Thanks shanett. I forgot about that in my haste to sign off.
So, everyone, here's what I see from the filings.
Yellow7, Inc., an operating company, was initially organized as a limited liability company (Yellow7, LLC) under the laws of the state of Texas on February 26, 2007. On July 13, 2010, the Company converted to a corporation in the same jurisdiction
This is when they became a public company. Their A/S was 100,000,000 and the O/S was 40,200,000. It remained that way until 9/30/11, when they retired 27,500,000 shares to the treasury and did a 4:1 F/S, resulting in an O/S of 61,800,000.
(Note that the Burgesses each own 19,250,000 shares or 38,500,000 total, which is more than 60% of the stock.)
The O/S stayed at 61,800,000 until they did the 3:1 F/S, which increased it to where it is today at 185,400,000. In order to do that, the A/S was raised to 250,000,000.
It doesn't seem to me there are any other shareholders with a large enough share position who would have benefitted from a paid promotion, besides the Burgesses.
A possible reason why they would do so, may lie in this statement from the 2011 10K .......
We believe we need to raise additional capital to supplement our business expansions. The Company’s minimum capital requirements for the next twelve (12) months is $250,000. With current revenues, the Company is able to continue business operations and with $200,000, the Company will be able to implement its expansion model. An additional estimated $50,000 will be required to meet the reporting requirements of the Company once this Registration Statement has been completed. Any funding received over and above the estimated $50,000 in reporting requirements will accelerate the implementation of our expansion primarily by enabling us to hire additional sales representatives and to pay software development costs. The Company plans to raise these funds through either debt or equity financing.
We've seen neither of these, so.......draw your own conclusions.
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