Tuesday, May 24, 2016 2:02:01 PM
BTW, even though Tom converted some Preferred shares into those 80 million common shares, who knows how many are still left. There were 11,486 Series B preferred stock that could be converted to common at an exchange of 1 preferred for 2.5 million common. So Tom would have only had to convert 32 of those Series B preferred shares to get 80 million common out of the deal. If he converted Series B, he still has 20 million Series C valued at $4 million that he could convert at .20.
This company has become more bloated with stock since we bought in, not less. His PR about decreasing authorized shares was a total smoke and mirrors because after the RS, surprise, we suddenly have 200 million authorized. Before the RS we had about 5 billion. The RS doesn't affect the authorized, however, a 1:500 RS would have meant an equivalent of 10 million authorized after the RS. We now have 20 times that. 200 million.
INMG is turning into a stock creating venture that ONLY benefits Tom.
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