Quarterly report pursuant to Section 13 or 15(d)

Equity

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Equity
3 Months Ended
Mar. 31, 2012
Equity  
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 Company’s common stock for the 5 trading days prior to the conversion date, and is adjustable to prevent dilution.  (Convertible to 15,384,615 common shares at March 31, 2012).

 

*

Convertible at the Option of the Company at par value only after repayment of the shareholder loans from Joseph Fiore and subject to the holder’s 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.