Yes, "shareholders of record" can be far fewer than "beneficial owners".
The Form 15d filing and the Form 10-12g filing both pertain to shareholders of record.
But the original point that a few of own a lot of the float is correct. This is by no means one of those flaky "float locks", LOL. We aren't close to that and nobody I know of is thinking in those terms. But I think we have a pretty solid crew in terms of understanding that this company is way undervalued and that patience will be rewarded. As I say, there probably are quite a few shares held by folks dating all the way back to the formation of NGLF. Anyone holding since then has already seen prices of 30c, 50c, 70c, $1.00, $1.50, and even $2.00. I highly doubt they would decide to sell now at prices under $1 unless for some reason they need the money. If a new buyer were to try to amass, say, a 1mm share position (about 1.5% of the company), I seriously doubt they could do that without driving the price up over 70c.
I think we only need to add some volume and IDLM will be good to go.
Wadi
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