something else to consider, Fife feels he is owed more shares, which is outlined in the lawsuit, that's where things get sticky. If CBAI raises the AS, Fife gets more shares. CBAI ran the ATM until they ran out of shares to cover the Notes.
contractual 9.99% cap on the amount of outstanding shares of the Issuer’s common stock that St. George may own, would exceed the cap.
FOOTNOTES
* On the date of the event which requires filing of this Statement, reporting person St. George Investments LLC (“St. George”) had rights to exercise a Warrant and convert a Secured Convertible Promissory Note into an aggregate number of shares of the Issuer’s common stock which, except for a contractual 9.99% cap on the amount of outstanding shares of the Issuer’s common stock that St. George may own, would exceed the cap. Thus, the number of shares of the Issuer’s common stock beneficially owned by St. George as of the date of this filing was 88,911,000 shares, which is 9.99% of the 890,000,000 shares that were outstanding on that date (as reported in the Issuer’s Form 10-Q filed on November 14, 2013).