Series A Convertible Preferred Stock

12 Months Ended

Dec. 31, 2012

Convertible Preferred Stock [Abstract]

Series A Convertible Preferred Stock

10. Series A Convertible Preferred Stock

On March 16, 2012, the Company created the Series A Convertible Preferred Stock (“Series A”). The Series A has the following features:

● Par value is $.001.

● 1,000,000 shares authorized.

● Voting rights on each matter submitted to common shareholders; 306 votes per each share of preferred stock held.

● Convertible after 6 months from the above date on a ratio of one-to-one into common shares at the option of the preferred share holder.

During the year ended December 31, 2012, the Company issued 500,000 shares of Series A Convertible Preferred Stock to the Company’s CEO in exchange for accrued payroll of $334,785.