Not only has CN repurchased 5,571,210 of its shares since November 30,
1998, but various parties have also exercised options to purchase
458,000 shares at an average price of $.39. The following analysis
was compiled primarily from the 10-K and 10-Q:
Outstanding options and warrants: Potential
Number Proceeds
675,000 @ $.40 675,000 $ 270,000
1,382,440 @ $.42 1,382,440 580,440
635,000 @ $1.22 635,000 774,700
1,000,000 @ $.50 1,000,000 500,000
Less options exercised (458,000) (179,000)
--------- ---------
Balance currently outstanding 3,234,000 $1,946,140
========= =========
Shares outstanding at March 31, 1999 21,730,790
Add options and warrants 3,234,000
----------
Fully diluted shares 24,964,790
==========
Estimated cash at March 31, 1999 $34,482,000
Potential proceeds from options and warrants 1,946,140
----------
Estimated cash, as adjusted $36,428,140
==========
When you divide $36,428,140 by 24,964,790 shares, you have $1.46 per
share. Still a discount. It will be interesting to see how this
stacks up against the second quarter filing. While I don't think that
I have missed anything, this is not a clear trail laid out in the
filings |
