From my understanding of one of frank's earlier PRs, the reason for the dilution was for the diamond mine deal. He needed stock to use as collateral for the deal. Since the stock can't be listed below .0001, he somehow got away with issuing that almost 50 billion to act as value for 5 million. I don't know how, but some bank approved of that transaction.
I'm assuming that Frank then sold the diamond mine (probably way less than 5 million) and is using the proceeds to fund the JMCP/SPRL venture. Perhaps what is left is what Frank is going to divy out? I don't know.
As for the 10-1 split, I don't know why that is happening. He could just raise the A/S to 200 billion and issue more stock as collateral for whatever new deal he has. I imagine the F/S is for the stripper wells. But that's just a hunch.
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