<<<<<<<<<10,000,000 shares shall be classified as preferred stock, $0.0001 par value per share (“Preferred Stock”), issuable in series as may be provided from time to time by resolution of the Board of Directors.>>>>>>>>
Ouch, Ouch, Ouch!!!! What the hell? Why isn’t anyone talking about the preferred shares? You folks do realize that the preferred stock could be worth more than all of the common stock? That would make it 300 shares of common for one share of preferred!!! Granted that might be a stretch but let’s look a little closer.
FSPM currently has about 8M authorized shares of common stock. There are warnings all over that stock because what they fail to highlight is the fact the two brothers own 1.47M shares of preferred stock. Each of those shares of preferred stock are worth the same as 100 shares of common stock. In other words the shareholders can own up to 8M shares of common stock but the brothers will own the equivalent of 147M shares of common stock or over 95% of the company.
Damn!!!!
Like I tried to point out yesterday. A lot has changed in this company since last week besides the A/S being increased.
Last week Sterling was the CEO, he and his wife were the largest single shareholders, the Shareholders owned 80% of the company and management,investors, partners etc. owned 20%.
This week, Sterling is still CEO butThe JV and RXNB are the largest single shareholders with about 50%+ of the O/S and could possibly own up to 80% (them or someone else) while the shareholders will own less than 20% of the company.
Now throw in the preferred shares and who knows how much the shareholders really own vs mgmt, JV, partners and investors.
Sterling now reports to a new boss which might explain why in the past he would have released information and now he doesn’t.
Spin it however you want this is BS. The Shareholders just gave away the keys to the house on a silver platter. IMO
This is the penny land crap that I am familiar with and have seen over and over in the past.
GLTA
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