MORE IDOI TRICKERY!!! We all know money is due monthly but this time instead of giving away common shares they GAVE AWAY SHARES that do not EXIST YET! HAHAHA wait until investors "vote" more shares and they will be gone in a flash, just like the last 50,000,000,000 shares! Convertible Preferred Stock
In January through March 2012, in connection with the issuance of notes payable, the Company issued 1.4708 post-split shares of its Series A Preferred. See Note 7.
Shares of Preferred Stock have not been registered and are restricted under the securities laws and pay a dividend of 10% per annum on the stated value. So long as the Series A Preferred is outstanding, unless waived by the holders of 66 2/3% of the Series A Preferred then outstanding, the dividend rate shall increase to 15%. In addition, shares of the Series A Preferred do not vote separately as a class (but do vote on an “as-converted” to common stock basis) and have a liquidation preference equal to the stated value of the shares. Each share of Preferred Stock has a stated post-split value of $300,000 and is convertible into post-split shares of the Company’s common stock at $450 per share.
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