As of the date hereof, the authorized common stock of the Company consists of 500,000,000 authorized shares of common stock, $0.001 par value per share, of which 30,455,167 shares are issued and outstanding and 10,000,000 shares of preferred stock, $0.001 par value per, none of which are outstanding. On or prior to the Closing Date, the Certificate of Designation shall be filed with the Nevada Secretary of State authorizing 500,000 Series A Shares. All of such outstanding shares of capital stock are duly authorized, validly issued, fully paid and non-assessable.