The Company has the following potential common stock equivalents at September 30,2012 and 2013: The series A Convertible preferred stock is convertible into common shares at 100 to I, reflecting a total potential conversion of 146,733,00 if fully exercised and converted. The convertible note is convertible into common shares at various rates of conversion. As of September 30, 2013 the convertible notes (and accumulated interest) could be convertible into 6,909,509.
And by the way, lots of companies are doing this - no way it's worth anything more than $10 million.
Here's how to think about it - how much would anyone pay for the whole company? How much would YOU pay for the whole company if you had the money?
And if it's $350 million, why didn't that happen until this month? Sorry but it's not suddenly worth 10x more than it was last month. That's just silly.
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