Paul, frankly I am a little confused, I finally found the 10Q for the dec Q and I am copying below the stockholders' equity portion of the balance sheet.
Booth the pref A and B are shown, the pref B shows only $5.4 MM and the A $6 MM. the number of shares increased by 1.3 MM and the add. paid up capital by about $8 MM, or an average of $.615/new share. Why would the preferred be shaown at less than face value is some of them were not converted? Where did the additional 1.3 MM shares come from if not partially from conversion? Diod the departing team have that many options and where these at an average of $6.15 per share?
STOCKHOLDERS' EQUITY
Convertible preferred stock, Series A, $0.001 par value:
Issued and outstanding: 7,500 shares and 0 shares at
December 27, 1998 and March 29, 1998, respectively 6,013 -
Convertible preferred stock, Series B, $0.001 par value:
Issued and outstanding: 7,500 shares and 0 shares at
December 27, 1998 and March 29, 1998, respectively 5,428 -
Common stock, $0.001 par value:
Authorized: 50,000,000 shares;
Issued and outstanding: 26,386,000 and 25,068,000 shares at
December 27, 1998 and March 29, 1998, respectively 161,525 153,583
Notes receivable from stockholder (4,862) (4,862)
Deficit accumulated during the development stage (145,358) (128,012)
Accumulated other comprehensive income 1,613 2,253
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Total stockholders' equity 24,359 22, |
