Nice summary of latest financials by Coastie over at RB--
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67 million of the new shares already spent. . .
"After issuance of all shares of common stock that we are obligated to issue, and if all of our outstanding options and warrants are exercised, we will have approximately 317,160,268 shares outstanding."
Company losing over $1 million a month.
"We had a net loss of $9,241,853 in the nine month period ended September 30, 2009 compared to $3,759,742 in the nine month period ended September 30, 2008. The increase in net loss is primarily attributable to the increase in the operating expenses as discussed above."
You might think that is a lot to keep a "virtual" office running. But, a closer look shows that over $6 million of that went towards employee stock options.
"Our operating expenses for the nine month period ended September 30, 2009 were $6,272,789 compared to the nine month period ended September 30, 2008 which had operating expenses of $2,515,386 an increase of $3,757,403 or 149.4%. The increase was primarily due to charges associated with stock and employee stock options issuances."
I guess that some still think I'm crazy for suggesting that the preferred shares were issued to control the shareholder vote. Well, the BOD just doubled the company's allocated shares cutting your share value in half. The giggle of the day comes from the PRE14C which announced the increase in allowed shares. It implies that the company actually holds shareholder meetings. . .
"Any shareholder proposal which may properly be included in the proxy solicitation material for the 2010 annual meeting of shareholders must be received by our Secretary no later than June 15, 2010. Any proposal that is not submitted for inclusion in the proxy statement but is instead sought to be presented directly at next year's annual meeting"
