From the last 8k-
Effective July 1, 2007, the Company's majority shareholder, Seaway Capital, Inc., converted 308,234,884 shares of Company common stock into 21,750 shares of Company Series B preferred stock.
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Based on the latest conversion ratio of
1 share of series B preferred = 14171 shares of common
I would say that if the company ever converted back all 100,000 series B preferred into common then it would add
1,417,100,000 for a total O/S of 1,603,199,879
From the latest 10ksb
Conversion
Shares of Series B Preferred Stock may, at any time, at the option of the holder, be converted into fully paid and nonassessable shares of Common Stock. If the date of a conversion is on or prior to December 31, 2008, then the number of shares of Common Stock to which a holder of Series B Preferred Stock shall be entitled upon the Conversion shall equal the sum of (a) the product obtained by
(A) multiplying the number of Fully-Diluted Common Shares by four (4), then (B)
multiplying the result by a fraction, the numerator of which will be the number of shares of Series B Preferred Stock being converted and the denominator of which will be the number of issued and outstanding shares of Series B Preferred Stock, less (b) the number of shares of Common Stock beneficially owned by the holder prior to the Conversion, including Common Stock issuable on conversion of any convertible securities beneficially owned by the holder. If the Conversion Date is after December 31, 2008, then the number of shares of Common Stock to which a holder of Series B Preferred Stock shall be entitled upon a Conversion shall equal the number to which it would have been entitled if the Conversion
occurred on December 31, 2008. The term "Fully-Diluted Common Shares" means the sum of the outstanding Common Stock plus all shares of Common Stock that would be outstanding if all securities that could be converted into Common Stock without additional consideration were converted on the Conversion Date, but shall not include Common Stock issuable on conversion of the Series B Preferred Stock.
