Thanks. I may not be understanding the preferred, but it seems one issue would be whether they are restricted and for how long. The other is whether the shares that have been issued represent some kind of investment in the company: I don't see anything in the financials that indicate that they do, so it looks to me like they are not helping and can only hurt once they are converted. If that is wrong then I am not understanding their role at this point. As a potential investor, I am wary of anything that can potentially dilute the hell out of the stock at any time.
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