"As of May 27, 2015, each of the Reporting Persons may be deemed to have beneficial ownership of 4.291.391 shares of Common Stock which such shares of Common Stock representing beneficial ownership of approximately 8.5% of the common Stock based on 46,186,962 shares of Common Stock issued and outstanding as of May 14, 2015 , as reported by the Company, plus 4,291,391 shares of common Stock Beneficially owned by Meglenta Enterprises Inc."
i don't know how she comes up to 80M shares, but she's writing of fully diluted shares. so there are probably some warrants, options, convertible shares outstanding but not converted yet. the O/S now is around 50M shares and will get close to 56-57M shares if the $10.5M are finally converted. this figure is lacking the shares paid as interest per quarter in the future.
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