As of the date hereof, the authorized capital stock of the Company consists of 1,500,000,000 shares of the Common Stock, par value $.0001 per share, of which 336,919,939 shares were issued and outstanding as of June 13, 2016, and 10,000,000 shares of preferred stock, par value $.0001 per share, of which 967,031 shares of Series A Preferred Stock and 8,534,625 shares of Series B Preferred Stock are outstanding. All of such outstanding shares have been, or upon issuance will be, validly issued and are fully paid and non-assessable.