Another Parilla Puzzler…what’s up with AFF*W?
Parilla touts the benefits of the share issuance by AFF*W and carries the “investment” on the books at an absurd valuation given AFF*W’s financial condition plus the fact that it’s not really a company asset if the shares are going to FRTD shareholders.
But what is it that FRTD shareholders are actually getting? AFF*W had only 173,885 shares outstanding as of January. Parilla’s PR says that they are obligated to issue 9,250,000 shares to FRTD shareholders - so FRTD shareholders collectively would own in excess of 90% of AFF*W. But as with most things Parilla, you have to look for the fine print. In this case the fine print says “The 9,250,000 shares represent approximately 14% of the to-be-issued and outstanding stock of Affinity Mediaworks." So how does 90+% ownership become 14% ownership? AFFW must have plans/commitments to issue a massive amount of additional shares - so much so that it will dilute that 90+% down to 14%?
What’s Parilla giving up to get shareholders that 14% Is this the merger he’s touting – a reverse merger into a POS shell where you’ll end up owning 14% of whatever else he or others throw into that shell? Or is the QB merger with someone different?
Knowing the name of the merger partner would answer a lot of questions (although maybe just raise more). So why doesn’t he just publish the name and say the SEC made him do it?
