On4 Communications Inc (ONCI)

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On page 17 of the annual report:

6. Subsequent events

The Company is in the process of filing with the State of Delaware to change its authorized share
capital from 5,030,000,000 shares (5,000,000,000 common shares and 30,000,000 “ Series A” preferred shares) to 3,500,000,000 common shares and 1,530,000,000 “Series A” preferred shares. Concurrent with this change, Steve Berman, our CEO, intends to surrender his
1,500,000,000 common shares in exchange for 1,500,000,000 “Series A” preferred shares. After this exchange, the total issued and outstanding common shares will be reduced from its current level of 2,798,719,698 common shares to 1,298,719,698 common shares.