It seems the new 10K is greatly understating the dilution caused by the Series C Convertible Preferred. Hope their lawyers notice and company issues an amendment.
"As of June 28, 2018, the Investor was still due approximately 9 million shares of common stock upon the conversion of the remaining 1,112 shares of Series C Preferred Stock sold in 2017 and 2016, subject to further adjustments pursuant to the terms of the Series C Preferred Stock, based on a conversion price of $1.23 per share for the Series C Preferred Stock sold in 2016 and $2.92 per share for the Series C Preferred Stock sold in 2017, which conversion prices may actually be significantly less than such estimate and which shares due upon conversion of such Series C Preferred Stock may be significantly greater"
But really it's a floorless convert that right now has an exercise price of $0.15 ish. That converts to around 75 million common shares - as compared with the almost 16mm outstanding now.
"the conversion rate would remain 95% of the average of the lowest 5 individual daily volume weighted average prices during the applicable Measuring Period, not to exceed 100% of the lowest sales prices on the last day of the Measuring Period, less $0.05 per share of common stock"
Please correct me where I'm wrong.
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