As it sounds like it will take some time to see updated share data on the OTC website following the RS are my working assumptions and maths below correct ?
OUTSTANDING / ISSUED SHARES
I read from a post on this forum that Pro Music Rights tweeted yesterday that there were now 5,994 outstanding new SONG common shares in issue
I also recall seeing from the OTC site before the RS date that SONG had outstanding 802,635,215 shares which after a 500,000 to one split would have converted into 1,605 new shares
Is it correct to assume that all or most of the difference of 4,389 new shares (5,994 less 1,605) is due to new or old shares issued under the 3(a)(10) in connection with the $12m salary award from 2023 of the CEO and his family office ?
AUTHORISED SHARES
I read on the Silver Flume website today that SONG had an authorised share capital of
1 Preferred Share
14,500,000,000 Common shares
As this look like “old share” data before the RS it is presumably reasonable to assume that the company is still in the process of updating this data as the RS has only just occurred
In the meantime I am therefore assuming that the Authorised common shares figure above would have converted into 29,000 Authorised new common shares at 500,000:1 unless a resolution was passed by the company to change the number of Authorised shares which I may have missed.
FURTHER DILUTION ?
Has the company confirmed whether the issue of new shares under the 2023 3(a)(10) was complete by the time the company got to 5,994 outstanding new common shares or do more new shares still need to be issued to cover any residual balance under the convertible loan note issued under the 3(a)(10) process ?
Also does the company have the operating cash flow going forwards to pay the recurring $12m annual basic salary of the CEO for 2024 and future years and other costs or will further new shares still need to be issued ?
As the single Preferred share (held by the CEO) holds most of the voting rights of the company is it reasonable to assume the company could in theory with the vote of the preferred shareholder alone issue up to 23,006 additional new shares ( 29,000 - 5,994 ) or at the option of the preferred shareholder simply adjust its authorised share capital again ( up or down ) with the vote of the preferred share holder ?
I would welcome any feedback on anything I have misunderstood or errors on my calculations as I get confused by such big numbers and am personally finding it difficult to follow this whole RS process.
