Re: number of shares outstanding
Aside: Thanks JDN for the confirmation, I've run my own business for 11 years and am only just now learning some real accounting.
From the SEC 10KSB filing:
<<<The number of shares outstanding of the issuer's $0.0001 par value common stock on November 3, 1997 was 16,663,453.>>>
Now my impression is that this number represents all issued shares, not just the registered ones. In the PP we have an additional 1 million share issued, and when the TPROW warrants are called there will be another ~ 700,000 issued. The latest S-3 was to register shares, not all issued shares are registered for sale, but all issued shares should be included in the SEC 10KSB (above).
So I come up with about 18,400,000 shares of common issued following the PP and conversion of TPROW. No more convertible preferred shares are out as they were all converted to common and registered by the October 17 S-3.
Also from the October 17, S-3:
<<<Subsequent to June 30, 1997, $2,685,048 of 9% Convertible Debentures was converted to Common Stock, leaving a principal balance of $2,015,000 for that debt.>>> Now, even if this debenture converted at $1 per share (and it may, considering when it was issued), that would add 2,000,000 shares issued which would bring final total shares outstanding to 20,400,000.
So, my question is, where does the 22-24 million share figure that has been discussed here come from? Am I missing something?
Zebra |
