MZEI issuing shares like the US is printing money
Soon these shares will be worthless like the toilet paper dollar.
We issued 6,191,066 shares of common stock for cash proceeds received during the three months ended December 31, 2009 totaling $495,040, at prices ranging from $0.06 to $0.25 per share. These shares were issued in private transactions to twenty accredited investors not otherwise affiliated with the Company. There were no underwriters involved. The proceeds were used for general operating expenses and to pay for the development of the AsepticSure™ hospital sterilization system.
Three Months Ended March 31, 2010
In January and February, 2010, we issued an aggregate of 500,000 shares of common stock for cash proceeds totaling $125,000, or $0.25 per share. The shares were issued in private transactions to four accredited investors not otherwise affiliated with the Company. There were no underwriters involved. The proceeds were used for general operating expenses and to pay for the development of the AsepticSure™ hospital sterilization system.
These sales were made without registration under the Securities Act of 1933, as amended, (the “Securities Act”) in reliance upon exemptions from registration, including, without limitation, the exemption provided under Section 4(2) of the Securities Act for private and limited offers and sales of securities made to accredited investors, and the exemptions provided under Regulation D and Rule 506 under the Securities Act for private and limited offers and sales of securities made to accredited investors.
During February 2010, we issued a total of 137,000 restricted shares of common stock to two consultants for consulting, marketing, and web support services valued at a total of $39,730, or $0.29 per share, which represented the market value of the shares on the date that the shares were approved to be issued. Both consulting agreements are based on a five-month term, the shares vest in equal increments, and the consulting expense is to be recognized over the same period.
On March 29, 2010, we issued a total of 250,000 restricted shares of common stock to a consulting firm for investor relation services valued at $47,500, or $0.19 per share, which represented the market value of the shares on the date that the shares were approved to be issued. The consulting agreement is for the period of April 1, 2010 through June 30, 2010.
