Ariel Way, Inc. (fka AWYI)

[countrmike]

YA/Cornell would not be converting on the 500M share warrant but only on the prefereds.

To give a sizing on Sep 07 there were 149.25 preferreds and on Jun 08 there were 125.75. Each quarter some are converted and can be seen by looking at the Balance Sheets. The preferreds convert to common stock based on the pps at a given time.

The bad news is that at a pps of .0003 each preferred conversion sizes @ more than 44M common shares. The volume trades have been low so you assume not many are being converted as the demand is not there.

This is only a sizing so one may visualize what is happening. Obviously one can only know in hindsight once the filings come out. Then you compare the increase in OS for the quarter.