From the VASO 10-K:"In fiscal 1998, the Company issued an aggregate of 325,000 shares of newly created 5% Series B and Series C Convertible Preferred Stock to one accredited investor at a price of $20 per share, realizing net cash proceeds of $6,112,000. Dividends due on such preferred stock have been, and are expected to be, paid in shares of the Company's common stock. As of May 31, 1999, all of the Series B preferred stock (150,000 shares) had been converted into 2,135,946 shares of the Company's common stock and none of the Series C preferred stock had converted into common stock. Subsequent to May 31, 1999, 28,000 shares of Series C preferred stock, representing 16% of the total outstanding, were converted into approximately 478,000 shares of the Company's common stock.
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