|9 Months Ended|
Sep. 30, 2011
|Preferred Stock [Text Block]||
NOTE 8 - CONVERTIBLE PREFERRED STOCK
The Series E Convertible Preferred Stock carries the following rights and preferences;
* No dividends.
* Convertible to common stock at the average closing bid price for the Companys common stock for the 5 trading days prior to the conversion date, and is adjustable to prevent dilution. (Convertible to 10,000,000 common shares at September 30, 2011).
* Convertible at the Option of the Company at par value only after repayment of the shareholder loans from Joseph Fiore and subject to the holders option to convert.
* Entitled to vote 1,000 votes per share of Series E Convertible Preferred Shares.
* Entitled to liquidation preference at par value.
* Is senior to all other share of preferred or common shares issued past, present and future.
The entire disclosure for terms, amounts, nature of changes, rights and privileges, dividends, and other matters related to preferred stock.