I don’t think anyone has any trade confirmations proving it was DMRJ selling into the volume. But as Sherlock Holmes was fond of stating, “when you have eliminated the impossible, whatever remains, however improbable, must be the truth.”
Now, we may not know what DMRJ is doing, but we do know what they are not doing. They are not filing Schedule 13D or Schedule 13G ownership reports, which they would be required to do if they owned 5% or more of the outstanding shares of Implant.
As reported in the securities filings, over the past two years, the number of shares of stock outstanding has increased by 26 million, from 43 million in November 2012 to 69 million today.
10/31/14 69,088,120
10/23/14 68,938,120
9/23/14 66,507,625
5/5/14 63,310,726
2/7/14 61,860,726
11/5/13 59,301,082
9/23/13 57,651,049
5/16/13 55,036,965
2/12/13 54,097,761
11/5/12 43,881,661
There have not been any significant warrant conversions (4 million warrants issued) or management stock options (18 million issued) exercises reported during that period, and Implant has not done any private placements.
To me, the only reasonable explanation is conversion of the debt. And because DMRJ has not filed a Schedule 13D or 13G, we know they have sold enough at least to keep below the 5% ownership threshold.