Shares Outstanding
It all began back on Nov. 6, 1998 when an international telecommunications group of Investors, represented by Chadwell Hall Holdings, Ltd. entered into a contract to create an international communications service provider aka Clariti Telecommunications.
Clariti acquired all of the outstanding stock of GlobalFirst Holdings, Ltd. in exchange for 76,571,500 shares of Clariti common stock.
In addition, the investors made an equity investment in Clariti of $20,000,000 in exchange for 11,428,500 shares of Clariti common stock.
From the most recent 10Q: In March 1999 Clariti, GlobalFirst, MediaTel and CHH entered an agreement with Frontier Corporation together with its subsidiary, Frontel Communications, Ltd. to settle costs incurred by GlobalFirst and MediaTel for their use of Frontier's telecommunications network up to and including March 12, 1999. Frontier, GlobalFirst and MediaTel are jointly analyzing the detailed records supporting the GlobalFirst and MediaTel usage of Frontier's network to identify the precise amount of the balance due to Frontier. Pursuant to the Frontier Settlement Agreement, Clariti paid to Frontier $3,000,000 during March 1999 against the Balance Due Frontier and issued to Frontier 5,000,000 shares of the Company's restricted common stock valued at $11,250,000 as security for payment of the remaining Balance Due Frontier. Within 5 business days after the Balance Due Frontier is determined by agreement among the parties or by arbitration, CHH must pay such amount to Frontier, and Frontier must then transfer the 5,000,000 shares of Clariti common stock to CHH......If CHH acquires such 5,000,000 shares from Frontier pursuant to the Frontier Settlement Agreement, CHH and its affiliates will hold a total of 93,000,000 shares, or 75% of Clariti's currently outstanding common stock.
In March 1999, the Company also sold 2,500,000 shares of its restricted common stock to a third party investor for proceeds, net of commissions, of $4,500,000.
On May 7, 1999 Clariti acquired all of the outstanding common stock of MegaHertz, NKO, Inc., a provider of IP telephony, Internet and web-based services for consumers and businesses. Consideration for MegaHertz-NKO consisted of a total of 5,500,000 shares of Clariti common stock, of which 1,020,000 shares are to be held in escrow until certain revenue and gross margin targets are achieved over a 24-month period.
That adds up to 101,000,000 of the total outstanding shares of 124,230,080. I am surely not an accountant so if anyone would like to add to this please do :-) |
