Maybe he will cancel an equal amount of shares or maybe he won't. I have no idea right now. You kow if I learned anything in the last 15 years doing this is that I sure never will take anything for granted what a CEO of a public company says, especially not from a penny stock. Does that mean I have no trust in Solomon? Well let me say it like this. I have more trust in Solomon than in most of the other china small cap CEO's but then again the latest deal with Ironridge was just so bad from a business perspective that I'm not as confident in him as I have been 12 months ago.
That said this all is not even my point. Fact is that even if he would cancel all Ironridge shares in the next few months we would still have more than 66 million shares outstanding since we already had that amount outstanding on november 14 as you can see on the first page in the latest 10q. And then take a look at the next underlined part. So I think it's clear we have about 73 million shares outstanding until they start to cancel shares again. But either way and this is my point. Jordan is very wrong about 60 million shares outstanding at this time.
As of November 14, 2011, there were 66,234,262 shares of Common Stock issued and outstanding
On November 15, 2011, Sino Agro Food, Inc. (the “Company”) issued approximately Six Million, Nine Hundred Seventy Five Thousand (6,975,000) shares of the Company’s common stock, par value $0.001, subject to adjustment as described below (the “Ironridge Shares”) to Ironridge Global IV, Ltd. (“Ironridge”), in settlement of $3,021,505.65 in accounts payable of the Company (the “Claim Amount”), plus attorney fees and costs
Lee will cancel an equal amount of shares from the IronRidge deal?
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