8 Dec 2010capital raising announcement▼ BadMajor
On December 8, 2010 the company issued 1,000,000 Series A Convertible Preferred shares each to Rauno Perttu and Daniel Hollis for about $250,000 in total of past unpaid services. Each preferred share carries 350 votes and converts into 10 common shares, with no dividends or liquidation preference. Inference: with 2,000,000 preferred shares this gives the two executives 700 million votes, which would give them voting control; the filing does not state the common share count to confirm this. This is the first preferred stock issued by the company.