Tuesday, August 09, 2011 6:01:47 PM
Had a call with the CEO and he informed me the Float is much less then the issued and out, 5m S8 he has authorized but nothing has been issued as you can see in the filing as there is no mention of them being used, also the CEO had issued 1,988,054 shares to himself each quarter (section [10] Related Party Transactions of each Q) on June, 30, 2011, March, 30, 2011, and in 2010 the CEO was issued 3,232,023 (F23 of the annual report)
The CEO is an affiliate and even if he wanted to dump it is recorded and limited to 10% per Q so he could have sold up to 1m of his shares to date? He claims he has sold nothing but there is no proof of that.
3,232,023 - 2010 - CEO (restricted affiliate shares)
5,000,000 - unissued S8 (according to the last filing)
1,988.054 - March, 31, 2011 - CEO (restricted affiliate shares)
1,988,054 - June, 30, 2011 - CEO (restricted affiliate shares)
12,208,131 shares not in float (+/- CEO selling max 10%)
issued and out 24m - 12m = 12m float?
I think this is the max float for this and from what i can see it might be alot less but this is verified by the filings.
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