Stock Structure - A lot of you know this but I thought I would re-cap (as best I can) the current stock status for the company for any newbies.
430,000,000 shares are authorized
73,000,000 million were issued as of six months ago. Of this then 43,500,000 belong to Alvin Snaper (these have a trade restriction on them limiting how many he can put into the market at a given time). 1,200,000 were set aside for warrants but the warrants have expired. These should go back into the un-issued quantity.
This means there were 28,300,000 available on the open market. A very large quantity of these are owned by members of this board.
The company recently issued 60,000,000 to cover funding provided over the last year to operate. They also issued 1,000,000 for web design and 6,500,000 to obtain the patent for the milling process.
I don't know if there are any restrictions on these shares. My guess is there are none. The 60,000,000 are held by insiders so they would need to file paperwork before selling any. I also expect they will hold for much higher pps as the company executes its plan but they could put some in the market.
Total number of issued shares now stands at: 139,500,000 (as best I can glean from the reports). Of the issued shares 43,500,000 are restricted and and additional 60,000,000 would need paperwork filing with the SEC to sell. That leaves 36,000,000 possible shares currently. It could be less depending on what is done with the web design shares and milling patent shares.
I expect they may issue stocks to secure funding as well. I think part of the reason they have been putting out news is in hopes of boosting PPS to aid in the funding process. The issued shares mentioned here were priced at .018. This created substantial dilution. I don't think they want to dilute as much in the funding round.
Good news is the float is low enough that the dilution is not a killer. If it means they take the product to market it is worth every single share.
