"In spite of claims by many over the course of the above time frame, less than 16 million shares were issued during the 6 months from June to December."
That's right! And 11 million more were issued in the 5 weeks between between January 1 and February 8.
And as of 12/31 there were 1,440 Preferred shares outstanding (total face value $1,555,200) that convert at "85% of the lowest volume weighted average price of the Company’s common stock on a trading day during the ten trading days prior to and ending on, and including, the conversion date".
Just for frame of reference purposes those shares would convert to about 19.4 million shares based on what Ihub has as the VWAP for the last week ($.095)...which is obviously more than the lowest for the last 10 trading days...if converted today.
I didn't look into how many warrants are still available to purchase preferred shares with a face value of $1080 for $850.00 per share (adjusted from $982.50 per share on 12/26) but it's a bunch.
The MFO duo is pretty much raking it in hand over fist.
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