Good bye Viaspace ... Ha Any sale of a substantial number of shares of our common stock (or the prospect of sales) may depress the price of our common stock. In particular, we will need to raise additional capital to maintain any ongoing business. We anticipate that the issuance of newly-issued shares to maintain our business will likely be very dilutive. In addition, these sales could lower our value and make it more difficult for us to raise capital. Further, the timing of the sale of the shares of our common stock may occur at a time when we would otherwise be able to obtain additional equity capital on terms more favorable to us.
We have 8,000,000,000 authorized shares of common stock, of which 3,926,744,551 were accounted for by our transfer agent as issued and outstanding as of December 31, 2018. Of these issued and outstanding shares, 2,381,957,645 shares (60.7%) are currently held by our executive officers, directors, and principal shareholders including related parties (including Mr. Haris Basit, Vice Chairman; Ms. Angelina Galiteva, Director; Dr. Kevin L. Schewe, Chairman and CEO; Mr. Sung Hsien Chang, former director of the Company; and Inter Pacific Arts Corporation, a former subsidiary of the Company). Of the shares issued and outstanding at December 31, 2018, 2,619,300,866 are accounted by our transfer agent as restricted under Rule 144. These shares could be released in the future if requested by the holder of the shares, subject to volume and manner of sale restrictions under Rule 144. 1,307,443,685 shares of our common stock are accounted for by our transfer agent as free trading at December 31, 2018. 100,000,000 common shares are accounted for by our transfer agent as issued and outstanding, however, for accounting purposes we account for these as unissued since they are forfeitable. Outstanding common shares excluding these forfeitable shares are 3,826,744,551 at December 31, 2018.
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