okay, here is what i think is going on:
Forget the .35 per share "purchase price". That just clouds the issue and is a made up number. The real issue is share structure.
"The total purchase price of all phase 1 properties as listed above and the Phase 1 Operations is € 35,535,250 or $47,428,902 at a conversion rate of 1.3349 as of this date to be paid with the Company’s common stock at an agreed share price of $0.35, for a total of 131,998,071 common stock post reverse split which will represent 73.2% of all issued and outstanding shares of the Registrant. These shares will have a lock up period for a period of two years. "
so the 132mm shares will be 73.2% of the entire OS. That means the OS will be 132mm/.732 or 180,325,234 shares making the public float 48,327,162 shares. Since the OS right now is 423mm, i expect preferred conversion to common to be about 57mm shares and then a nice, tidy 1:10 reverse split to get us to that amount. That would yield a book value per share (after split) of 15.7 cents per share.
The next event is what they are calling "Phase 2" which is the company buying the remaining 10 properties from ICPB in 6 months. My guess is that they will be using preferred shares for this.
That is what i have for now. feel free to comment