MM: Not a bash, I just don't understand this part:
>>>>>>>The company currently has 100,000,000 authorized common shares and 50,000,000 convertible preferred shares authorized. Of the authorized common shares, there are 16,399,500 issued and outstanding which is broken down into 9,349,500 restricted Rule 144 (one year restriction) shares and 7,050,000 free trading shares. The float is estimated at approximately 2,500,000 shares.
Of the authorized convertible preferred shares, there are approximately 2,000,200 shares issued and outstanding. The convertible shares may be converted into 10 shares for $1.00 and one preferred share, which will become restricted (144) for one year. Close business associates of the company currently own or control about 85% of the shares of The General Store.<<<<<<<<
The company has 100 million shares authorized.
(common)
Then it has 50 million convertible authorized at
10 to one conversion (to common), plus one share of preferred.
That equals 500 million shares, common plus 50 million preferred. (possibly)
So how do they do that??
Increase the common authorization?
Also can that new preferred be converted to common?
(after the first conversion)
TIA
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