The bulk of their funding was in the form of a 2 million dollar note that ended up getting converted into preferreds. And I'm sure the party its referencing is an "affiliate" meaning theyd have to file before shaving shares off.
From the recent 10q
""Related Party Shareholder Loan
The Company had a note due the largest shareholder of the Company. This note was unsecured, had a maturity date of December 31, 2016 and carried a 1%
interest rate. On January 1, 2016, the Note was converted to Series B, 10% cumulative preferred stock and the note was cancelled. The total converted debt was
$2,000,000. Total related party Series B preferred stock outstanding at March 31, 2017 and December 31, 2016 was $2,000,000. Total related party accrued
dividends at March 31, 2017 and December 31, 2016 were $250,000 and $200,000 respectively.""
Still searching for drawbacks...I'm particularly interested in finding out what VFIN is up to...he hasn't seemed very active
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