We are taking steps to improve our share structure, including the elimination of all classes of preferred stock except for the new class of preferred (Series H) used to complete our recent acquisitions, and we already eliminated one billion shares of common stock issued to FLUX Carbon Corporation ("FCC"). We have also finalized terms and are currently working on debt restructuring, investment, joint venture, license and acquisition agreements for transactions that we expect will involve issuance of approximately 20% of our share ownership in the form of restricted Series H shares. Once finalized, and when taken with previously issued restricted Series H shares, those agreements will correspond to about 80% of our share structure in the form of restricted Series H stock and 20% in the form of common stock (all of which shares are in the public float). Significantly, FCC has agreed to continue to reduce its ownership to offset the dilutive impact of any and all debt conversions that occur moving forward until all existing convertible debt is satisfied.
We have no intention of completing a reverse stock split for the foreseeable future. However, our share structure and outstanding shares will need to be addressed if we are to achieve our ultimate plan of up-listing. We intend to submit a petition to do so after completing our restructuring and acquisition plans and achieving targeted valuation and listing goals – and we hope to be in a position to do so in the latter half of 2016.
