Not to nitpick, but it was 1.4 bil and Foote gave up shares to bring it to a billion. Then a couple other times he gave up shares for no compensation as well.
If you read the handful of pr's concerning their efforts to reduce debt through conversion of shares, I think he was pretty clear on his plan. You just didn't understand that there are really only two ways to fund a startup company without cash on hand... debt or equity. The remaining B's are just equity. The ones selling into the market are consultants and contractors getting paid for the work they did on creating the tech. They have their conversions limited to roughly $4k/month. The shares that have been converted were the price of doing business. The conversion of the remaining debt to C's pushes the dilution back 2 years - hopefully to a time after an RS AND after the company has become profitable (profit in April?).
What you don't understand is that when they do a RS, we will have less shares, but the share structure should be between 500-800mil shares. There should be little or no debt. And they should have a decent profit every quarter. So if the stock goes to .20/share and we get a 20 to 1 haircut, our actual value is a penny - up from .001 (rounded so you can get the math). That is a 10 bagger. If the company goes to .60/share because it is making decent money on both the ticketing (including the AFL) and the government wallet, then we are looking at a 30 bagger. What? .20/share? ARE you dreaming? In the OTC, a company with no debt, making a profit and having under a billion shares out is big. I remember a stock with 4 billion shares hitting $1.80 on just a dream of web3 and etx.
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