Just because 1M (series A) pref shares are outstanding does not necessarily mean anyone actually owns them all and even if Roth does in fact own 1M Series A pref shares, the voting power which can be used by him versus the full voting power of the entire float (~400M shares) is about 400M/4.4M = ~1.1% hardly majority voting power.
see post #57478
I already did the calculations (perhaps erroneous? please raise issues with math if there are errors) based on the by-laws, IF Roth owns 100k Series A pref shares he has the voting power equivalent to 440,000 common shares but IF Roth owns 1M Series A pref shares he has the voting power equivalent to 4,400,000 common shares (10 times the amount previously discussed). I say IF because as pitadog pointed out (post #57479), the latest filing is self-contradictory; it states Roth as owning 100k Series A pref shares but then in another section states he owns 1M Series A pref shares. With the current O/S and float where it is, in either case Roth does not have voting majority IF all the owners of the float were to actually cast a vote on something BUT IF you consider Roth doing some kind of speculative future R/S (which I do not subscribe to but some may) then you can see how he quickly could take voting power away from existing shareholders (if he somehow performed an R/S without adjusting the pref shares); of course though, it is all speculation about the future. As a shareholder I expect and demand the share structure to remain as it is, if it is changed by one man, the CEO, I think shareholders here could move against it rather easily (court).
" Preferred shares Authorized: 100,000,000 Series A authorized one million shares, 1,000,000 shares issued and outstanding
Common shares Authorized: 650,000,000 633,403,973 common shares issued and outstanding 398,913,739 freely tradable shares There were a total of 365 beneficial shareholders known to the company. There were a total of 148 shareholders of record "
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