Bioelectronics Corp (BIEL)

[kidnova]

I will use 2009 10-K as an example. According to their 10-K:

http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=7158989

In 2009, of the 1,204,456,236 shares issued that year the breakdown was:

1,059,286,427 or 88% were issued to convert debt or as payment for services.
145,169,809 were sold on the open market.

In 2008, of the 148,141,040 shares issued:

109,048,183 or 73.6% were issued to convert debt or pay for services
39,092,857 were sold on the open market

In 2007, of the 42,796,847 shares issued:

34,921,847 or 81.6% were used ot convert debt or pay for services
7,875,000 were sold on the open market.


BIEL has stated several times during 2010 that they did not need to dilute for cash, so it is reasonable to assume, that most, if not all, of the dilution that may have occurred was used to convert debt or pay for services. The Whelan's own all of the debt. None of those shares would have been sold on the open market.