So, let's see... if we are now waiting for the next 10Q, which is believed to arrive May 15th, and the scheduled CDs set for May and one final one in June for $53,000..and then Offor in July.....
We expect to see definition of what is truly going on in May 15th...OR NOT SUFFICIENT TO DRAW A CONCLUSION STILL.....
But, as it appears now, PN is not updating shareholders ,in any way, and the unknown, PN seems to not be reducing burn rate, without explanation.
The share price will go down in April , and again in May. Accordingly, share dilution will accelerate.
The $180,000 borrowed from the April CDs is long gone, and converted at the share price of $.0005 and at 60% equals 600 million shares.
Add that to the existing 1.4 billion shares ,totals 2 billion share O/S
Then you factor in the $53,000 in June CD... share price of $.0003 ,and at 60% equals 300 million , which then totals 2.3 billion.
And finally, you get Offor's $250,000 in July. He does NOT convert. He holds. The dilution of his shares, based on $250k at $.0002= 1.25 billion
Easily over the 3 billion threshold, and in July of 2015.
The money yielded by these CDs, thanks to no reduction of spending, is over and done with , and there are several months to go until the planned drilling of 1st Q 2016.
Offor either continues to fund the next 6-9 months at $1.1 million per quarter burn rate, OR HE DOES NOT.
Since he is the largest shareholder , by far, he can , by himself, approve or decline a R/S.
If he declines to fund, and declines to approve a R/S... then what would happen?
Would the company go B/K? And if so, what would happen? Would the Lender get the company assets, or not?
Please, folks, both yaysayers and naysayers, RESPOND.
