No -
As of the filing date of this report, the Company has issued 15,897,856 shares of common stock in full satisfaction of the October 1, 2012 and November 1, 2012 installment payments and issued 8,401,434 shares of common stock in anticipation of making the December 3, 2012 installment payment with stock.
So the 10/1, 11/1 and 12/1 payments are all being made in stock with a total issuance of about 25 million shares. Issued should be about 217 mill now (as of 12/1). IMVHO, they are trying to increase the non-Visser influence through the hedge funds. I think it's why they didn't take the 2 mill available from him this time. Visser's ownership was growing too fast for their liking. Just my useless 2 cents, but if you were to ask me why, I would say it's because they know that if Visser gets control, he can hire and fire and if anyone is worried about their employment, it's a good way to protect it, to an extent. They've hedged with the PIPE's IMHO. I think they got cash and some measure of job security with the PIPE's. It's not to say I don't think they are making some progress, but they obviously need to show some rev's already. Prototypes are nice, but when is the mgmt going to produce a million dollar qtr?
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