You are not alone.
I have been searching for info on this company all day. My take on the units is that the are $.10 "loan" payable at 8% interest for 5 years and also include 1 warrant to purchase 1 share of common at $.10 50,000,000 units sold = 50,0000 common shares dilution possible. Not good at first thought, but then I realized most of these were purchased by directors and insiders, which should not affect the float (IMO).
Also from the 10Q there are promisary notes outstanding given to officers, directors, shareholders that can be converted (prior to payment) to common stock at .10, .09, .06, .05 per share. The total is in the neighborhood of $1 million dollars. (Lets assume 10,000,000 shares) Now I also believe the $345,000 was repaid by the issuance of the units (I read this but now lost the reference to it).
To whoever asked there are 18,870,314 shares outstanding, not sure of the float though.
I am in on a panic buy @ .21 (should have waited, chased it too far)
The one thing that gives me hope is the insider buying. This is too important not to consider.
Vegas |
