I see you need some convincing. Please let me know what, if anything, you find wrong with the following. But first a few notes:
Preferred shares were converted to common based on their stated value of $1,080.
The $ amounts in parens are the resultant per share conversion prices for the indicated conversions.
From the last 10K:
"During the year ended June 30, 2021, the 2020 Series B-2 5% convertible preferred stockholder converted a total of 10,207 shares of Series B-2 preferred stock into a total of 68,034,812 shares of common stock." ($.16)
"From July 1, 2021 to the date of the issuance of the accompanying financial statements (note: 9/27/21), the Company issued 2,036 shares of its Series B-2 5% convertible preferred stock, for aggregate gross proceeds of $2.0 million, upon exercise of 2,036 Series 1 warrants issued by the Company. In addition, the Company issued 1,000 shares of its Series B-2 5% convertible preferred stock, for aggregate gross proceeds of $1.0 million, upon exercise of 1,000 Series 2 warrants issued by the Company. At the same time (7/1-9/27/21), there were 3,036 preferred stock shares converted to approximately 18.9 million shares of common stock." ($.1735)
From the most recent 10Q:
"During the nine months ended March 31, 2022, the 2020 Series B-2 5% convertible preferred stockholder converted a total of 3,907 shares of Series B-2 preferred stock into a total of approximately 38,256,706 shares of common stock." ($.1103)
The above tells the reader that between 9/27/21 and 3/31/22 there were 871 (3907-3036) preferred shares converted into 19,356,706 (38,256,706-18,900,000) common shares. ($.0486)
Back to the Q:
"As of March 31, 2022, there was no Series 1 and 2 warrants outstanding since all warrants were exercised, and there were 1,165 shares of Series B-2 5% convertible preferred stock outstanding."
If the 1165 shares of preferred that were outstanding were converted into common (anybody really think that they weren't?) at $.0486 they would have resulted in another 25,888,888 common shares issued.
If you're still with me you now know exactly how I came to the conclusion that Kips was issued ~130M common shares, of which they now say that they sold ~85M, all since December 2020.
68,034,812 + 38,256,706 + 25,888,888 = 132,180,406
re: "They absolutely would have had to file the same form they filed yesterday."
Of course they would (actually it would require a 13D versus the 13G filed)...if they held all 130M shares at the same time. But they didn't and you know that.
