Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : VALENCE TECHNOLOGY (VLNC) -- Ignore unavailable to you. Want to Upgrade?

To: Larry Brubaker who wrote (9596)	3/20/1999 3:31:00 PM
From: Zeev Hed	Read Replies (1) \| Respond to of 27311

Larry, but Paul has a point the Dec 10Q still quotes 7500 of both preferred as outstanding (with dollar values that change with time and that are below the face value and below the face value with accumulated interest). I can only conclude that a small fraction was converted (and look at the residual face value to determine how much) and that the accountant or lawyers forgot to change the text for the preferred to reflect that. Maybe VLNC does need a new CFO? Zeev

To: Larry Brubaker who wrote (9596)	3/20/1999 3:42:00 PM
From: kolo55	Respond to of 27311

OK, you are working off the DecQ balance sheet now. Lets put the relevant part of the DecQ balance sheet up: 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 ---------------- ----------------- Total stockholders' equity 24,359 22,962 ---------------- ----------------- This report clearly says that all the preferred shares (7500 series A and 7500 series B) are still outstanding. The common share count on the balance sheet doesn't include convertible equivalent of the preferred. I admit the weighted average share count used on the income statement does appear to be low by comparison. We don't know exactly how the weighted average share calcs are done. But the important thing, is that Castle Creek had not converted any of their Preferred Shares. Paul