Elray Resources Inc (ELRA)

[Makamai]

Thanks for the O/S summary. At the time of the R/S, the following info applies: http://www.otcmarkets.com/stock/ELRA/profile

ELRA Security Details
Share Structure
Market Value $46,863 a/o Jul 24, 2014
Shares Outstanding 5,646,149 a/o May 02, 2014
Float Not Available
Authorized Shares Not Available
Par Value 0.001
Shareholders of Record Not Available

Security Notes
Capital Change=shs increased by 10 for 1 split Ex-date=12/18/2007. Rec date=12/14/2007. Pay date=12/17/2007.
Capital Change=shs decreased by 1 for 100 split Ex-date=01/25/2013.
Capital Change=shs decreased by 1 for 10 split. Ex-date=05/02/2014

Your data confirms that it is the company selling shares that is responsible for the drop in share price each time a run starts, which is most likely why the R/S was done. Seen it time and again. So adding the O/S at the time of the split to your data we have the following:
5/02 5,646,149 OS (at time of R/S)
5/29 8.6 million OS
6/12 9.7 million OS
6/26/14 12.2 million OS
7/7/14 30.7 million OS
7/16/14 38.1 million OS (by now about 30M shares sold this month alone)