Replies to post #54175 on SoOum Corp. (fka SOUM)

[Gaintrader]

I accurately replied to your question as it was asked;

How did management earn a $14M loss????

As you can see, you never inquired anything about "gain".
Since you seem to "know it all" when it comes to SOUM, why not explain in detail to all of us how this $12M "gain" was in fact achieved. Please use a little more detail than simply stating it is a line item under "Gain on Conversion Feature of Preferred Stock".

Here are a few clues from the last unaudited Q report to start with, that I'm sure you can add some embellishment to;

On August 12, 2015, the Company approved a reverse stock split of their common stock at 1,000 shares to 1. In conjunction with this reverse, the rate at which preferred stock is convertible to common was also impacted by the same 1,000 rate. The new conversion rates are reflected above.

loss/gain is irrelevant. Those numbers are related to the preferred shares.

25.6 Billion common shares are irrelevant???

NOTE O – Liability for Conversion Feature of Preferred Shares

Upon the issuance of the Series B Preferred and the Series C Preferred for the SoOum Corp acquisition, the owners of these securities were entitled to receive in total 80% of the common stock of the Company upon full conversion. Assuming full conversion at a fixed conversion ratio, based on the common shares outstanding at September 30, 2015 and December 31, 2014, there would be 26,250,000 shares common that would be converted, which is -0- and 25,690,960,686 more shares respectively, than the current authorized amount. Based on the stock price at September 30, 2015 and December 31, 2014, the total value of those shares would be $-0- and $12,845,480 respectively. In accordance with Generally Accepted Accounting Principles, the Company recorded a liability for that amount on the September 30, 2015 and December 31, 2014 financial statements.