The fact is that there are 40mm shares that can convert at .0961. Period. They are restricted shares which buys time, but they are real nevertheless. If you owned conversion rights to 40 million shares at .095 would you renegotiate to worse terms?
From the 10K:
"At December 31, 2005, the Company has $3,844,000, carrying an
8% interest rate, of debt that is convertible into approximately 40 million
restricted common shares at the election of the debt-holder, a related
party."
3.844/40 = .0961
I like this company and the progress they have made. But the multiple converts is an alphabet soup of letters that need to be retired and make the financials cleaner and leaner.
Then the pps will really fly imho.
