Somebody do the math....is this for real????
Series A Preferred Stock
On December 2, 2009, the Company entered into a Conversion Agreement (the “Conversion Agreement”) with Robert Teague (“Teague”), Vice President of Operations and a director of the Company. The Company is presently in debt to Teague for wages in arrears in the amount of $82,500 (the “Wages”). Pursuant to the Conversion Agreement, Teague converted $60,000 of the Wages owed to him in consideration of 5,000,000 shares of series A Preferred Stock (the “Series A Stock”).
The above transaction was approved by the Board of Directors of the Company. Teague recused himself from voting on such matter. Each share of Series A Stock is convertible, at the option of the holder, into ten shares of common stock. In addition, the holder of the Series A Stock is entitled to vote ten shares of common stock for each share of Series A Stock. The Series A Stock has no liquidation preference.