Zerify Inc (ZRFY)

[BettingAngles]

SFOR-Although this left the company with over $4.5 million in proceeds the shareholders of SFOR were still drowned in dilution through the conversion of debt, and when we say "drowned" we really mean it. Last year SFOR performed two monstrous reverse splits - one at a ratio of 1-for-650 and a second one at a ratio 1-for-1000. This left the company with approximately 22.7 million outstanding shares at the start of this year. Less than six months later SFOR reported having more than 2.2 BILLION outstanding shares. Nearly 1.8 BILLION of them got issued at conversion prices ranging from $0.000058 to $0.0008 during the three months ended March 31, 2016. The subsequent events section of the quarterly report shows the issuance of another 313 million shares through conversions at $0.0001 per share as well as 155 million shares being issued through the cashless exercise of warrants.

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