My calculations indicate Higham, McConnell & Dunning LLP, e.Digital's legal counsel, have received 1,100,000 shares of common stock over the course of the last three months.
Based on the information contained within the FORM 424B2 filed today, Higham has sold 940,000 shares throughout the three month period.
Based on the offering price of the share issuance, e.Digital has booked $276,000 in expenses for "Legal Services" over a period of three months. One expense line (legal, at that) that accounts for 95% of the revenue in the most recently reported quarter.
Somebody is making good money on e.Digital and it ain't EDIG shareholders.
Douglas F. Higham has almost three decades of corporate law and tax experience. He is a member of the Orange County Bar Association (Business and Corporate Law, Real Estate and Tax Sections) and the American Institute of Certified Public Accountants. Mr. Higham was admitted to the California Bar in 1978 and to the United States Tax Court in 1980. Formerly a shareholder of and board member with Stradling, Yocca, Carlson & Rauth, he had earlier been an associate with Rutan & Tucker. A graduate of Brigham Young University, Mr. Higham earned his Bachelor of Science degree in accounting in 1975 and his Juris Doctor in 1978.
----------------------------------------- FORM 424B2 dated 12.24.02
We also are offering 240,000 shares of our common stock to Eltech Electronics, Inc. ("Eltech") in consideration for certain manufacturing services previously provided to the company (the Manufacturing Services"), 200,000 shares of common stock to Digitalway, Inc. ("Digitalway") in consideration for certain inventory (the "Inventory") received by the company, 183,498 shares to Sunrise Capital, Inc. ("Sunrise") in consideration for certain consulting services previously provided to the company (the "Consulting Services") and 400,000 shares to Higham, McConnell & Dunning LLP ("Higham") in consideration for certain legal services previously provided to the company (the "Legal Services"), respectively.
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FORM 424B2 dated 11.27.02
We are also offering 200,000 shares of our common stock to Higham, McConnell & Dunning LLP ("Higham") in consideration for certain legal services previously provided to the company (the "Legal Services"). For purposes of this Prospectus Supplement, we have assumed that the Legal Services have a value of $41,000.
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FORM 424B2 dated 11.18.02
We are also offering 200,000 shares of our common stock to Higham, McConnell & Dunning LLP ("Higham") in consideration for certain legal services previously provided to the company (the "Legal Services"). For purposes of this Prospectus Supplement, we have assumed that the Legal Services have a value of approximately $40,000.
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FORM 424B2 dated 10.02.02
We also are offering 240,000 shares of our common stock to Eltech Electronics, Inc. (“Eltech”) in consideration for certain manufacturing services previously provided to the company (the “Manufacturing Services”), 300,000 shares of common stock to Digitalway, Inc. (“Digitalway”) in consideration for certain inventory (the “Inventory”) received by the company and 300,000 shares to Higham, McConnell & Dunning LLP (“Higham”) in consideration for certain legal services previously provided to the company (the “Legal Services”), respectively.
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