No, total liabilities were $22M at end of March 2017 quarter, and only encumbered debt subtracted from txn value. The per share consideration to shareholders is more like:
Cash....$20M Notes Payable....($9.5M) Derivative Liability...($6.0M) Golden Parachute (10% of $20M less Notes)...($1.05M)
Net to Shareholders....$3.45M 9.33M shares outstanding Per share value......$0.37
The difference between that and what they "contemplate" per press release (i.e. $0.3149 per share) is either an increase in Notes Payables or Derivative Liability since the most recent quarter. Management inked that Golden Parachute deal in March months before merger. As always, taking from your loyal equityholders...
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