Correct Me if I have this wrong.
The initial registration statement authorizes them to issue up to 100,000,000 common shares
7. CAPITAL STOCK
Capital stock consists of 1,000,000 authorized preferred shares with a $0.01 par value and 100,000,000 common shares with a $0.0001 par value.
They are issuing shares for payment of an outstanding promissory note to Metro One
Between October 14, 2008 and October 24, 2008, an existing investor converted $1,710,000 principal and interest amount of a promissory note into an aggregate of 15,200,000 shares of our common stock, at a conversion rate of $0.1125 per share. Payments under the note are convertible into shares of our common stock at seventy five percent of the lowest closing best bid prices of our common stock for the fifteen trading days prior to the conversion date.
As long as the issues are less than 5% at a time and the reciever does not hold more than that at any one time they are not required to register as a benificial shareholder.
The annual filing included the conversion information (see above)
They are issuing shares for acquisitions
3. RELATED PARTY TRANSACTIONS
On October 2, 2008, the Company issued 10,000,000 restricted shares of common stock to Michael Levine, CEO, President and Chairman of the Board as a deposit on the acquisition of Den Packaging Inc. valued at $2,000,000.
They are issuing stock for consulting services
Issuance of stock for consulting services 500,000
I'm guessing the outstanding share count has at least tripled since the last annual filing, but I can't know until the next filing
As of December 5, 2008 the Issuer had 36,450,000 shares of common stock issued and outstanding, par value $0.0001 per share.
