Moon Equity Holdings Corp (MONI)

[Steve White]

Plus, at any time he wants to convert his preferreds, he simply need only raise the AS and dilute until he's less than 50% and as soon as he does that, his percentage goes down even further, kicking in more conversions. Thus he can convert all, pretty much as soon as he raises "common" OS and AS to a trigger number for 50% equation. Anyone see a flaw here in my logic?

Quote:
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Between now and March 8 the Company will Amend and file Restated Articles of Incorporation with the State of Florida and file the stamped copy along with the Board of Director minutes on . Mr. Clarke will return his certificate for 100 million shares back to the transfer agent in exchange for a new certificate for 35 million restricted shares and be issued a certificate for 65 million shares of newly created Preferred shares.

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In first part of PR, he filed already ("...filed an Amendment to its Articles of Incorporation with the State of Florida to reduce the number of Authorized shares ...", now he says he will file before March 8th. I'm confused. OK, so when he files, he'll return the 100M and get 100M back (65M preferred and 35M restricted common). Along with the current float of 13.5M shares, OS is right back to 113.5M shares for valuation purposes. So OS (as we all understood it) was only reduced 1M.

Is anyone else confused by all this? Bottom line that I see is OS and effectively AS have not really been reduced, but a lot of semantics seem to exist.