1. That depends on the state of incorporation. Evidently Delaware allows them to raise the authorized by a majority vote.
2. So far, they haven't sold any of the shares they want to offer. Reg A offerings entail filing that 1-A, and having it deemed effective by the SEC. The SEC seems to be ignoring their request that it be deemed effective. There haven't even been any comment letters.
They can't sell anything until the 1-A is deemed effective, if it ever is.
3. I can't see how they could be making any money. Not, at least, in connection with this ridiculous offering. If anything, it would ought to people from buying.
I think this company needs a new securities attorney. If all they want is to raise $3 million, they probably wouldn't have all that much trouble doing that in a Reg D Rule 506(c) offering. That's what everyone else does.
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