Ok, after further review, I think I was way off on my first assessment. ZZZ has it partially correct. You have to go back to their first filing on March 29 2012.
ZZZ is correct, the oustanding shares incresed from 114,728,501 from then to 181,836,862 to now. But there is more to it than that.
In March the conversion rate of the convertables was 4,761.9048 common shares for every $1,000 in convertable notes. At the time they had $525,000 for a total of 2,500,000 common shares converted. They also had 5,000,000 common shares throug warrents, for a total conversion of 7,500,000 shares of common stock. As mentioned, the outstanding shares were 114,728,501. So, based on that, they had about 6% ownership throuch convertable notes and warrants.
Today the conversion rate is different. Now for every $1,000 in convertable notes is worth 7,692.3077 shares of common stock. They now have $1,000 of notes which is the same as 7,692 shares of common stock. They also now have warrants worth 4,083,624. They now have a total of 4,091,316 shares of common stock. The oustanding shares are now 181,836,862; 67,108,361 shares more than March. So their total holding of common shares through notes and warrents is about 2% ownership.
So, somewhere along the way they disposed of 3,408,684 shares of common stock. That along with the increased amount of outstanding shares, they now have less that 5% ownership.
I'm not exactly sure how or when convertable notes and warrents get converted to common shares. So I guess the question is, what happened to $524,000 of convertable notes and 916,376 warrants they originally had?
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