the outstanding shares of about 115 million is taking into consideration the fact that all the preferred shares are converted to 81 million shares
They may have converted ZERO to ALL of the preferred shares but worse case scenario is that if they are all converted then there is only about 115 million shares
____________________
PLEASE NOTE, however, that the TelePlus acquisition transaction was closed through the use of convertible preferred stock (3,000,000 shares of the "TelePlus Acquisition Series of Preferred Stock), each of which is convertible into 27 shares of the Company's Common Stock following the proposed redomestication of the Company in Nevada. Accordingly, for purposes of this chart, the shares of preferred stock are treated as already having been converted into 81,000,000 shares of the Common Stock of the Company (3,000,000 x
27 = 81,000,000) so as to provide more meaningful disclosure. At the close of business on March 30, 2006, the day before the Closing of the TelePlus acquisition, the Company had 33,982,159 shares of Common Stock issued and outstanding. Treating the 3,000,000 shares of the TelePlus Acquisition Series of Preferred Stock, which were issued at Closing on May 31, 2006, as having been converted to 81,000,000 shares of Common Stock, the total shares of the Company's Common Stock issued and outstanding at the close of business on May 31, 2006 would be 114,982,159.