From the 2022 10-K:
As of December 31, 2020, the 13 preferred shareholders holding 750,000 preferred shares can convert to 12.5 billion shares of common stock, which was significantly more than the outstanding common stock at that time. As of December 31, 2020, there are currently 2,401,396,041 shares outstanding. The Company has increased its authorized shares to 10 billion shares in May of 2020, addressing the potential Company control issue if conversion of all the preferred shares were to occur at the same time.
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OS is 2.83 billion as of 7/10/23. Cash is still only $7800 and revenues are still 0.
LB owns only 65,000 common shares. Why so little? Cause he knows all the dilution that has occur to pay off debt first. I still don’t see where they are supposed to be recording his $240,000 salary (not a cent has been paid since late 2021). Someone is definitely accruing it their mind, just not on the books. Look for that surprise expense to “pop out of the woodwork” in the remote chance that the current plan can generate revenue. Or just maybe they hundreds of millions of option shares the executives gave themselves in Lieu of cash consideration will one day come home roost. The obviously don’t need the money from this venture as they voluntarily waived the cash (which the company didn’t have anyways) and took the shares.
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