then I ask myself why the outstanding stock was 50M+/- in May of 96 and now it's closing in on 200M...and start to wonder about the current debt situation and stock being issued:
From the 10QSB filed Dec 7 1998-total outstanding "Common Stock, $.001 par value 126,812,560 shares outstanding as of September 30, 1997."
Then I remember that someone posted yesterday(can;t verify until I see the filing) that the company currently has a total outstanding number of 197,512,560. (another 50M shares in a few months) so I start to wonder who getting all these shares?
10QSB(Dec) "During the period from January 1, 1997 through September 30, 1997, the Company received approximately $150,000 from private investors in the Company's limited private offering of units, at the price of $.04 per unit, each unit consisting of one share and one common stock purchase option exercisable at $.08 per share. The Company has undertaken to register the shares and the shares underlying the options in a registration statement that the Company intends to file with the Securities and Exchange Commission as
soon as possible following the end of its 1997 fiscal year. The Company continues to be dependent upon the willingness of the Company's executive officer, directors and each of its consultants to accept shares in lieu of cash compensation for continued services to the Company."
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From the 10QSB filed Oct. 3 1997"Common Stock, $.001 par value 86,212,560 shares outstanding as of June 30, 1997."(notice there was 50M sh added between this filing and the one in Dec)
"The Company did not generate any operating revenues in fiscal 1996 and during the six months ended June 30, 1997. Therefore, the Company was dependent upon the funds provided by non-interest bearing loans from the Company's executive officer and directors, as well as the willingness of the Company's executive officer, directors and consultants to accept shares inlieu of cash compensation for continued services to the Company."
(I begin to think I see a reoccuring theme here)50M sh added and no revenues..
"The Company has also received indications of interest from certain private investors for additional subscriptions of up to $120,000 in units, and to date has received approximately $30,000 in subscriptions following the end of the quarter on June 30, 1997. However, there can be no assurance that additional subscriptions shall be received under the unit private placement."(this is in addition to the $150K placed already)
"The Company's unit private placement and any pre-export funding will not be used to pay salaries to officer or fees to directors or consultants, each of whom have agreed receive compensation for services by the issuance of shares in registration statements on Form S-8 and/or Form S-1. During 1996 and through early 1997, the Company's executive officer, directors and consultants were issued shares in registration statements on Form S-8 in consideration for their continued services to the Company and in lieu of any cash compensation."
I won't go any further..the company has been selling stock to stay alive, and compensating directors W/stock not pay...
My conclusion:
The company has authorized 200,000,000 shares. If I was a betting man,
I would look for a reverse split or an increase to the number of authorized(they have almost issued all the authorized shares if yesterdays outstanding number is correct)...DD
PS: and I asked myself all this before having a third cup of coffee<vbg> since June 30 1997(quarter filing),this company has added 100M+ shares to it's outstanding count in 8.5 months-things that make you go Hmmmm |
