Tuesday, March 17, 2015 7:09:07 PM
Currently, the authorized shares have all been used. That means there are no authorized shares that have been unissued. Which means if the Series A holders decide to convert their warrants to common shares, there are no available authorized shares to create the needed common shares. In that case, the company will owe the Series A holders the value of the common shares. If the company had to come up with the cash to pay them off, they would be sunk.
The $0.10 conversion price deal is after the fact. Even if it is above $0.10 post split, there is no guarantee they will take the deal. You are getting ahead of yourself with that. The issue at hand is the reverse split. It will happen no matter what you vote. If not this company is done before it ever starts.
These are my opinions unless otherwise noted.
Proud member #2 of the "iHub 9". All CAPS will crush the whimpy girly man quotes!!!
http://www.pinksheets.com/otciq/ajax/showFinancialReportById.pdf?id=15992
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