347 Million is a LAGGING number- it's gonna be a lot more than that today. That's from the last 10-Q. They dilute in massive quantities to keep their survival cash coming in- it, for the most part, is the only source of cash they have.
As of November ____, 2013, there were 347,175,310 outstanding shares of the Registrant’s common stock, par value $0.001 per share.
As of August 6, 2013, there were 236,657,436 outstanding shares of the Registrant’s common stock, par value $0.001 per share.
As of April 30, 2013, there were 200,623,903 outstanding shares of the registrant’s common stock, par value $0.001 per share
So in about 7 months or so, they diluted from 200 million outstanding to 347 million out- a staggering dilution in that short a period of time. Remember, the April 30, 2013 date was when they blew through their outstanding allocated per their charter, so they just amended it and chose a HUGE number of almost 1 BILLION shares, I believe about 950 million or so. Why do you think they'd pick such a staggeringly high number? Cause they knew just to survive a yr, maybe a yr and a have they'd be pouring out shares like water and blow on past 500 million or so w/o even trying hard.
This coming 10-K, page 1 will have the number. If you look at that trend above, they're easily going to be past 400 million shares, I think well past- as in at least 425 million minimum. The common holder has been for the most part diluted down to toilet paper status. Further, they, via the stroke of a pen- redid the Northstar preferred shares to insure that Northstar, even if the 950 million share count or whatever is reached, always controls the shareholder vote. Their preferred shares get like 20 or 25 votes to every common. So the common shareholder in this company has ZERO "rights", none. Nothing ever could, or ever will be put to a vote of the shareholders (common) as there would be no point to it. They've essentially handed the entire company over to Northstar- they pretty much own/control it all, all for a loan of about $600K dollars. Not a bad gig if you can get it.
