Sure, on the date the RS occurs, the math will still show the same dollar value for the stock holdings in the accounts, but the purpose of the RS is predominantly to allow for further dilution of the share structure. I just read through the 10Q again, and there's still gobs of convertible notes with discounts of 50% of the lowest traded PPS, so those lenders really just need a decent fairy tale to make their (up to) 100% profit on what they convert, quite happy to put stock they acquired at $0.00005 on the ask at $0.0001 thinking that someone will buy them while they're "cheap." They'll be happy, too, with a RS, easier to sell 1000 shares than a million, and the discount doesn't care what the PPS is.
And, yeah, those notes are very toxic, but didn't you look through the books of this company before you decided to inhabit it? If you didn't look, or even if you did look and didn't comprehend, then you're not really a very good businessman, are you? There were other options for going public, even other shells sitting there without the overhang of debt that could have been moved into.
I'm of the opinion that Reachout merging in was just bolting a business onto this shell to provide a pumping narrative so those notes could convert and sell, pretty common occurrence here in penny land, and that's supported by the fact you've done nothing to use your public vehicle to raise money for your business. Companies don't go public just to be public, they do it to get access to those public capital markets, sell stock, raise money, grow their business, with side value that the owners of the previously private company can now divest themselves of their ownership more easily. You've not made a single move towards that, and the way the share structure sits today with the Preferred C's remaining on the sideline, it'll be pretty easy to unbolt that Reachout business if you chose to.
Not a very good look for a CEO to cop the attitude you have here with shareholders who have very legitimate reasons to be angry. Part of that businessman thing, I guess. You think other people will want to buy this stock seeing this display of "investor relations?"
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