Thursday, June 29, 2017 12:40:20 PM
Preferred
During the quarter ended March 31, 2017, we issued 120,000 shares of preferred series “E” shares for services valued at $14,400.
During the quarter ended March 31, 2017, a holder of our preferred series “E” shares elected to convert 100,000 preferred series “E” shares into 1,400,000 shares of our $0.001 par value common stock.
The fact it is done under a preferred is a way to disguise how many shares is issued. Many people who canno't read a balance sheet don't realize how hurtful it is to shareholders.
Each Preferred "E" is convertible to 14 shares common, That means the 120,000 recently issued preferred "e" shares are convertible to 1,680,000 common shares in exchange for $14,400 dollars.
This means the company printed near free shares for someone. The person receiving them is getting each share for .008 cents per share. This is also booked under the companies balance sheet under accumulated deficit of 14,400 dollars. In reality, if those 1,680,000 shares are sold at the current 5 cent market, the true value is 84,000 dollars to the actual people that buy them in the market. If they do a pump to 50 cents and those shares are sold at 50 cents, the actual monetary damages to the mom and pop investor is 1,680,000 times 50 cents = 840,000 dollars minus the 14,400 dollars actually paid. The mom and pop investor would pick up the difference tab of 825,600 dollars. And that difference is not reported on the balance sheet. This is how money is siphoned off under public companies "loose issuances" This is also why scrutiny under regulatory agencies is important.
The companies accumulated deficit of 45 million in reality is several hundred million given those chronic issuances and common shareholders don't even realize how much money keith M Berman raised all these years.
Keith m Berman is legally required to 1099 the recipients of those shares at issuance. If he did not, it is a problem.
The litigation fund Keith M Berman brags about hiding from the balance sheet will not be larger then the Securities and Exchange Commissions coffers and the Internal Revenue Service prosecution fund.
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