I agree. Common stockholders do not hold controlling interest. Fellner not only owns 20% of the common, he also holds 100% of the class A Preferred which have 150 votes per share.
Preferred Stock: 10,000,000 authorized preferred shares, of which 2,140,000 shares have been designated by the Board as Class A Preferred Stock. These shares have 150 votes per share on any matter on which stockholders generally may vote. They have no fixed dividend, but do have a liquidation preference over the common stock of $0.05 per share.
As of December 31, 2014, Andrew Fellner owns approximately 20% of the Company’s common stock as indicated above. Mr. Fellner also owns 100% of the Class A Preferred Stock.
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