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Tuesday, April 26, 2011 4:46:37 PM
There is nothing in the 8-K that calls the convertibles collateral. They explicitly referred to it as an inducement.
In other words, each investor was told, "If you loan me $250K at 7%, I will repay you by Sept 15, 2011, AND I will give you one share of convertible preferred stock, which is convertible to 5B shares".
The prior loans to YAGI, which according to the 8-K filed in November, had a principle of $1.3M, and if TYRIA didn't meet the terms, could be converted at the fixed rate of $0.0001/share, for a total of approximately 13B shares.
I rarely, if ever, spoke of those 13B shares in discussing the potential number of outstanding shares because I assumed that Trey would meet the conditions of the loan, and the conversion would never be exercised.
The reason I mention the 10B potential shares now is because the "inducement" was awarded separately from the debt, not as a condition of repayment.
Meller's 26B shares has nothing to do with the old YAGI loans. He is taking a large portion of his salary in debt convertible to shares. All of this is described in the 10-K on page 26:
http://edgar.sec.gov/Archives/edgar/data/1236275/000118518511000378/treyresources10k123110.htm
What I will say about the ship "turning in the right direction", is that the Deferred Revenue shown in the 10-K is a good thing, as are the software orders that were booked in Q1 and announced at that time.
One last thing:
While the 8-K says that each of the $250K loans plus accrued interest are payable in full on Sept 15, 2011, there is probably nothing in the agreements preventing the lenders from extending those loans at the same interest rate if they so desire.
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