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Alias Born | 02/05/2014 |
Tuesday, June 24, 2014 8:46:22 AM
The Form D provided in yesterday afternoon's press release specifically states that NONE of the money raised will be used as "payments to any of the persons required to be named as executive officers, directors or promoters" named in the Form D, and Chandana Basu is the only one named.
So, she will incur the wrath of the SEC if she uses ANY of the money raised to cover her personal expenses.
Further, the Form D states that, "MONEY IS BEING RAISED TO REINVEST INTO SUBSIDIARY COMPANIES AND OTHER ACCOUNTING EXPENSES."
Therefore, I suspect that PPJ is still receiving the funding described in the 02/24/2014 PR (ie: the ongoing funding totaling $10 million). However, the figure of $10 million is meaningless here. What counts is the $35,000 every 10 business days:
From that aspect, the $10 million figure never made ANY sense at all. Ten business days is two calendar weeks (ignoring holidays). There are 52 weeks in one year, so there are 26 periods of 10 business days in one year.
At the rate of $35,000 every two calendar weeks, PPJ receives $910,000 per year.
So, it will take nearly 11 years for PPJ to receive $10 million at that rate of $910,000 per year. Certainly, there is nothing really wrong with receiving steady funding for 11 years, but to characterize it as $10 million in funding does not really provide an accurate mental picture of the funding level involved.
Make no mistake... getting $35,000 every two weeks is more than enough to fund quite a bit of business activity, but the impact is significantly different than receiving $10 million in one huge block of cash up front.
So, the $5 million that Basu wants to raise through selling new stock will be an awesome boost to what PPJ will be able to do to create more value in the company through revenue generation.
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