The preferred doesn't surprise me. That is standard operating procedure for certain (i.e., scammy) Nevada Corporations. Having supervoting preferred allows the insiders to retain full control no matter how many shares the corporation issues. Even when floorless toxic convertibles are concerned.
A lot of penny players who know nothing of corporate law, and Nevada specifically, get blindsided by the consent provision and the supervoting preferred. By the time they figure it out they have often lost most of their "investment".
But, not all Nevada corporations have supervoting preferred. Only the sleazy ones..... Some actually give some consideration to shareholders, and those should not be tainted with that broad brush. Investors need to do their DD research and figure that out BEFORE they buy.
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