Quarterly report pursuant to Section 13 or 15(d)

Equity

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Equity
6 Months Ended
Jun. 30, 2011
Equity  
Stockholders' Equity Note Disclosure [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 9,174,312 common shares at June 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.