Phoenix Associates Land Syndicate (fka PBLSQ)

[MrPastorious]

unregistered shares come in the form of sale of shares to the public, by the issuing company, away from the market. They are authorized shares, they are just not registered. You need to understand what a registration statement is, and the difference between unregistered and shares sold under a registration statement, and how a company can issue shares. Pinkies are well known for selling unregistered shares. Most of the time it is disclosed in an SEC filing after the fact, sometimes it is never disclosed.