Most of the increase in Outstanding Shares:
From the 10-Q:
"Item 2. Unregistered Sales of Equity Securities
During the second quarter of 2008, the Company issued 527,155 shares of restricted common stock to private investors at prices of $5.00 to $8.00 per share for a total consideration of $2,981,002."
That would be at an average price of about $5.65 per share.
The average is lower than the lowest intraday price during the 2nd quarter , and $5/sh is a LOT lower. Nice discount , must not have sold TOO many at $8/share.
I wonder if any warrants came with those?
What happened to the past practice of PR'ing and/or 8-K'ing these private placements? Seriously , selling shares and diluting shareholders isn't Material Information any more?
jonesie
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