The share structure is strange. The a/s was increased to 10 billion last year and the CEO's wife owns 103.6 millions shares, yet the CEO owns just 14.8 million shares.
And then there's this:
"We are currently authorized to issue 2,000,000,000 shares of common stock. Currently, there are 242,777,909 shares of common stock outstanding and the option to acquire 579,000,200 shares outstanding. After the increase in the authorized number of shares of common stock pursuant to the Amendment, there will be available for issuance, 9,420,999,800 shares of our common stock. The par value of our shares of common stock will remain $0.001 per share. The terms of the additional shares of common stock will be identical to those of the currently outstanding shares of common stock. The Amendment will not alter the current number of issued shares. The relative rights and limitations of the shares of common stock would remain unchanged under the Amendment.
The Board of Directors has received a proposal for financing from the Chairman of the Board of Directors to increase the borrowing limit available on the existing line of credit arrangement by $1,500,000, which will provide financing to support operations of the Company for the next twelve months. In exchange for the increase to the line of credit, the Company would be required to issue the Chairman and his spouse the option to acquire an additional 4,390,001,300 shares, having an exercise price of $0.002 per share. All of the options previously issued to the Chairman and his spouse would be repriced to $0.002 per share in order to equal the exercise price of the newly issued options. The Board of Directors believes it is prudent to increase the authorized shares of common stock at this time as it will enable the proposal for financing to be accepted.
Sidney Chan, the Chairman and Chief Executive Officer of the Company, has submitted a proposal to the Board of Directors to increase the borrowing limit available on the existing line of credit arrangement by $1,500,000, from $7,000,000 to $8,500,000. Under the terms of the proposal, as consideration for the increase in the borrowing limit, the Company would grant Mr. Chan the option to acquire an additional 4,390,001,300 shares of common stock at an exercise price of $0.02 per share. The Board of Directors has recommended the stockholders increase the authorized shares of common stock as it will enable the proposal for financing to be accepted.
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