There is no such thing as diluted all Series B preferred share. Incase people still unaware, or ignorant. Let's me make it clear: Stockholders’ Equity:
Preferred Stock, $0.001 par value: 5,000,000 shares authorized
Series A Convertible Preferred stock, $0.001 par value; 130,000 issued and outstanding as of November 30, 2021 and May 31, 2021 130 130
Series B Convertible Preferred stock, $0.001 par value; 820,800 and 840,000 shares issued and outstanding as of November 30, 2021 and May 31, 2021, respectively 821 840
Common stock, $0.001 par value; 800,000,000 shares authorized; 655,781,078 and 393,742,663 shares issued and outstanding as of November 30, 2021 and May 31, 2021, respectively
The a/s is 800M that is I don't care what you say you can't issue more than 800M unless the shares structure has change. Pursuant to the Merger an aggregate of 1,000,000 million shares of preferred stock, with certain of UL HI Shareholders receiving 130,000 shares of Innocap Inc.’s Series A Preferred Stock and the UL HI Shareholders receiving of 870,000 shares of Innocap Inc.’s Series B Preferred.
130,000 Series A preferred stock still in the treasure and 870,000 shares of Innocap Inc.’s Series B Preferred stock issue to Mr. Ray has voting and investment Series B Preferred Stock. Immediately pursuant to the Merger, Mr. Ray converted 30,000 shares of Series B Preferred into 196,424,100 shares of Common Stock.
Each share of Series B Preferred is convertible into six thousand five hundred forty-seven shares of Common Stock of the Issuer. REGARLESS OF WHAT YOU SAY...The Issuer is limited to 800,000,000 authorized shares of common stock. Currently, Mr. Ray can convert up to 22,030 Series B Preferred shares, which is the amount of Series B Preferred shares that can be converted up to the authorized number of common shares.
NOW LET'S GET THAT STRAIGHT ONE MORE TIME. Series B Preferred shares that can be converted up to the authorized number of common shares. Furthermore, why Ray want to conversion all the Series B for what? Do you think he will jeopardizes his 58.3% holding in the company flush everything into the toilet?
I don't think he is that stupid do you? No matter what... it can't be done unless the share structure change. Right now let's stick to the fact stop the bullshit dilute nonsense because the share structure only allow him convert up to 22,030 Series B Preferred shares
Trillium and 3a Capital each owns 79,920,000 9.9% now you need to go back read the 8-k As disclosed dated January 10, 2022, on January 7, 2022, the Company repaid, early, $2 million of non-convertible debt to two of its noteholders.
Furthermore, As disclosed in an 8-K filing on December 13, 2021, the Company reached agreement, effective December 10, 2021, with its convertible debt holders for an exchange of debt and warrants of $ 3.9 million into equity. As a result, the Company eliminated all convertible debt in its balance sheet.
