Here's a quick tally of shares (from the 8-K). Hopefully it puts to bed the issue of a split.
20MM total authorized shares, of which 15MM are common shares, 5MM are preferred.
As of 09/10/98,
outstanding common shares: 3,245,118
common shares reserved for outstanding options/warrants: 1,161,250
shares issued to ZULU stockholders (assuming shareholder
approval) - ESVS already holds 23% of the ZULU shares: 4,000,000
shares issued to NetVest (assuming shareholder approval): 5,543,600
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Total 13,949,968
If they were to issue a split now, there wouldn't be enough common shares left to fulfill the obligations to Netvest and ZULU shareholders.
There is also plans for a 5MM increase in the authorized shares to be issued after conversion of a planned Investor Preferred series of shares. |
