Crazy isn't it? The CEO says that it is that high because it has to be to cover all the A-B-C Preferred shares conversions should they all be issued and converted. Per the last Q filed, there were 8,142,643 Preferred B issued and outstanding equaling 162 Billion common shares if- when converted. The funny part is there are 1,000,000,000 authorized. That is 1 Billion. Why would any company need 1 Billion authorized B shares converting at 20,000 to 1? Try converting that on your calculator...lol.. I don't think they make one that will print that many zero's or is there even a name for that number. What comes after a Gazillion..lol. I know, that is just a number but lets keep it real. There were 49,000 B shares issued in Dec. that became convertible on 6/12 which equals 980 Million common shares.
Series A stock has an authorized of 100 Million with 0 issued and outstanding.
Series C stock has an authorized of 20 Million with 4,600 issued and outstanding with a conversion rate at 500 to 1.
Common stock A/S 500 Billion or a half Trillion, which ever way you want to spin it.
Looks to me like he needs to lower some authorized and or substantially raise the common A/S to make that jive. Doesn't really matter much either way. It's all Hog Wash with Jeffery Bruhjell at the dilution machine wheel.
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