Jam, as far as we know, the condo deal is the only deal where preferred shares can be converted into common shares. If all those preferred shares were converted into common then PBLS has to account for 133,333,333 million common shares (fully diluted) at most. ($4 million / $0.03).
All the other preferred deals noted in the June filing indicate that previously issued common shares are convertible into preferred shares but not preferred to common. All those common shares that can be converted into preferred shares are already in the OS.
That leads to 2 conclusions--
1) If the condo deal is the only deal using convertible preferred then there are atleast 1.75B - .133B = 1.67B common shares that are currently tradeable.
OR,
2) There are new deals that we don't know about that also used convertible preferred. They probably represent around 800 million shares of common stock if our earlier assumption that the OS would be around 815 million was correct.
If (2) is correct then we should get some blockbuster PR's in the near future regarding some new companies under the PBLS umbrella.
OR,
I suppose, we could also hear that a deal fell through and the OS needs to be reduced because the common shares set aside for conversion are no longer needed.
AI
