Sylios Corp. (fka UNGS)

[robtewms]

The shares are registered in the S-1 and who they are for is stated in the S-1. All are accounted for and none are for an IPO.

You are admitting that GCAN shares are in fact all registered per the Form S-1 filing. And, I agree that is the proper reading of the S-1.

As for the IPO, the S-1 explicitly uses the term Offering. The shares being "offered" are listed to the level of details of indicating the owners and their quantities of shares owned.

So, once trading starts the S-1 implies that all enumerated shares minus those Restricted would be available to trade. And, the only ways more shares can be placed in the market are:
1. Restricted/ Untradeable Shares from Wayne, Notes, and Warrants of GCAN become tradeable.*
2. GCAN has a Secondary Offering

* There is again some ambiguity in the use of the term Restricted/ Untradeable shares. Those are in the S-1 as not included in the IPO. Not the GCAN shares that are in accounts with CUSIPs. Those will be tradeable once an MM signs on with GCAN through the 15c2-11 process.