Replies to post #1351 on Micro Imaging Technology Inc (MMTC)

[Kgem]

Yes ysung, I believe MMTC already has the money from Dutchess from the five or so withdrawals. Management estimated that it required working capital of approximating $77,800 per month to maintain operations during fiscal 2010. I do not know if this estimate included money for the new staff hires this year.

Generally speaking, I do not like dilution. However, in this case the money from Dutchess was to be used for production of the MIT 1000, marketing and promotion, as well as general operating costs. I think your guess about the number of outstanding shares is accurate. MMTC claimed to have about 156 million shares outstanding before the withdrawals from Dutchess. Five withdrawals each at 11,000,000 should have increased the O/S by 55 million shares. Remember, the agreement with Dutchess authorized a total of 125 million shares, so we are approximately half way through this money.

Since we have used about half the money from Dutchess, and several e-mails from MMTC indicated that we would hear something from the company "soon," I think we will get an update from the company in September. Hope this helps.


Kgem

[dogma]

S-1/A Filing
I think MMTC hasn't received any finance from the Dutchess. Here is my reasoning if you look at the agreement with Dutchess, it states that it would use the past 5 trading days at 95% PPS to come up with a PPS to sell its 11,000,000 shares to Dutchess. The date on the S-1/A is Aug 19 and the PPS at that time was in the .02s. I think this is an Admendment to the first S-1/A. I think the SEC has to approve the sale of the stock before MMTC can receive any financing from Dutchess. I think MMTC filed the S-1/A with the SEC and then it goes under review where the SEC either accept, rejects, or sends it back for admendments. What do you guys think. I'm not that educated in the rules and regulations of the SEC.
Dogma