Looks like the o/s is up to 135million? Up another 11million 21million since Dec 31. No doubt that the printing press was running overtime, so that Phil and friends could sell right into this recent rally. Is anyone surprised that the outstanding sharecount continues to rocket?
It's also worth pointing out that Phil is misleading investors on the reasons. THIS IS NOT DUE TO PREFERRED STOCK. 80% of the dilution is the result of converting debt (most of which seems to come out of nowhere), and for consulting services. From 2004 - 2005, 44million shares were issued to convert debt, and another 6million were issued to "consultants" (ie - "Lutz and friends").
There is another 45million in future dilution resulting from Preffered shares (that's reflected in the fully diluted sharecount). However, the growth in o/s shares to date has hardly been impacted by preferreds.
Also, Phil's line about Unione being "an all cash deal" cracks me up. Within the next 15 months, Phil owes the former owners $3million. That's the entire cash balance on the Dec 31 balance sheet. Paying cash means you actually have the cash to pay. Now, Phil has to once again go to the trough (VTI or his friends) and come up with more insider deals, the terms of which will NEVER be disclosed in an 8k.
