Saturday, February 08, 2014 1:14:37 AM
Elite is paying off 10.6 mil in debt with 105 preferred shares * $100,000 per share / .07 cost basis. That is giving 150 million shares to pay off debt and giving voting rights. This is an early execution of an agreement already put into place. It also gives voting rights to people that Elite wanted to have voting rights.
That leaves 395 more preferred shares * $100,000 a share / .07 cost basis (unless specified differently) or around 560 million shares. This is around 40% of the company and would have voting rights.
I only see 2 options:
1. The plan on using these shares to acquire a strategic partner while still maintaining control of the company.
2. They are going to dilute the shares outstanding to raise equity because they are having trouble coming up with R&D funds to finish projects. I don't think this is the case due to the CEO being paid in shares, but you never know.
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