Some transfer agents (TAs) will not provide the public float of a non-reporting OTC stock as they don't track or know the ownership of free-trading shares and such ownership is part of calculating the float.
The public float is the number of free-trading common shares not held by "affiliates." Affiliates are defined by the SEC as company officers and directors as well as holders of 10% or more of the stock. "Reporting" companies (those which file periodic financial and disclosure reports with the SEC) are required to disclose ownership by all affiliates as defined above.
Most TAs who provide the float of an OTC company are simply providing the number of common shares outstanding minus restricted shares, which is the best calculation/estimation of the float per their records.
Some TAs who won't provide a number for the public float will alternatively provide the number of shares outstanding that are restricted (carry a restrictive legend) as those numbers are included in their records and the math can be done to approximate the float.
Although I'm not questioning the accuracy of the share structure numbers on the DSUS website, they are puzzling. If an actual reverse merger occurred in which a private corporation merged with a public shell and was the surviving entity, new shares would have been issued to the owners of the private company. Typically the owners of the private company end up with controlling interest.
The 13 billion authorized shares were all issued and outstanding as of 3/31/15 per the most recent PVEC/DSUS report submitted to OTC Markets. That number was reduced to 50 million on 4/29/15 with a for 260 reverse split.
The DSUS website shows that only 3,309,549 shares have been issued since the reverse split. This number does not seem consistent with a reverse merger (RM). Additionally, the name and other information about the private corporation involved in the announced reverse merger has not been disclosed.
The lack of a known private corporation that merged into PV Enterprises International, Inc. along with the apparent small number of shares issued for a reverse purchase seems to indicate that, although the name of the corporation was changed with new directors and officers, an actual reverse merger with a formerly private corporation may not have occurred.
Was there an actual reverse merger with a private corporation or just a name change with new officers/directors and a new business plan?
Who currently owns the super-voting preferred shares that were/are owned by Peter Villiotis?
The new BOD should clarify these matters as well as all other expected disclosures by filing a current and transparent disclosure and financial statement with OTC Markets.
