Replies to post #5370 on SilverSun Technologies Inc (SSNT)

[Det_Robert_Thorne]

As an officer, he needs to report

I don't think there's a 5% requirement for officers.

If Meller had converted between the S-8 filing in November, 2010 and now, we should have seen a filing.

The S-8 appears to indicate that Meller can covert at will at 50% of the lowest issue price, which, since they issued shares at $0.0001, makes that price $0.0001.

It's that conversion price that gives Meller the 75% ownership, as stated in the S-8:

"Includes 21,847,422,393 shares of our Class A common stock issuable upon conversion of $1,278,074 due to Mr. Meller. These figures assume that Class B Common Stock is issued to satisfy these obligations, and such Class B Common Stock shares are subsequently converted to shares of Class A Common Stock. Pursuant to an agreement between the Company and Mr. Meller, Mr. Meller may, at any time, convert amounts owed to him for monies thereon into (i) one share of our Class B common stock for each dollar owed, (ii) the number of shares of our Class A common stock calculated by dividing (x) the sum of the amount being prepaid by (y) 50% of the lowest issue price of shares of our Class A common stock since the first advance of funds under such amounts due."

http://www.sec.gov/Archives/edgar/data/1236275/000118518510001385/trey-s8_111910.htm


I'm not bashing or trying to be unduly negative. Just trying to make sure the info and interpretation are out there for everyone who reads this board.

It is a realistic and conservative approach.