MIDL .... A Real Sleeper Message Board

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Microcap & Penny Stocks : MIDL .... A Real Sleeper

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To: Ga Bard who wrote (459)	11/19/1997 7:08:00 PM
From: C. Riley	Read Replies (1) of 7039

Maybe I wasn't clear enough... let me restate... The 8-K states there are 117,396 Series A Preferred. Rules of accounting do not care whether they have been converted or not. All companies, including MIDL, are required by law to follow this convention -- which requires the full number of outstanding Series A Preferred multiplied by their conversion rate of 35:1 be included. Therefore, unless the 8-K is incorrect in stating the number of Series A Preferred outstanding, the correct total of diluted shares is 17.1 million following the New Departure acquistion (Oct. 10). This is free advice from my CFO (a CPA) who is skilled in SEC filings.

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