Replies to post #116078 on Pacific Gold Corp fka PCFG

[foxwoodsfan]

I think your missing my point, when we talk about authorized shares we have talk about total authorized shares:

Preferred Stock - $0.001 par value; 5,000,000 shares authorized, 300,000, and 0 shares outstanding at June 30, 2013 and December 31, 2012, respectively.

Common Stock - $0.0000000001 par value; 3,000,000,000 shares authorized, 2,780,157,366 and 144,770,119 shares issued and outstanding at June 30, 2013 and December 31, 2012 respectively

The PRE 14A was filed on 5/10/2013. PRE means PRE, it was revised three times before the DEF 14A was filed. It doesn't matter.

The preferred shares are a derivative security, the convert transaction took place on 6/10/2013, the following notes appear on the Form 4:

Explanation of Responses:
1. The shares of Series A Convertible Preferred Stock are initially convertible at a ratio of 1:10,000, subject to adjustment for stock splits and similar events.
2. The shares of Series A Convertible Preferred Stock were acquired in exchange for a $300,000 promissory note issued by the Issuer and held by Jabi, Inc.
3. The Series A Convertible Preferred Stock does not have an expiration date.
4. The record holder of the securities is Jabi, Inc., of which the Reporting Person is the sole stockholder and director.

The 300K note was convertible to preferred shares so as soon as that note was issued it is a derivative liability and the shares were authorized, it doesn't matter when they're converted.

I'm still not seeing it.