Friday, January 23, 2009 3:25:43 AM
There are 10 Billion shares authorized which leaves just enough for another 504 sale of about 500 Million shares. After that, look for the company to increase it's Authorized Share amount or do a reverse split to accommodate additional sales through the Reg. D offering.
A 504 offering allows a company to raise $1 Million in a 12 month period. Steve still has a way to go before reaching the limit. At $0.00005 per shares, he needs to sell 20 Billion. Since the Reg. D was filed last year I estimate Steve has pocketed about $250K. That money could have gone a long way if it was invested into the business but I don't see any evidence of that.
Reg. D offerings are so often linked to fraud that only one State still allows them to be filed. (Texas) I don't expect that to last much longer. SMAS is a textbook example of why they should be banned altogether. The sad irony is that only non-reporting companies are eligible for them. Investors have no way of knowing where the money is going.
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SMAS
where is all the volume coming from
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