Thanks for asking. I obtained this figure from the merger statement issued in May 1998.
edgar-online.com
As it turns out I misead a "2,500,000" for "25,000,000." My claim that there will be 35 million shares when all warrants are exercised is incorrect. My aplogies.
I think the correct figure is 17,587,850:
10,985,800 -- shares issued in May 1998 at time of merger with Atlantis Ventures Corportation.
2,062,050 -- options issued in May 1998 at time of merger.
2,500,000 -- stock issued in May 1998 after merger.
500,000 -- options issued in May 1998 after merger.
1,540,000 -- options issued to employees.
I am not an expert in contract law and so this figure may be off. Specifically, I may be double counting the 1,540,000 options issued to employees.
Here is a direct quote from the report, which does not rely on my math skills for it's accuracy:
"On June 24, 1998, there were 14,685,800 shares of Common Stock outstanding, of which approximately 2.8 million are freely tradable without restriction under the Securities Act. Substantially all of the remaining shares will not be tradable under Rule 144 until May 1999." |
