OK, brief history:
Insiders in this company don't own common shares. They own these series-B preferred shares. A few months ago, there was around 100,000,000 preferred shares owned. Don't know how many in the float now, but the number is capped at 800,000,000 shares. Now, it should be noted that these preferred shares are not affected by reverse splits. So what the kind Zippi-folks do is RS the stock, convert a bunch of preferred to commons, and dump the new shares into the market.
A few months ago, we just had a 1 for 2000 reverse split. The 4,000,000,000 commons got converted into 2,000,000 commons. If you check Pinksheets.com now though, there are currently 50,602,000,000 shares outstanding. The tiny 2,000,000 in that number are all the previously held commons. The remaining 50,600,000,000 are converted preferred waiting to hit the market.
Oh one more detail. The conversion rate of preferred to commons is 250,000 commons for one preferred. Meaning that if all 800,000,000 authorized preferred are converted into commons. That will produce 200,000,000,000,000 common shares. At the current price of .006, That gives a market cap of $1,200,000,000,000, or in words 1.2 Trillion dollars. Pretty damn amazing considering the company has only produce a handful of crappy apps. Isn't it.
