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Tuesday, April 26, 2011 1:32:53 PM
What I've written is based on facts in the filings, except for two assumptions:
1) I can't yet prove that the 10B in convertible shares were issued at the equivalent of $0.00005 when converted, but it's likely, as the stock was trading at an indicated $0.0000 on 4/11, which I figure meant that it was trading for a bit less than $0.00005, and it rounded to zero
2) Meller's conversion price is based on the price of issued stock. I'm not sure if convertible stock issued at the equivalent of $0.00005/share when converted counts, or if only common stock issued at $0.00005 will reduce his conversion price to $0.000025.
It's possible we will be able to determine this in the 10-Q that will be filed in the next few weeks, but since the activity occurred in Q2, we might not see the outcome until the Q2 report is filed in mid-August.
I see nothing wrong in speculation based on the facts, but I do have a problem when unfounded speculation is used to try to pump the stock.
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