Asia Broadband Inc (AABB)

[motleytool]

Looked over the financials again for 3rd quarter 23 and year end 23. When the Board bought the additional 2 million in preferred's on Nov 15th, AABB had already converted the next 125 million block of WC shares on Oct 3rd. As of Sept 30th the board had voting control power of 2.8 billion. After Oct 3rd the outstanding shares was now 3,104,401,657. Without William Snyder's 228 million shares, common shareholders had more than 50% control of the company after the last reported WC conversion. Funny thing is Snyder had 175 million after his 100 million "share reduction" on May 27, 2021. How did his ownership increase to 228 million? There are no share conversions/purchases reported to him in the financials since the 100 million "share retirement". His increase in common equity without any reporting is an SEC violation as he is a 5% owner.
So what does all this mean? They slowly keep bumping the controlling interest through the preferrred purchases and Snyder's unreported equity increases to keep the retail common shareholder from ever getting over 50% of the voting control. When they announced the additional 2 million preferred purchase on Nov 15, 2023, .....huge red flag that Clive had already got another dumptruck load of "cheapies" at .0004. This also tells you they have given themselves the necessary "buffer" to dump the rest of the WC "cheapies" at .0004, keep over 50% voting equity control, and likely never do the 12 million buyback.