Interesting $8,565,000 or 8565 knocked off the Series C Preferred - When in reality the differential between par value and what YA had converted for was only $4,905,120 (see below)
As of June 30, 2009, YA Global has converted 3,576.1 shares of the original 22,000 shares of Series C preferred stock, leaving 18,423.9 shares, with a face value of $18,423,900, outstanding, as follows:
That was $3,576,100 (3576.1) converted into 848,122,000 shares - Simple math says those shares should have converted at par value to the tune of $8,481,220 - $3,576,100 = $4,905,120.00
$4,905,120.00 is the difference and yet we were credited:
The Series C convertible preferred stock is currently classified outside of Shareholders’ Equity in the mezzanine section of our balance sheet. The change in estimate in the number of shares converted resulted in a reduction in the preferred stock outstanding of approximately $5.6 million, and a corresponding reduction in the accumulated deficit of $3.0 million related to the deemed dividends, and $2.6 million recorded as an increase to additional paid in capital.
Hmm, what else is YA covering up???
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