Jerry,
Actually those preferred shares are listed as being convertible but they have been outstanding at 16.5 for at
least three years or so. Each converts into approximately
56 shares.
From 10K ...The Company has reserved, in aggregate, 1,527 common shares for
possible future issuance to Preferred Stockholders in the event of conversion.
At December 31, 1996 there were 16.5 preferred shares outstanding.
SARATOGA BRANDS INC. AND SUBSIDIARIES
Consolidated Statement of Changes in
Stockholders' Equity For the Years Ended
December 31, 1998 and 1997
CLASS "A" PARTICIPATING
CONVERTIBLE PREFERRED
SHARES TREASURY SHARES,
------------------ COMMON SHARES AT COST
AMOUNT ------------------ -------------------
NUMBER STATED AT ADDITIONAL
OF LIQUIDATION NUMBER OF PAID-IN NUMBER OF RETAINED EARNINGS
SHARES VALUE SHARES AMOUNT CAPITAL SHARES AMOUNT (DEFICIT) TOTAL
-----------------------------------------------------------------------------------------------------
Balance at December 31, 1996 16.5 $397,898 3,074,916 $3,076 $23,027,435 (90,653) ($107,213) ($12,988,468) $10,332,728
=====================================================================================================
Rounding on 1:3
reverse split 134 -
Shares issued in Italian
Bank Settlement 200,000 200 123,238 123,438
Shares issued CCI SpA 224,000 224 (163,520) (163,296)
Issuance of common shares
as compensation and awards 1,574,084 1,574 (363,189) (361,615)
Shares acquired and retired (485,667) (486) (728,014) (728,500)
Revaluation of Deli King
Acquisition (671,994) (671,994)
Conversion of Loans 280,000 280 419,720 420,000
Treasury shares cancelled (90,500) (91) (159,184) 90,500 106,568 (52,707)
Quasi Reorganization (8,023,460) (8,023,460)
Net Income for the
period 1/01-3/31/97 55,506 55,506
Quasi Reorganization (20,956,422) 20,956,422 -
Earnings after April 1, 1997 2,779,277 2,779,277
-----------------------------------------------------------------------------------------------------
Balance at December 31, 1997 16.5 397,898 4,776,967 4,777 528,070 (153) (645) 2,779,277 3,709,377
=====================================================================================================
Issuance of Common Shares for options exercised 269,847 270 (6,349) (6,079)
Treasury shares cancelled (153) (645) 153 645 -
Net Income 24,168 24,168
-----------------------------------------------------------------------------------------------------
Balance at December 31, 1998 16.5 $397,898 5,046,661 $5,047 $521,076 - $ - |
