Stereotaxis
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S-1/A
STEREOTAXIS, INC. filed this Form S-1/A on 06/17/2004
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STEREOTAXIS, INC.

NOTES TO FINANCIAL STATEMENTS — (Continued)

(Information as of March 31, 2004 and for the three months ended
March 31, 2003 and 2004 is unaudited)
 
Convertible Preferred Stock

       As of March 31, 2004, convertible preferred stock outstanding is as follows:

                                 
Price per Number of Liquidation
Date Issued Series Share Shares Value





(Unaudited)
December 1990
    A     $ 0.50       400,000     $ 466,667  
April 1993
    A       0.45       2,222,222       2,244,444  
September 1994
    A       1.00       50,000       50,500  
December 1994
    B       0.72       4,139,117       5,684,387  
April 1995
    B       0.72       520,833       678,819  
November 1996-February 1997
    B       0.72       2,352,949       2,901,970  
June-December 1998
    C       1.50       11,999,987       28,187,470  
April 2000
    D       2.17       11,751,147       35,487,485  
November-December 2001
    D-1       2.17       10,052,020       26,902,556  
October 2002
    C       1.50       205,791       353,703  
December 2002
    D-2       2.17       7,940,950       19,457,646  
January 2003
    D-2       2.17       2,764,979       6,700,003  
June 2003
    E       2.93       3,412,970       10,791,667  
December 2003
    E-1       2.93       3,242,321       9,777,083  
January-February 2004
    E-2       2.93       5,380,830       16,028,596  
                     
     
 
                      66,436,116     $ 165,712,996  
                     
     
 

       Preferred stockholders are entitled to cumulative dividends at the rate of $0.05, $0.07, $0.15, $0.217, $0.217, $0.217, $0.293, $0.293, and $0.293 per share per annum on each outstanding share of Series A, B, C, D, D-1, D-2, E, E-1, and E-2 preferred stock as adjusted for stock splits and recapitalizations, if declared by the Board of Directors, payable in preference to common stock dividends. No dividends have been declared or paid by the Company.

       Preferred shares’ liquidation value equals the original purchase price plus amounts equal to all dividends in arrears. Cumulative dividends in arrears totaled $32,171,521 at December 31, 2003 and $35,299,249 at March 31, 2004; however, as mentioned above, no dividends have been declared. After payment has been made to the preferred stockholders, holders of common stock shall receive the remaining assets. Such assets shall be distributed ratably among such holders in proportion to the shares of stock held by them.

       Each share of preferred stock votes equally with shares of common stock on an “if-converted” basis at any stockholders’ meeting and may act by written consent in the same manner as the common stock. Certain holders of the Series D, D-1, D-2, E, E-1, and E-2 preferred stock have the right of first refusal with respect to participation in additional equity financings the Company undertakes, subject to certain exceptions.

       Each share of preferred stock is convertible at any time at the option of the holder into common stock on a one-for-one basis. Conversion of the preferred stock is automatic upon the closing of an initial public offering (IPO) under certain conditions.

F-19


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