500,000 warrants for 75 CENTS EACH ....
Please consider printing this ... its hard to read
Thread ....
The amount of past and coming dilution to current PTIS shareholders
is alarming.
All numbers are from the 10K.
Basis of Analysis:
--------------------------
Shares Outstanding at 11/30/94 8,428,561
1995 Stock Offering 1,500,000
---------
Total Investor Shares 9,928,561
=========
Dilutive Effects of Management:
===============================
(1) 75 CENT warrants ...
Warrants to CEO 500,000 Shares
Cost to CEO $382,050 Dollar Cost
Cost per Share 0.76 Per Share Cost
Dilutive Effect % 5% Dilutive Effect
When executed:
400,000 1997
100,000 1995
(2) 1995 Options Plan
Options Already Authorized
Shares 2,818,023 Shares
Dilutive Effect 28.4% Dilutive Effect
Potential Total Options 4,500,000 Shares
Dilutive Effect 45.0% Dilutive Effect
(3) Transaction History
-------------------- ---------- ---------- ---------
Time Period Shares Cost Avg. Cost
-------------------- ---------- ---------- ---------
A 1994 (11/30/94) 8,428,561
B 1995 Secondary 1,500,000 5,744,097 3.83
-------------------- ---------- ---------- ---------
C Investor Shares 9,928,561
==================== ========== ========== =========
1995 Transactions Shares Cost Avg. Cost
-------------------- ---------- ---------- ---------
1988 Stock Plan 101,000 222,261 2.20
1995 Stock Plan 0 0 0.00
Warrants to CEO 100,000 77,210 0.77
Warrants Other 150,000 447,329 2.98
-------------------- ---------- ---------- ---------
D Total 351,000 746,800 2.13
-------------------- ---------- ---------- ---------
E=D/C Dilution % 3.54
==================== ========== ========== =========
1996 Transactions Shares Cost Avg. Cost
-------------------- ---------- ---------- ---------
1988 Stock Plan 22,000 70,366 3.20
1995 Stock Plan 94,500 170,100 1.80
Warrants to CEO 0 0 0.00
Warrants Other 0 0 0.00
-------------------- ---------- ---------- ---------
F Total 116,500 240,466 2.06
-------------------- ---------- ---------- ---------
G=F/C Dilution % 1.17
==================== ========== ========== =========
H=F+D Cumulative Shares 467,500
==================== ========== ========== =========
I=H/C Cumulative % 4.71
==================== ========== ========== =========
1997 Transactions Shares Cost Avg. Cost
-------------------- ---------- ---------- ---------
1988 Stock Plan 0 0 0.00
1995 Stock Plan 330,500 1,482,967 4.49
Warrants to CEO 400,000 304,840 0.76
Warrants Other 0 0 0.00
-------------------- ---------- ---------- ---------
J Total 730,500 1,787,807 2.45
-------------------- ---------- ---------- ---------
K=J/C Dilution % 7.36
==================== ========== ========== =========
L=J+H Cumulative Shares 1,198,000
==================== ========== ========== =========
M=L/C Cumulative % 12.07
==================== ========== ========== =========
Ending Shares Out-
N=C+L standing (11/30/97) 11,126,561
==================== ========== ========== =========
-------------------- ---------- ---------- ---------
Transaction Recap Shares Cost Avg. Cost
-------------------- ---------- ---------- ---------
1988 Stock Plan 123,000 292,627 2.38
1995 Stock Plan 425,000 1,653,067 3.89
Warrants to CEO 500,000 382,050 0.76
Warrants Other 150,000 447,329 2.98
-------------------- ---------- ---------- ---------
L Total 1,198,000 2,775,073 2.32
==================== ========== ========== =========
M Dilution % 12.07
==================== ========== ========== =========
How many Options are there:
Memo:
Options Granted Excercised
--------- --------- ---------
1995 223,000
1996 817,500 94,500
1997 712,000 330,500
--------- --------- ---------
N Total Options Granted 1,752,500 425,000
===================== ========= =========
Less:
---------
O Not Used 304,000
P Exercised 425,000
--------- --------- ---------
Q=N-(O+P) Remaining Available 1,023,500
===================== ========= =========
R=Q/C Pending Dilution % 10.31
===================== ========= =========
Additional Options YET TO COME
Authorized but not
Granted thus far 1,065,523
===================== ========= =========
Total Options Authorized
Q=N-(O+P) Remaining Available 1,023,500
Granted thus far 1,065,523
------------------ --------- ---------
2,818,023
===================== ========= =========
28.4% Dilutive Effect
===================== ========= =========
Regards,
John McCarthy |
