How about that calculation?
On May 21, 2012, IV and the issuer settled $1,483,721 in previously outstanding debt of the issuer now owned by IV, in exchange for unregistered shares of common stock of the issuer. Pursuant to an order approving stipulation for settlement of claims between IV and the issuer, IV is entitled to receive two million common shares plus that number of shares with an aggregate value equal to the debt amount plus ten percent and reasonable attorney fees, divided by 80% of the following: the volume weighted average price of the issuer’s common stock over that number of consecutive trading days following the date of receipt required for the aggregate trading volume to exceed $7.5 million, not to exceed the arithmetic average of the individual daily volume weighted average prices of any five trading days during such period.
IV is prohibited from receiving any shares of common stock that would cause it to be deemed to beneficially own more than 9.99% of the issuer’s total outstanding shares at any one time. IV received an initial issuance of 97,500,000 shares, and may be required to return or be entitled to receive shares, based on the calculation summarized in the prior paragraph. For purposes of calculating the percent of class, the reporting persons have assumed that there were a total of 879,003,145 shares of common stock outstanding immediately prior to the issuance of shares to IV, such that 97,500,000 shares issued to IV would represent approximately 9.99% of the outstanding common stock after such issuance.
In connection with the transaction, IV agreed not to hold any short position in the issuer’s common stock, and not to engage in or effect, directly or indirectly, any short sale until at least 180 days after the end of the calculation period.
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