Flechner and Cutler were issued their 130 million shares as debt settlement right before taking steps to bring the shell current.
Before that the O/S was roughly 120 million and Ross owned approximately 20%.
They issued just enough shares to take Ross down below 10%. He owned his shares for like seven years and hadn't been officially "affiliated" with the company in years.
Anybody know a good SEC attorney who can weigh in on Steve's shares?
How else would the float increase by seven million shares?
I was wrong about Ross; he's listed in the 8/14/2019 10k under "officers and directors" in the "Security Ownership of Certain Beneficial Owners and Management." I don't see any subsequent filings to change that status
The form 10 referred to in my previous post is not the one filed in 2018, it is the one not yet filed that would show operations and remove their shell status. Sorry I didn't make that clear in that post. "For a company that has at any time been a shell company, the holding period becomes 12 months after the date that the issuer files Form 10 information with the SEC. Anyone seeking to remove the legend from restricted securities should proceed cautiously with the assistance of qualified securities counsel." https://www.securitieslawyer101.com/2014/resell-restricted-stock/
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