48 Series A remaining valued at $1,514,637 each, so that's $1,514,637 x 48 = $72,702,576. Divide that by .0001 and you get 723 billion shares when all are converted (actually 727 billion). This POS is toast.
If all of the outstanding Series A Warrants were fully exercised on June 30, 2016, the amounts payable to the holders of the Series A Warrants would be approximately $72.3 million, using a Black Scholes Value of $1,514,637 per Series A Warrant. The approximately 723 billion shares issuable upon full exercise of the Company’s 48 outstanding Series A Warrants is calculated (1) using a Black Scholes Value of $1,514,637 per share and a closing stock price of?$0.0001 per share and (2) assuming the Company delivers only common stock upon exercise of the Series A Warrants and not cash payments as permitted under the terms of the Series A Warrants.
A summary of warrant activity for the six months ended June 30, 2016 is presented below:
Number of
Warrants
Outstanding at January 1, 2016 54
Warrants granted -
Warrants exercised (4 )
Warrants exchanged (2 )
Warrants forfeited or expired -
Outstanding at June 30, 2016 48
Exercisable at June 30, 2016 48
See Note 10 – Fair Value Measurements for additional details related to the Series A Warrants that were exercised or exchanged during the six months ended June 30, 2016. The remaining Series A Warrants purchase 48 shares of common stock have an exercise price of $1,736,000 per warrant and have a remaining term of 4.1 years at June 30, 2016.
