On December 6, 2001 the Company completed the acquisition of 100% of the outstanding common stock of BFFI in exchange for shares of the Company's Common Stock and Series A Convertible Preferred Stock. The Company issued a total of 18,800,000 shares of Common Stock and 4,783,333 of its Series A Convertible Preferred Stock to the shareholders of BFFI. The transaction was accounted for using the purchase method of accounting and, accordingly, the results of operations of BFFI have been included in the Company's consolidated financial statements since the date of acquisition.
As of April 30, 2002, 49,291,474 Shares of the Registrant's Common Stock were outstanding
NOW:
As the majority of the issued and outstanding shares of APAD are represented in the Reverse Merger plan, it will not be necessary to obtain prior shareholder approval, and, therefore, a proxy vote will not be needed to effectuate this transaction.
So, I am guessing someone has aquired the majority of the 50M outstanding shares. Hummm, wonder who. lol
