JMHO, but there's something wrong with his numbers on the 8K. There were already 10,000 shares of NC Preferred O/S at 12/31/22 with 20,000 A/S. In the 8K he acknowledges the 20,000 A/S, so 15,000 new shares exceed the A/S and there is no mention of a new authorization. Secondly, the Preferred shares were selling for $7.50 on 3/17/23. How can he justify 15,000 NC preferred shares for only $10,050 in debt?
He could probably justify a 9 or10% discount to $6.70 for 1,500 shares in exchange for cancellation of $10,050 in debt (as payment for the shares) or the full 15,000 shares for cancellation of $100,500 in debt, but that makes the O/S exceed the 20,000 A/S.
$.67 per NC Preferred share sets a bad precedent for future capital accumulation with preferred shares and would be contrary to his dilution comments in his CC's. This can't be correct. I'll be looking for an amended 8K unless someone here sees where I'm wrong. Anybody else?
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