On January 4, 2017, the Board of Directors resolved to reduce the conversion rate of its entire 50 million shares of Preferred Stock. The conversion rate of preferred stock to common was reduced from 50 to 1 to a rate of just 1 to 1; which effectively cancelled the potential issuance of 2.45 billion common shares. At the same time, the Board resolved to keep the total authorized common share count at 2.4 billion shares, not conduct any reverse split below .05 per share, and not issue any additional classes of stock for at least three years.
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