HrH: No, catsfive does not have "something." Catsfive should be suspect as a finacier's proxy.
Read the part in bold and pay special attention to the part I underlined. That is the part that the agora crowd is ignoring.
"During the period commencing November 19, 2004 and terminating November 30, 2004, the company issued 18,750 shares of 8% Series EE preferred stock for gross cash proceeds of $1,875,000. The stated dollar amount of Series EE preferred stock, is convertible into fully paid and nonassessable shares of common stock at a conversion price of $0.25 per share which is fixed for the first 90 days following the original issue date, and commencing 90 days following the original issue date, the conversion price shall equal the lower of
(i) $0.25 and (ii) 85% of the average of the volume weighted average price per share of any ten days during the twenty consecutive trading days immediately preceding the conversion date. The maximum number of shares of common stock that the company is required to issue upon conversions of the Series EE preferred stock and payment of dividends thereon in shares of common stock is 11,294,738, except as may be subsequently modified as a consequence of certain possible penalties and other adjustments."
Catsfive and others are ignoring the fact that the financiers have the right to more shares under a variety of circumstances including penalties (such as liquidated damamges) and a resetting of the $0.19 floor if e.Digital offers shares below that price.
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