I'd be interested to know the current share structure. There is a good probability that they are close to having issued the 3 billion shares.
If true, that would put the market capital at close to $2.7M, which would be very high given the company's performance and projected revenues.
On Aug 30th, they increased the A/S from 510,000,000 shares to 1,510,000,00 shares (10,000,000 shares preferred stock).
By Nov 23rd, it appears that they issued most of those shares, as per the 10K. From the 10K:
Effective November 23, 2011, the stockholders of the Company through a written consent executed by stockholders holding 737,690,538 or 52% of the Company’s common stock outstanding and entitled to vote, adopted and approved the Amended and Restated Articles of Incorporation, which were adopted by the Company’s board of directors on November 23, 2011.
On Dec. 13th, they increased the A/S from 1,510,000,000 to 3,010,000,000 (10,000,000 shares preferred stock).
Given the convertible debenture, along with the money they've had to raise to pay their landlord, operating expenses, and the fact that 5 months have now passed since the last increase in A/S, they probably have issued most of the 3 billion shares by now. From the 10K reference rent to landlord:
ITEM 3.
LEGAL PROCEEDINGS.
On November 30, 2011, API was notified that a Judgment by Confession had been entered against it in the Court of Common Pleas Philadelphia County in Philadelphia, Pennsylvania by Wexford-UCSC II, L.P., its former landlord. The Judgment by Confession assesses total damages of $428,232, which is comprised of the following: $73,995 for unpaid monthly rent, maintenance fees, interest and late charges for the period through November 30, 2011; attorney's fees of $5,000; rent and maintenance charges of $10,020 for December 2011; and the value of future rent payments for the period from January 1, 2012 to December 31, 2014 of $339,217. The complaint alleges a breach of contract and event of default for API related to this lease. The Company intends to negotiate with the landlord to settle the judgment as expeditiously as possible. As of December 31, 2011, the Company had recorded $67,429 in rent expense that is included in "accounts payable, other" as of that date. The additional judgment amount totaling $360,803 has been expensed as "litigation contingency" on our statements of operations and is recorded under the same name as a liability on balance sheets and at December 31, 2011.
Given the available information, AFPW's only recourse may be to conduct a reverse split of its stock to continue operations. Of course, if AFPW manages to sell enough of the PBIS-2000 units, then that could fix the balance sheet (assuming they use the revenues to get debt free and institute a stock repurchase program to reduce the A/S and O/S).
On a positive note, the company does have deferred tax assets, which appears to be its most valuable asset:
At December 31, 2011, deferred tax assets consisted of a net tax asset of $7,483,400, due to operating loss carry forwards of $19,372,060, which was fully allowed for, in the valuation allowance of $7,483,400. The valuation allowance offsets the net deferred tax asset for which there is no assurance of recovery. The increase in the deferred tax assets and the corresponding valuation allowance during the year ended December 31, 2011 was $1,375,700 based on the $6,107,710 reported by the Company at December 31, 2010. The net operating loss carry forward expires through the year 2031.
In the end, AFPW may be worth more as a shell.
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