World Surveillance Group Inc (fka WSGI)

[coastiretired]

No association. . .WSGI received 10,000,000 preferred shares of DRNE in the sale of the LTAS assets. They claimed the shares were worth almost $4 million at the end of September 2014. They sold 700K of those shares a few months later for $475K and gave the remaining 300K shares to Denville and Dover.

On May 5, 2014 (the “Closing Date”), the Company entered into a Securities Exchange Agreement (the “Agreement”) by and among the Company, Lighter Than Air Systems Corp. (“LTAS”), and Drone Aviation Corp. (“Drone”), a privately-held company, pursuant to which the Company exchanged 100% of the outstanding shares of capital stock of LTAS for a cash payment of $335,000 and 10,000,000 shares of common stock, par value $0.0001 per share, of Drone (the “Shares”). The Shares were converted into 10,000,000 shares of Series D Convertible Stock (the “Preferred Shares”) of Drone Aviation Holding Corp. (DAHC), a publicly-held company, and are convertible on a one-to-one basis into shares of common stock of DAHC. The Preferred Shares are currently valued at $3,720,000 based upon the closing price of the DAHC stock on September 30, 2014.
https://www.sec.gov/Archives/edgar/data/919742/000110262414001906/worldsurveillance10q.htm

On December 10, 2014, the Company entered into certain Stock Purchase Agreements (the “Stock Agreements”) with various purchasers for the sale of an aggregate of 7,000,000 shares of Series D Convertible Preferred Stock, par value $0.0001 per share, of Drone Aviation Holding Corp. (the “Preferred Stock”) held by the Company for an aggregate purchase price of $475,000. The Company intends to use the funds received to continue the development of the Argus One airship and for other general working capital purposes.

On December 10, 2014, the Company entered into a Share Cancellation and Assignment Agreement (the “Share Cancellation Agreement”) with Denville and Dover Fund LLC (“Denville”). Pursuant to the Share Cancellation Agreement, Denville (i) returned 31,428,571 shares of the Company’s common stock for cancellation, (ii) terminated its right of first refusal on future financings, its registration rights, certain anti-dilution rights, and various other rights pursuant to a Stock Purchase Agreement dated May 5, 2014 between the parties, and (iii) terminated a Consulting Agreement between the parties dated May 5, 2014. In return for the rights given up by Denville in the Share Cancellation Agreement, the Company agreed to transfer 3,000,000 shares of Preferred Stock of Drone Aviation Holding Corp. held by the Company to Denville.
https://www.sec.gov/Archives/edgar/data/919742/000110262414002038/worldsurv8k.htm