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Wednesday, December 04, 2019 8:50:01 PM
Simple calculation based on the updated OS.
Say 18M in total was used for $220,000, and not exceeding 9.99% then:
18M/65Mx100%=28% (prior to Nov 18)
18M/125Mx100%=14% (prior to Dec 3)
18M/175Mx100%=10% (Today)
any required additional shares will be issued in tranches.
2 tranches of shares issued: 60M and 50M respectively.
175M-18M-65M=92M
92M will likely be returned and get converted to restricted by L4L.
Note that restricted shares 35M has never changed since the takeover.
If L4L some how owns the current restricted shares 35M plus 92M they issued, they will own about 72% or 73% stake in the common shares of the shell.
Based on the last 10Q (2018). All the convertibles, charges, and salaries, $2M in total of liabilities should have already been paid off with the increase of OS from 46M to 175M since the takeover by L4L. From 65M to 175M in OS, most trades happened above .01 and ranged between .01 and .03. Plus the old company received $460,000 settlement fund from JP Morgan near the end of last year.
Note total outstanding shares was only 1.3M back in April this year.
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