Where do you see that there is no preferred stock? The SEC filed financials with the most recent "as of" date at March 31, 2009 show that there was "Redeemable Convertible Preferred Stock" in the amount of $4,262,899. It also shows "Stockholder Deficit" or "negative equity" of $3 million dollars and that is BEFORE considering that $14 million of the $22 million in assets are intangibles that are likely to be written down to zero when we next see a balance sheet.
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