Holders of Series E Shares are entitled to receive, when, and if declared by the Company's Board of Directors, cumulative preferential dividends, payable semiannual in cash at a rate per annum equal to of the initial purchase price of per share or in-kind (at the Company's election) through the issuance of shares of the Company's common stock, based on the day volume weighted average price of the common stock. The deemed dividend is reflected on the face of the Consolidated Statements of Operations as an increase in net loss or a decrease in net income to arrive at net income/(loss) attributable to common shareholders.

 

During the fiscal year, the Company issued and sold an additional Series E Shares for the price of per share, resulting in gross proceeds of Net proceeds from sales of Series E Shares during the fiscal year were approximately million after fees and expenses of approximately Placement agent fees incurred in connection with the transaction were of gross proceeds or approximately in cash, plus warrants to purchase of the number of common shares into which the Series E shares can be converted ( shares) at an exercise price of per share.

 

The Company completed a private exchange offer on issuing an aggregate of shares of common stock in exchange for shares of Series E Preferred Stock and the dividends accrued thereon. The shares of common stock to be issued in the exchange were issued in reliance on the exemption from registration set forth in Section (a)() of the Securities Act of as amended, though other exemptions be available.

 

The table below presents information as of and

 

Preferred Stock		Designated				Shares				Shares				Liquidation
		Shares				Issued				Outstanding				Preference
Series B			10,000				9,997				9,245			$	2,136
Series C			3,500				3,425				3,425				500
Series D			6,000				5,112				5,112				731
Series E			100,000				100,000				9,200				345
Total			119,500				118,534				26,982			$	3,712