Reason for AS growth...
1. Designation and Amount; Designated Holder. The Company has authorized ten million (10,000,000) shares of Preferred Stock, $0.10 par value per share, of which there is one share of Super Voting Class B Preferred Stock issued and outstanding; and, pursuant to this Series C Certificate of Designations, the Company hereby authorizes four hundred thousand (400,000) shares Series C Convertible Preferred Stock, with the rights and preferences set forth below. Only two (2) entities, IDH Holdings 2, Inc., a Delaware corporation (“IDH” and Sunlight Financial, LLC, a Texas limited liability company (“Sunlight”) (sometimes referred to hereinafter, individually, as a “Series C Holder” and collectively, as the “Series C Holders”) are entitled to be initially designated as the owners of the Series C Convertible Preferred Stock, of which two hundred thousand (200,000) shares of Series C Preferred Stock shall be issued to each of IDH and Sunlight. Any transfer of the Series C Preferred Stock to a different Holder must be approved in advance by the Company; provided, however, each Series C Holder shall have the right to transfer the Series C Preferred Stock, or any portion thereof, to any affiliate of, or nominee or shareholder of such Series C Holder, without the approval of the Company.
Preferred shares 10,000,000 @ par value .10 Needs to be accounted for in AS
Common share par value .001
10,000,000 x 100 = 1,000,000,000 minimum shares in AS!
Note .... MMMM only raised AS to 900,000,000!!!!!!!!
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