Bitzio, Inc. (fka BTZO)

[Dutch1]

Just to have things clear: IMO Bitzio never owned 80% of GERS, but "representing 80% of the fully diluted common shares outstanding after the conversion"

This was filed on December 31, 2015. So these shares are diluted if dilution takes place. and it was 80% of the outstanding common shares, which represented about 40% of the company.

80% of 40% = 32% of the company at that time.

Outstanding common shares from GERS where:
November 20, 2015, there were 57,021,234 shares of common stock outstanding.
April 22, 2016, there were 204,745,625 shares of common stock outstanding
August 18, 2016, there were 646,024,221 shares of common stock outstanding.
November 11, 2016, there were 1,413,490,221 shares of common stock outstanding !!!

We don't know the amount of shares after that, but it is almost for sure that the amount of shares went to 30 times as many shares after bitzio got their 80% (which represented 32%)

Now 80% / 30 leaves BITZIO with 2,6% of the common at the most at this time.
And that's 2.6% of 40% so in fact 1,04% of the company, if I'm calculating this right.

On December 31, 2015, GreenShift filed with the Delaware Secretary of State a Certificate of Designation of Series G Preferred Stock, designating 800,000 shares of preferred stock as Series G Preferred Stock. The Series G shares may be converted by the holder into Company common stock. The conversion ratio is such that the full 800,000 Series G shares convert into GreenShift common shares representing 80% of the fully diluted common shares outstanding after the conversion (which includes all common shares outstanding plus all common shares potentially issuable upon the conversion of all derivative securities not held by the holder). The holder of Series G shares may cast the number of votes at a shareholders meeting or by written consent that equals the number of common shares into which the Series G Shares are convertible on the record date for the shareholder action. In the event the Board of Directors declares a dividend payable to Company common shareholders; the holders of Series G shares will receive the dividend that would be payable if the Series G shares were converted into GreenShift common shares prior to the dividend. In the event of a liquidation of GreenShift, the holders of 800,000 Series G shares will receive a preferential distribution equal to 80% of the net assets available for distribution to the shareholders. On December 31, 2015, GreenShift issued 700,000 shares of Series G Preferred Stock to a wholly-owned subsidiary of Bitzio in exchange for 862,500 shares of GreenShift's Series D Preferred Stock, as well as the contractual right to receive an additional 124,875 Series D Shares. On the same date, Bitzio purchased an additional 100,000 Series G Shares in exchange for $2,500,000 in cash. The Series G Preferred Stock were recorded at stated value due to the fact that the transactions were between entities under common control.

Source: https://www.sec.gov/Archives/edgar/data/1269127/000109690616002062/greenshift.htm