What is clear is that the GFRE 8K is incomplete.
The only way it would make sense is that the three other companies (amigo's) paid some amount of cash to CHFI. Perhaps since they are private, they didn't need to issue anything.
One scenario:
Lets say the GFRE stock price was .30 and CHFI received 30% of the debt in stock or $6.3m leaving $14.7m.
If the amigo's paid CHFI the $14.7m and took 21 million shares of their own from GFRE valued at $6.3m then they are out of pocket $8.4m.
The 3 amigo's and CHFI took on risk that the shares of GFRE would go up. If it does reach $1 and change, then the amigo's have a value of $21m and they spent $14.7m. CHFI then has a value of $21m plus the cash from the amigo's.
The second scenario is that the 3 amigo's paid less to CHFI than $14.7 because they could have invested their money in GFRE stock outright and arrived at the same profit, without the strings. Lets say the amigo's paid CHFI $6.3m leaving CHFI short $8.4m today. At $1 then the amigo's stock worth $21m at a cost of $6.3m. CHFI's stock is worth $21m plus the cash from the amigo's.
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