ProtoKinetix Deepens Losses Amidst Continued R&D Spending

TL;DR

**PKTX is a cash-burning biotech with no revenue, relying on dilutive financing to stay afloat – avoid.**

AI Summary

ProtoKinetix, Inc. (PKTX), a development stage medical research company, reported a net loss of $273,662 for the nine months ended September 30, 2025, an increase from the $261,676 net loss in the same period of 2024. The company generated no significant revenue and continues to operate at a loss, accumulating a deficit of $48,501,809 as of September 30, 2025. Cash on hand improved to $607 from a negative $4,697 at December 31, 2024, primarily due to $177,500 raised from common stock issuance through private placement offerings. Total operating expenses increased to $273,662 for the nine months ended September 30, 2025, up from $261,676 in the prior year, driven by higher professional fees of $107,991 and research and development costs of $82,392. The company's ability to continue as a going concern is dependent on securing additional working capital through equity financing or related party loans, as stated in Note 1. Intangible assets, primarily patent application rights, increased to $475,966 from $469,784 at December 31, 2024, with $44,371 in new additions during the nine-month period.

Why It Matters

ProtoKinetix's persistent losses and reliance on equity financing for survival signal high risk for investors, as the company has yet to develop a commercially viable product. The ongoing research into AAGP, while potentially groundbreaking, remains speculative, impacting future revenue generation. For employees, the 'going concern' uncertainty could lead to job insecurity. Customers and the broader market are unaffected by this development-stage company's current financial state, but its long-term success could introduce innovative healthcare solutions, potentially disrupting the anti-aging and medical research sectors if AAGP proves effective and marketable. The competitive landscape for medical research is intense, and PKTX's limited capital puts it at a significant disadvantage against larger, well-funded pharmaceutical and biotech firms.

Risk Assessment

Risk Level: high — The company explicitly states 'These factors raise substantial doubt about the Company's ability to continue as a going concern' in Note 1. It has an accumulated deficit of $48,501,809 as of September 30, 2025, and has not generated any significant revenue since inception, indicating a high operational risk. Cash on hand is only $607, which is insufficient for sustained operations without further financing.

Analyst Insight

Investors should exercise extreme caution and consider avoiding PKTX stock due to its development-stage status, lack of revenue, and significant 'going concern' uncertainties. Potential investors should await clear evidence of commercial viability for its AAGP research and a stable funding model before considering any investment.

Financial Highlights

debt To Equity

0.91

revenue

$0

operating Margin

N/A

total Assets

$ 477,623

total Debt

$ 227,196

net Income

$ (273,662)

eps

$ (0.00)

gross Margin

N/A

cash Position

$ 607

revenue Growth

N/A

Key Numbers

• $273,662 — Net Loss (Increased from $261,676 in the prior year, indicating growing operational costs without revenue.)
• $48,501,809 — Accumulated Deficit (Highlights the company's long history of losses and lack of profitability since inception.)
• $607 — Cash on Hand (Extremely low cash balance, underscoring the immediate need for additional financing.)
• $177,500 — Cash from Financing Activities (Primary source of cash inflow, demonstrating reliance on equity dilution for operations.)
• $475,966 — Intangible Assets (Represents the majority of the company's assets, primarily patent application rights, with no current revenue generation.)
• 390,080,152 — Common Shares Outstanding (Increased from 371,880,152 at December 31, 2024, indicating significant share dilution.)
• $82,392 — Research and Development Expenses (Increased from $78,625 in the prior year, reflecting ongoing investment in AAGP research.)
• $107,991 — Professional Fees (Increased from $98,647 in the prior year, contributing to higher operating expenses.)

Key Players & Entities

• ProtoKinetix, Inc. (company) — registrant
• AAGP (other) — trademarked anti-aging glycoproteins under research
• Institut National des Sciences Appliquees de Rouen (company) — assignor of patents to ProtoKinetix
• Grant Young (person) — assignor of 50% ownership of patent application rights
• Governors of the University of Alberta (company) — assignor of remaining 50% ownership of patent application rights
• SEC (regulator) — filing oversight
• $273,662 (dollar_amount) — net loss for nine months ended September 30, 2025
• $48,501,809 (dollar_amount) — accumulated deficit as of September 30, 2025
• $607 (dollar_amount) — cash on hand as of September 30, 2025
• $177,500 (dollar_amount) — cash raised from common stock issuance in nine months ended September 30, 2025

FAQ

Risk Factors

• Going Concern Uncertainty [high — financial]: The company has incurred losses since inception and has not generated significant revenue, leading to substantial doubt about its ability to continue as a going concern. Its continuation is dependent on securing additional working capital through equity financing or related party loans.
• Reliance on Equity Financing [high — financial]: The company's cash position of $607 as of September 30, 2025, is extremely low, necessitating reliance on equity financing. $177,500 was raised through common stock issuance in private placements, indicating a dependence on diluting existing shareholders for operational funding.
• Development Stage Operations [medium — operational]: As a development stage company, ProtoKinetix has not developed a commercially viable product. Its primary focus is on researching synthesized Antifreeze Glycoproteins (AAGP), with intangible assets of $475,966 primarily representing patent application rights, which are not currently generating revenue.
• Increasing Operating Expenses [medium — financial]: Total operating expenses increased to $273,662 for the nine months ended September 30, 2025, from $261,676 in the prior year. This increase was driven by higher professional fees ($107,991) and research and development costs ($82,392).
• Market Acceptance of AAGP [medium — market]: The company's future success hinges on the successful development and market acceptance of its AAGP research. There is inherent risk in the lengthy and uncertain process of medical research and product commercialization.
• Accumulated Deficit [high — financial]: The company has accumulated a deficit of $48,501,809 as of September 30, 2025, reflecting its long-standing inability to achieve profitability. This significant deficit underscores the financial challenges and the long road to potential profitability.

Industry Context

ProtoKinetix operates in the highly competitive and capital-intensive biotechnology and medical research sector. Companies in this space typically face long development cycles, significant regulatory hurdles, and a high risk of failure. Success often depends on groundbreaking research, securing substantial funding, and navigating complex intellectual property landscapes.

Regulatory Implications

As a medical research company, ProtoKinetix is subject to stringent regulations from bodies like the FDA if its research progresses towards human trials or therapeutic products. Compliance with these regulations is costly and time-consuming, and failure to comply can result in significant penalties or delays.

What Investors Should Do

1. Monitor future financing activities closely: Given the extremely low cash balance and going concern issues, investors should track any new equity or debt financing to assess dilution and the company's ability to fund operations.
2. Evaluate R&D progress and milestones: Investors need to assess the tangible progress in the AAGP research and patent applications, as this is the primary driver of potential future value.
3. Consider the long-term viability: The company's substantial accumulated deficit and lack of revenue suggest a very high-risk investment profile, requiring a long-term perspective and tolerance for potential loss.

Key Dates

• 2025-09-30: Balance Sheet Date — Reflects current financial position, including extremely low cash ($607) and significant accumulated deficit ($48,501,809).
• 2025-09-30: Statement of Operations Period End — Shows a net loss of $273,662 for the nine months, an increase from the prior year, highlighting ongoing operational losses.
• 2024-12-31: Prior Period Balance Sheet Date — Provides a comparison point for asset and liability changes, notably the improvement in cash from negative $4,697 to positive $607.

Glossary

Development Stage Company

A company that has no commercial operations and has not generated significant revenue. It is typically focused on research and development or the creation of a product or service. (ProtoKinetix is classified as such, indicating its current lack of revenue-generating products and its focus on R&D.)

Going Concern

An accounting assumption that a company will continue to operate for the foreseeable future. If there is substantial doubt about this, it must be disclosed. (The company's ability to continue as a going concern is in doubt due to its financial condition, requiring disclosure and management's plans to address it.)

Accumulated Deficit

The cumulative net losses of a company since its inception, minus any cumulative net gains. It represents a negative retained earnings balance. (ProtoKinetix has a substantial accumulated deficit of $48,501,809, indicating a history of unprofitability.)

Intangible Assets

Non-physical assets that have value, such as patents, copyrights, trademarks, and goodwill. For ProtoKinetix, these are primarily patent application rights. (These represent the majority of the company's assets ($475,966) but do not currently generate revenue.)

AAGP (Antifreeze Glycoproteins)

Synthesized glycoproteins that the company is researching for potential benefits and feasibility, trademarked as AAGP. (This is the core research focus of ProtoKinetix, representing its potential future product or technology.)

Share-based Compensation

Compensation provided to employees or consultants in the form of stock options, warrants, or restricted stock. (While not a significant expense in the current period ($0 for the nine months ended Sep 30, 2025), it has been a factor in the past and is relevant for understanding equity dilution.)

Year-Over-Year Comparison

For the nine months ended September 30, 2025, ProtoKinetix reported a net loss of $273,662, an increase from $261,676 in the same period of 2024, indicating widening losses. Total operating expenses also rose to $273,662 from $261,676, primarily due to increased professional fees and R&D costs. The company's cash position improved significantly from a negative $4,697 to $607, largely due to $177,500 raised from stock issuance, which also led to a notable increase in common shares outstanding, signaling further dilution.

Key Financial Figures

• $0.10 — 's common stock at an exercise price of $0.10 per share for a period of five years. T
• $35,000 — cation Rights had a total fair value of $35,000, which was allocated as $10,000 to the
• $10,000 — alue of $35,000, which was allocated as $10,000 to the cash consideration paid, with th
• $25,000 b — consideration paid, with the remaining $25,000 being allocated to the warrant component
• $663,234 — ion. The Company incurred an additional $663,234 in direct costs relating to the Patent
• $1 — ation Rights, the Company agreed to pay $1 (paid). The Company incurred $ 2,415 i

Filing Documents

• pktx_10q-093025.htm (10-Q) — 531KB
• ex31x1.htm (EX-31.1) — 12KB
• ex31x2.htm (EX-31.2) — 12KB
• ex32x1.htm (EX-32.1) — 6KB
• 0001079973-25-001708.txt ( ) — 3004KB
• pktx-20250930.xsd (EX-101.SCH) — 26KB
• pktx-20250930_cal.xml (EX-101.CAL) — 24KB
• pktx-20250930_def.xml (EX-101.DEF) — 93KB
• pktx-20250930_lab.xml (EX-101.LAB) — 224KB
• pktx-20250930_pre.xml (EX-101.PRE) — 187KB
• pktx_10q-093025_htm.xml (XML) — 381KB

Financial Statements

Item 1. Financial Statements 2 Unaudited Balance Sheets 2 Unaudited Statements of Operations 3 Unaudited Statement of Stockholders' Equity 4 Unaudited Statements of Cash Flows 5 Notes to Unaudited Financial Statements 6

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 14

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 17

Controls and Procedures

Item 4. Controls and Procedures 17 PART II OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 18

Risk Factors

Item 1A. Risk Factors 18

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 18

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 18

Mine Safety Disclosure

Item 4. Mine Safety Disclosure 18

Other Information

Item 5. Other Information 18

Exhibits

Item 6. Exhibits 19

- FINANCIAL STATEMENTS

ITEM 1 - FINANCIAL STATEMENTS PROTOKINETIX, INCORPORATED (A Development Stage Company) BALANCE SHEETS (Unaudited) September 30, 2025 December 31, 2024 ASSETS Current Assets Cash $ 607 $ ( 4,697 ) Prepaid expenses (Note 3) 1,050 1,050 Total current assets 1,657 ( 3,647 ) Intangible assets (Note 4) 475,966 469,784 Total assets $ 477,623 $ 466,137 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Accounts payable and accrued liabilities $ 227,196 $ 124,047 Total liabilities 227,196 124,047 Stockholders' Equity Common stock, $ 0.0000053 par value; 500,000,000 common shares authorized; 390,080,152 and 371,880,152 shares issued and outstanding as at September 30, 2025 and December 31, 2024 respectively (Note 7) 2,083 1,987 Additional paid-in capital 48,750,153 48,568,249 Accumulated deficit ( 48,501,809 ) ( 48,228,146 ) Total stockholders' equity 250,427 342,090 Total liabilities and stockholders' equity $ 477,623 $ 466,137 Basis of Presentation – Going Concern Uncertainties (Note 1) Commitments and Contingency (Note 9) See Notes to Financial Statements 2 PROTOKINETIX, INCORPORATED (A Development Stage Company) (Unaudited) For the Three and Nine Months Ended September 30, 2025 and 2024 Three months ended September 30, 2025 Three months ended September 30, 2024 Nine months ended September 30, 2025 Nine months ended September 30, 2024 EXPENSES Amortization – intangible assets (Note 4) $ 12,641 $ 15,120 $ 38,189 $ 39,461 General and administrative 16,238 16,254 45,090 43,589 Professional fees 31,842 30,845 107,991 98,647 Research and development 24,185 21,000 82,392 78,625 Share-based compensation (Note 5) — 1,354 — 1,354 Total operating expenses ( 84,906 ) ( 84,573 ) ( 273,662 ) ( 261,676 ) Net loss for the period $ ( 84,906 ) $ ( 84,573 ) $ ( 273,662 ) $ ( 261,676 ) Net loss per common share (basic and diluted

NOTES TO FINANCIAL STATEMENTS

NOTES TO FINANCIAL STATEMENTS September 30, 2025 Note 1. Basis of Presentation – Going Concern Uncertainties ProtoKinetix, Incorporated (the "Company"), a development stage company, was incorporated under the laws of the State of Nevada on December 23, 1999. The Company is a medical research company whose mission is the advancement of human health care. The Company is currently researching the benefits and feasibility of synthesized Antifreeze Glycoproteins ("AFGP") or anti-aging glycoproteins, trademarked AAGP. During the year ended December 31, 2015, the Company acquired certain patents and rights for cash consideration of $ 30,000 (25,000 Euros), as well as additional patent applications for cash consideration of $ 10,000 and 6,000,000 share purchase warrants with a fair value of $ 25,000 (Note 4). The Company's financial statements are prepared consistent with accounting principles generally accepted in the United States applicable to a going concern. The Company has not developed a commercially viable product, has not generated any significant revenue to date, and has incurred losses since inception, resulting in a net accumulated deficit at September 30, 2025. These factors raise substantial doubt about the Company's ability to continue as a going concern. The Company needs additional working capital to continue its medical research or to be successful in any future business activities and continue to pay its liabilities. Therefore, continuation of the Company as a going concern is dependent upon obtaining the additional working capital necessary to accomplish its objective. Management is presently engaged in seeking additional working capital through equity financing or related party loans. In addition, any significant disruption of global financial markets, reducing our ability to access capital, could negatively affect our liquidity and ability to continue operations. The exact impact is and will remain unknown and largely dependent upon future dev

NOTES TO FINANCIAL STATEMENTS

NOTES TO FINANCIAL STATEMENTS September 30, 2025 Note 2. Summary of Significant Accounting Policies (cont'd) Use of Estimates Preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The more significant accounting estimates inherent in the preparation of the Company's financial statements include estimates as to valuation of equity related instruments issued, deferred income taxes, and the useful life and impairment of intangible assets. Cash Cash consists of funds held in checking accounts. Cash balances may exceed federally insured limits from time to time. Fair Value of Financial Instruments Financial instruments, which includes cash, accounts payable and accrued liabilities are carried at amortized cost, which management believes approximates fair value due to the short-term nature of these instruments. The Company measures the fair value of financial assets and liabilities pursuant to ASC 820 "Fair Value Measurements and Disclosures" which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. ASC 820 establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The policy describes three levels of inputs that may be used to measure fair value: Level 1 – quoted prices in active markets for identical assets or liabilities. Level 2 – quoted prices for similar assets and liabilities in active markets or inputs that are observable. Level 3 – inputs that are unobservable (for example cash flow modeling inputs based on assumptions). At September

NOTES TO FINANCIAL STATEMENTS

NOTES TO FINANCIAL STATEMENTS September 30, 2025 Note 2. Summary of Significant Accounting Policies (cont'd) Intangible assets – patent and patent application costs The Company owns intangible assets consisting of certain patents and patent applications. Intangible assets acquired separately are measured on initial recognition at cost. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and any accumulated impairment losses. Subsequent expenditures are capitalized only when they increase the future economic benefits embodied in the specific asset to which they relate. All other expenditures are recognized in profit or loss as incurred. As at September 30, 2025, the Company does not hold any intangible assets with indefinite lives. Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization method and amortization period of an intangible asset with a finite life is reviewed at least annually. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset is accounted for by changing the amortization period or method, as appropriate, and are treated as changes in accounting estimates. Amortization is recognized in profit or loss on a straight-line basis over the estimated useful lives of the Company's patents, whereas no amortization has been recognized on the not yet approved patent application costs at September 30, 2025. Research and Development Costs Research and development costs are expensed as incurred. This includes all research consultant's fees and costs of contract research organizations. Loss per Share and Potentially Dilutive Securities Basic loss per share is computed by dividing the net loss available to common stockholders by the weighted average number of common shares outstanding in the

NOTES TO FINANCIAL STATEMENTS

NOTES TO FINANCIAL STATEMENTS September 30, 2025 Note 2. Summary of Significant Accounting Policies (cont'd) Share-Based Compensation (cont'd) Share-based compensation for non-employees in exchange for goods and services used or consumed in an entity's own operations are also recorded at fair value on the measurement date and accounted for in accordance with ASC 718. The measurement of share-based compensation is subject to periodic adjustment as the underlying instruments vest. The fair value of stock options is estimated using the Black-Scholes Option Pricing Model and the compensation charges are amortized over the vesting period. Common stock Common stock issued for non-monetary consideration are recorded at their fair value on the measurement date and classified as equity. The measurement date is defined as the earliest of the date at which the commitment for performance by the counterparty to earn the common shares is reached or the date at which the counterparty's performance is complete. Transaction costs directly attributable to the issuance of common stock, units and stock options are recognized as a deduction from equity, net of any tax effects. Related Party Transactions A related party is generally defined as (i) any person that holds 10% or more of the Company's securities and their immediate families, (ii) the Company's management, (iii) someone that directly or indirectly controls, is controlled by or is under common control with the Company, or (iv) anyone who can significantly influence the financial and operating decisions of the Company. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. Recent Accounting Pronouncements Certain new accounting pronouncements that have been issued are not expected to have a material effect on the Company's financial statements. 9 PROTOKINETIX, INCORPORATED (A Development Stage Company)

NOTES TO FINANCIAL STATEMENTS

NOTES TO FINANCIAL STATEMENTS September 30, 2025 Note 3. Prepaid Expenses The following summarizes the Company's prepaid expenses outstanding as at September 30, 2025 and December 31, 2024: Schedule of prepaid expenses outstanding September 30, 2025 December 31, 2024 Rental deposit $ 1,050 $ 1,050 Note 4. Intangible Assets Intangible asset transactions are summarized as follows: Schedule of intangible asset transactions Intangible asset transactions Patent Rights Patent Application Rights Total Cost Balance, December 31, 2023 $ 30,000 $ 555,308 $ 585,308 Additions — 63,555 63,555 Balance, December 31, 2024 $ 30,000 $ 618,863 $ 648,863 Additions — 44,371 44,371 Balance, September 30, 2025 $ 30,000 $ 663,234 $ 693,234 Accumulated amortization Balance, December 31, 2023 $ 25,500 $ 100,709 $ 126,209 Amortization 3,000 49,870 52,870 Balance, December 31, 2024 $ 28,500 $ 150,579 $ 179,079 Amortization 1500 36,689 38,189 Balance, September 30, 2025 $ 30,000 $ 187,268 $ 217,268 Net carrying amounts December 31, 2024 $ 1,500 $ 468,284 $ 469,784 September 30, 2025 $ — $ 475,966 $ 475,966 During the year ended December 31, 2015, the Company entered into an Assignment of Patents and Patent Application (effective January 1, 2015) (the "Patent Assignment") with the Institut National des Sciences Appliquees de Rouen ("INSA") for the assignment of certain patents and all rights associated therewith (the "Patents"). The Company and INSA had previously entered into a licensing agreement for the Patents in August 2004. The Patent Assignment transfers all of the Patents and rights associated therewith to the Company upon payment to INSA in the sum of $ 30,000 (25,000 Euros) (paid). During the nine month period ended September 30, 2025, the Company recorded $ 38,189 (2024 - $ 39,461 ) in amortization expense associated with the Patents Rights. During the year ended December 31, 2015, the Comp

NOTES TO FINANCIAL STATEMENTS

NOTES TO FINANCIAL STATEMENTS September 30, 2025 Note 4. Intangible Assets (cont'd) The remaining 50% ownership of the Patent Application Rights was acquired from the Governors of the University of Alberta in exchange for a future gross revenue royalty from any product developed as a result of research done at the University. During the year ended December 31, 2016, the Company entered into a Universal Assignment with Grant Young for the assignment of his ownership of certain new and useful improvements in an invention entitled "Use of Anti-Aging Glycoprotein for Enhancing Survival of Neurosensory Precursor Cells" (the "New Patent Application Rights"). In exchange for the New Patent Application Rights, the Company agreed to pay $1 (paid). The Company incurred $ 2,415 in direct costs relating to the New Patent Application Rights during the year ended December 31, 2016. The Company amortizes patents and licenses that have been filed over their useful lives which range between 18.5 to 20 years. The costs of provisional patents and pending applications is not amortized until the patent is filed and is reviewed each reporting period. No amortization was recorded on the Patent Application Rights or the New Patent Application Rights to September 30, 2025. Note 5. Stock Options Pursuant to an amendment on March 15, 2022, the aggregate number of shares that may be issued under the 2017 Stock Option and Stock Bonus Plan (the "2017 Plan") is 97,700,000 shares, subject to adjustment as provided therein. The 2017 Plan is administered by the Company's Board of Directors, or a committee appointed by the Board of Directors, and includes two types of options. Options intended to qualify as incentive stock options under Section 422 of the Internal Revenue Code of 1986, as amended, are referred to as incentive options. Options that are not intended to qualify as incentive options are referred to as non-qualified options. The exercise price of an option may be paid in cash, i

NOTES TO FINANCIAL STATEMENTS

NOTES TO FINANCIAL STATEMENTS September 30, 2025 Note 6. Warrants Warrant transactions for the nine-months September 30, 2025 are summarized as follows: Schedule of warrant transactions Number of Warrants Weighted Average Exercise Price $ Outstanding, December 31, 2024 6,000,000 0.028 Warrants granted 17,700,000 0.01 Outstanding at September 30, 2025 23,700,000 0.015 The following warrants were outstanding and exercisable as at September 30, 2025: Schedule of warrants were outstanding and exercisable Number of Warrants Exercise Price Expiry Date 6,000,000 0.028 December 12, 2028 500,000 * 0.01 February 17, 2026 1,500,000 * 0.01 February 20, 2026 500,000 * 0.01 February 21, 2026 2,000,000 * 0.01 February 28, 2026 750,000 * 0.01 March 15, 2026 450,000 * 0.01 March 15, 2026 7,500,000 * 0.01 March 27, 2026 1,000,000 * 0.01 April 2, 2026 2,000,000 * 0.01 April 8, 2026 500,000 * 0.01 April 11, 2026 500,000 * 0.01 June 26, 2026 500,000 * 0.01 July 25, 2026 23,700,000 Total * Each warrant exercises into share of common stock. Note 7. Stockholders' Equity The Company is authorized to issue 500,000,000 (September 30, 2024 – 500,000,000 ) shares of $ 0.0000053 par value common stock. Each holder of common stock has the right to one vote but does not have cumulative voting rights. Shares of common stock are not subject to any redemption or sinking fund provisions, nor do they have any preemptive, subscription or conversion rights. Holders of common stock are entitled to receive dividends whenever funds are legally available and when declared by the board of directors, subject to the prior rights of holders of all classes of stock outstandin

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