares are restricted, they can not be openly traded. It was a private transaction between My Pleasure and the other group. The Company is under no obligation to register them. They were registered shares, albeit restricted, which were converted to the unregistered preferred shares. You can follow the share trail from 2008, all with filings explaining the transactions.
1. ACDU had 4.3 million shares common in 2008.
2. It issued 5 million restricted common under Reg D selling the control to My Pleasure.
3. There was a 100 for 1 forward split in 2009.
4. My Pleasure, using their voting control, converted their common to preferred.
5. So now there are 436mm common and 500mm preferred.
Transactions of the preferred are private party transactions since those shares can't be traded on the open market, don't have a symbol, etc.
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