Appears from my perspective they also forgot to mention the conversion potential of Preferred E shares. Take a look at Preferred E shares - they convert 1 preferred into 250,000 commons. 500 shares of Preferred E shares equates to 125,000,000 common shares. The bylaws state that if shares are required for conversion they would issue more shares - "The Corporation covenants that, within 30 days of receipt of a conversion notice from any holder of shares of Series E Preferred stock, wherein such conversion would create more shares of Common stock than are authorized, the Corporation will increase the authorized number of shares of Common Stock sufficient to satisfy such holder of shares of series E submitting such conversion notice."
Look further, the Preferred E shares are anti dilutive and not subject to reverse splits etc. In fact, reverse splits would benefit holders as the price would go up while their shares would remain the same on a conversion basis. They also have voting rights. Sure seems to me the company has to address these preferred shares which I am sure will come up in DD of potential investors etc. Interesting stuff here.
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