On4 Communications Inc (ONCI)

[shotsky]

Not sure how he plans to reduce the OS...the OS is outstanding shares, meaning they are in trade now. Reserved shares are not actually sold yet, so they should not be part of the OS.
What are reserved shares?
Reserved shares are authorized shares that are set aside for issuance in the future. Shares are often reserved for issuance under a stock option plan. These reserved shares are part of the total number of authorized shares, but the corporation may not issue them, except under the stock option plan. See our article about determining how many shares to reserve in a stock option plan.
Authorized shares are also reserved when the corporation issues a warrant to a third party to purchase stock. If such warrant holder exercises the warrant, the corporation then needs to have enough shares reserved to issue to the warrant holder.
Once the corporation raises money by issuing preferred stock, a certain number of authorized shares must be reserved for the conversion of the preferred stock into common stock.

So, the AS could be reduced, but that can't be done without an 8K either...