Ubiquitech Software Corp (UBQU)

[somanymike]

They are almost out of authorized shares. At the rate they were issuing shares, I think I calculated they would run out in May or June.

They have a lot more debt to pay off. Historically it has been paid off by issuing 30m-50m of their authorized shares each month.

These shares decreased their debt by .001 per share, and were converted by the lenders at an average of somewhere between .01 and .02. Awesome deal for the lenders.

They would have to have a vote to increase the authorized shares (from what I understand). Although percentage wise, we can be pretty confident that the majority of those issued and converted shares have found their way into the hands of those that will vote in a way that ensures profits for the lenders, not regular shareholders like us. I don't know the rules about notifications of voting and such, but I'm sure we will learn all about it soon enough.

Otherwise, they would need to pay the debt in cash. Without digging back into the fins, I think it's somewhere around .5 million right now. (Remember, that .5m turns into 5-10m when the conversions happen). And again, without looking back at the fins, I believe it's all due by sometime in 2019.

Now keep in mind, they had the debt down to about 300k last year, and decided to go back to the loan sharks and borrow another 375k, with the same lousy terms, to increase the debt once again to around 700k. That went on the books as software development I think it was, or some similar vague expense that thus far has brought no value to the company or lead to the completion of any of the "projects" they like to pump each time a large conversion is upcoming.

A thought that just occurred to me, I wonder if they do the name/ticker change when they are out of shares, would that provide them the opportunity to get more authorized shares without a vote?