The Float reviewed. Using Aug 22nd as a start date:
Based on current market price at time of conversion
Discounted at 39%(The note is convertible into shares of common stock at a rate of 61% of the market price on the date of conversion)
As of this date, the average high of said equity is .01055. The average low is .00563. The average of the two is .0089 per share.
So, based on the above, we have an extreme low conversion price of .0034. We have an extreme high conversion price of .0064. And the number I am using of .0049(an average)
Using the amount of $60,000(balance of the note), and rounding very slightly(very), and
assuming that 3,269,000 shares were already converted, we will subtract that amount:
60,000/.0034= 17,647,000 shares -3,269,000 shares= 14,378,000 shares coming into the market
60,000/.0049=12,245,000 shares - 3,269,000 shares=8,976,000 shares coming into the market
60,000/.0064=9,375,000 shares - 3,269,000 shares= 6,106,000 shares coming into the market
Now if we refer back to the outstanding on July 8th of roughly 51,000,000 and realizing a float of roughly 8,000,000 shares then, you simply add what has already come in(3,269,000) to what is expected to come in. Refer to the daily share price data, along with volume. The extreme low conversion price of .0034 is just that, it can not be any worse than that. Period.
The most important thing to realize is that this is of today. If we are assuming that that small note is being converted, then the higher the share price, fewer shares will come into the market. Given what is going on, I wouldn't add much weight,if any, to my extreme conversion number of .0034(over engineered). But we could have as few as 2-3 million shares come into this market. I hope it will be a bit more, but hey, who knows.
Next step is to take the actual float derived and compare that to the relative float(percentage held by those taking a longer view(reverse merger)). Good stuff, very good.
