Thursday, August 20, 2015 11:38:12 AM
This one was sealed when the two principals were given 60M shares each (half retroactively) in employment agreements signed March 1 of this year and announced in the 10-K (why such huge dilution was not deemed material information requiring immediate announcement is a separate subject).
The retroactive nature of half of the shares was responsible for Q4's huge operating loss (2X revenues for the year).
When April posters were noting no dilution because authorized shares were maxed, I said that this award plus convertible preferred shares plus the companies penchant (need, given no cash) to pay for operations with shares would drive a doubling in authorized shares, which it did.
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