Wow that seems like ages ago but was 3 months ago!
It is hard to tell if that preferred was ever issued or if it was there in case we needed it. If I recall how these things work they take the convertible debt out, roll to preferred that is convertible but with a wait window and the rights to xx percent of any capital raised as a pay down. Would work perfectly if we get a chunk of money in, but all speculative.
Also while we suspect ownership from insiders or the company could be substantially higher we have no info and TA does not show that. I been trying to find out how that could possibly work and the only thing I can come up with is no accurate info due to being dark or company buying stock and not cancelling.
But If it were me, I would have bought enough to own 50% since it would have cost only 100-200k or so at the time. It would make sense. So I am guessing he was smart enough to see this. Or perhaps lend his own money with his own note that he could convert if needed to keep control. Something like that.
Everything I post is my own opinion and people should always do their own research and due diligence on any company they are looking at
