Short Synopsis:
There is 1.4B shares O/S (exact figure I have to look up) not 1.0B.
The entire downward pressure was the strong concern the $4,000,000.00 Promissory Note (to Jefff Turnbull) could not be met by Dec. 31, 2010 and a default would occur. USOG stock would be about worthless. Couple this with a majority shareholder vote to increase the A/S to 5.0B from 1.8B caused a great fear of major dilution.
THIS ALL CHANGED.Jeff Turnbull accepted (early to mid July 2010) 400,000,000 shares in lieu of $200,000.00 of the Promissory Note. This was shown on page 57F of the Registration Filing op cit. Jeff Turnbull did two things in my opinion:
1) He endorsed USOG stock by becoming a beneficial shareholder, in essence saying this is a great, undervalued stock,
2) He then committed himself with a vested interest in USOG.
Enough said for now.
