Value Microcaps Motherboard

[cliffvb]

I agree that since AEY's preferred stock is not convertible without voting rights (unless the company defaults on the interest they are owed for 4 quarters or more) it is basically a subordinated debt there. One could say AEY is overstating their stockholder and understating their debt by $12 Million, but I don't believe it should be figured into diluted share calcs.

BTW, last year AEY also had a convertible preferred outstanding, which is gone now. That was properly figured into the diluted share calculations.