"By not disclosing the terms yet, he gets to keep shareholders in the dark even longer!"
I think he did disclose the terms....at least for the $3.25 million. The company gave him 370 Preferred D shares and says that he's going to give them the cash (or he gave them the cash but it's in the Bank of Spain waiting to be released for some unknown reason).
The company isn't required to file the Certificate of Designation for the Preferred D with OTCMarkets (as they would be if they were an SEC filer) but in the 2016 Annual Report we were told these things:
"The number of shares into which one share of 2012 Series “D” Preferred Stock shall be convertible into common stock shares is 1 for 120,000 shares of $0.001 par value common stock."
"Holders of 2012 Series “D” shares may not convert these shares into common stock until the expiration of a 36 month holding period, unless the holder has received an extraordinary allowance to convert shares earlier by the company’s Board of Directors."
(the language beginning with "unless..." has not appeared in any of the subsequent descriptions that I've seen)
A copy of the Certificate of designation can be purchased from the State of Nevada.
120,000 x 370 = 44,400,000
(44,400,000 x .072 = $3,196,800
I think those are the terms.
Do they make sense to you?
The closing price on June 30th, the date the preferred was issued, was $.048.
44,400,000 x .048 = $2,131,200
I find those figures eye opening. They suggest to me that there were elements to the deal that haven't been revealed.
But can it core A apple?
Yes Ralph, of course it can core A apple.
