Good to hear. My question for the CC: What circumstances prompted the inclusion of this section in the recent 10K?
Page 28.
Concentration of ownership among our existing officers, directors and
principal stockholders may prevent other stockholders from influencing
significant corporate decisions and depress our share price.
As of the date of this report, our officers, directors and existing
stockholders who hold at least 10% of our shares will together
beneficially own approximately 17.03% of our issued and outstanding
common stock. As of the date of this report, our founder and current
Chief of Technology, John Bordynuik owns approximately 4.81% of our
issued and outstanding common stock. In addition, Mr. Bordynuik is
the sole owner of our issued and outstanding Series A Preferred
Shares, consisting of 1,000,000 Series A Preferred Shares. The Series
A Preferred Shares have voting rights that are 100 times the voting
rights of our common stock. Therefore, Mr. Bordynuik controls
approximately 50.65% of the voting power of the Company’s share
capital. Mr. Bordynuik’ s voting ability is limited to certain
matters of the Company, pursuant to an agreement with certain
shareholders of the Company, however, even with these limitations, he
is able to exert a significant degree of influence over matters
requiring shareholder approval, including the election of directors,
any amendments to our articles or by-laws and significant corporate
transactions. The interests of this concentration of ownership may not
always coincide with the Company’s interests or the interests of other
stockholders. For instance, officers, directors, and principal
stockholders, acting together, could cause the Company to enter into
transactions or agreements that it would not otherwise consider.
Similarly, this concentration of ownership may have the effect of
delaying or preventing a change in control of the Company otherwise
favored by our other stockholders. This concentration of ownership
could depress our share price.