Look at the directors conversion.
Giving up warrants to buy 9,838,793 common shares and get 59,743 preferred C shares instead. How can that be. with each preferred valued at $1000 so its worth $59,743,000 if my calculation is right.
If put the value for 9,838,793 shares in today's terms the value is around $50K. Unbelievable..... and of course penny got 1 pref.C share for each $1 owed to him by the company. So that's 50 million dollars in worth I guess.. again totally ridiculous.
I believe there is a typo or error otherwise I guess PK don't intend to run the company rather share printing press... JMHO