Quarterly report pursuant to sections 13 or 15(d)

NOTE 10 - STOCKHOLDERS' EQUITY

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NOTE 10 - STOCKHOLDERS' EQUITY
6 Months Ended
Jun. 30, 2011
Stockholders' Equity Note Disclosure [Text Block]
NOTE 10 – STOCKHOLDERS’ EQUITY

Convertible Preferred Stock

The Company issued to the each holder of the Promissory Notes one (1) share of Series A Convertible Preferred Stock, par value $1.00 per share having the rights, preferences, privileges, powers and restrictions set forth in the Certificate of Designation filed with the Secretary of State of Delaware. The Company has the right to convert, at its sole option, each share of Series A Convertible Preferred Stock into Class A Common Stock equal to 1% of the outstanding shares of Class A Common Stock at the time of conversion. The Company valued the Series A Convertible Preferred Stock at $22,886 representing 1% of the outstanding shares deliverable multiplied by the fair market value of the stock on the date of issuance and recorded as debt discount, which has been amortized to interest expense during 2011.

On May 17, 2011, the Company filed an Information Statement with the Securities and Exchange Commission, pursuant to Section 14C of the Securities Exchange Act of 1934, to the holders of Class A common stock of SilverSun Technologies, Inc. to notify such Class A Stockholders that the Company received a unanimous written consent in lieu of a meeting of the holders of Series A Convertible Preferred Stock.  Each share of Series A Preferred has the equivalent of five billion (5,000,000,000) votes of Class A Common Stock.  Currently, there are two holders of Series A Preferred (together, the “Series A Stockholders”), each holding one share of Series A Preferred, resulting in the Series A Stockholders holding in the aggregate approximately 55.4% of the total voting power of all issued and outstanding voting capital of the Company (the “Majority Stockholders”).   The Series A Stockholders consented to perform the following:

 
1. A 1-for-1,811 reverse stock split of the Company’s issued and outstanding shares of Class A Common Stock;

 
2. A decrease in the number of authorized shares of Class A Common Stock from ten billion (10,000,000,000) shares of Class A Common Stock to seven hundred and fifty million (750,000,000) shares of Class A Common Stock;

 
 3. An amendment to the par value of blank check preferred stock from a par value $1.00 per share to a par value $0.001 per share.

 
 4. A change in the conversion ratio at which the Class B common stock, par value $.00001 per share of the Company converts into Class A Common Stock from (i) fifty percent (50%) of the lowest price ever paid for the issuance of Class A Common Stock for each one share of Class B Common Stock being converted to (ii) 1,975 shares of Class A Common Stock for each one share of Class B Common Stock;

 
5. The cancellation of Class C Common Stock, par value $.00001 per share.;

 
6. A change in the name of the Company from Trey Resources, Inc. to SilverSun Technologies, Inc.