Worlds Inc (WDDD)

[DataStream]

There were not enough authorized to accommodate the warrant conversion. The reverse was necessary to legally fulfill the terms of the warrants. The company can’t just authorize more shares, that requires a proxy, cost $25k and takes 60 days with no guarantee the proxy would get over 50% of shareholder approval, then the company would be in breach of the warrant covenants. The reverse had to be done at that time.