Bob,
You continue to venture into areas where you are obviously over your head.
<<Sept.20, 1996 the float reported by the company was 14,799,452 shares (taken from 10-KSB which I'm holding in my hand). Of that 11,570,000 (78.2%)were held by insiders (same source).>>
Bob, in your calculations you do not understand what you are doing. Quit trying to be an expert when you are not. You are only confusing inexperienced readers who have no knowledge in this area.
The 10Q filed after the K you quote from reports as of Nov 7, 1996 16,604,614 shares were issued and outstanding. Obviously the Q is more recent than the K. A reg S filed after this Q states another 400,000 shares were issued. All of this information is available for you to read and verify by reading the SEC filings found on Edgars.
By comparing debentures outstanding as reported in the Q with those outstanding at the time of the debenture amendment, it is obvious another .5 - 1+ million shares were converted from debentures. Add to that the 2.19 million of debentures available for conversion and you have 1-2.3 million more shares that have likely been issued due to conversion.
The total comes to 20 million plus or minus about a million. This is a rough, but fairly accurate estimate of the current number of issued and outstanding shares for SYCR. Subtract about 10 million shares owned by insiders and you get a float of 9-10 million.
You cannot use (as you have done) the fully diluted shares figure of 11,570,000 (of insider shares owned) to consider as issued shares because over 1 million of those shares have not been issued. Read notes 1-6 on page 20 of the K you are quoting from.
To calculate float you need to subtract the insider shares underlying stock options from the total you quote (insider and 5%+ owners) shares, then subtract that amount from actual issued and outstanding.
Finally, you incorrectly report float when you should be refering to issued and outstanding.
<<Sept.20, 1996 the float reported by the company was 14,799,452 shares>>
You do no one a service by posting false information.
Cheers Steve |
