Quarterly report pursuant to sections 13 or 15(d)

NOTE 5 - STOCKHOLDERS' EQUITY

v2.4.0.6
NOTE 5 - STOCKHOLDERS' EQUITY
3 Months Ended
Mar. 31, 2012
Stockholders' Equity Note Disclosure [Text Block]
NOTE 5 – STOCKHOLDERS’ EQUITY

Series A Convertible Preferred Stock

On January 12, 2012, the Series A Convertible Preferred Stock was converted into 2,385,650 shares of Class A Common Stock.

Series B Preferred Stock

The Series B Preferred Stock has the rights, privileges, preferences and restrictions set for in the Certificate of Designation (the “Certificate of Designation”) filed by the Corporation with the Secretary of State of the State of Delaware (“Delaware Secretary of State”) on September 23, 2011.

The one (1) share of the Series B Preferred shall have voting rights equal to (x) the total issued and outstanding Common Stock and preferred stock eligible to vote at the time of the respective vote divided by (y) forty nine one-hundredths (0.49) minus (z) the total issued and outstanding Common Stock and preferred stock eligible to vote at the time of the respective vote.  For the avoidance of doubt, if the total issued and outstanding Common Stock eligible to vote at the time of the respective vote is 5,000,000, the voting rights of the Series B Preferred Stock shall be equal to 5,204,082 (e.g. (5,000,000 / 0.49) – 5,000,000 = 5,204,082).