I thought it was pretty common for publicly traded companies to have 50%+ interest owned by the President, CEO or board so that they cannot be taken over? I hope Scott Vanis does make a lot of money with the company, he converted a lot of money in and converted into preferred shares and has bought a lot on the open market as well, not to mention he is putting tons of work into the business. I am very happy to see he took a terrible debt situation and made a lot of our debt holders instead equity partners going forward, which addressed my main concerns earlier this year.
The share structure is not an ideal situation, but given what it was and that the company is using the money to produce products and create growth is better than 99.9% of penny stocks. Right now the products need to hit stores and sell, the share structure then can be addressed later and the Preferred share issuance that leads to the A/S helps shareholders from avoiding notes that would have otherwise converted and added to the O/S.
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