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Posted On: 05/13/2019 4:39:47 PM
Post# of 72448
14. Subsequent Events
From April 1, 2019 to May 10, 2019, the Company issued 550 shares of its Series B 5% convertible preferred stock, for aggregate gross proceeds of approximately $540,000, upon exercise of 550 warrants issued by the Company in October 2018, including 500 warrants exercised pursuant to the Issuance Agreement (as defined below). In addition, there were 375 preferred stock shares converted to 4,557,103 common stock.
On May 9, 2019, the Company entered into a Warrant Restructuring and Additional Issuance Agreement (the “Issuance Agreement”) with the holders of its Series B preferred stock and warrants to purchase Series B preferred stock (collectively, the “Series B holders”), pursuant to which the Series B holders agreed to exercise warrants to purchase up to $2.5 million of Series B preferred stock through November 2019, subject to the conditions described therein. Pursuant to the Issuance Agreement, the Company also issued the Series B holders 100 shares of additional Series B preferred stock following the execution of the Issuance Agreement and agreed to issue up to an additional 400 shares of additional Series B preferred stock upon exercise of warrants to purchase Series B preferred stock. The Company also issued Series 4 warrants to purchase up to 2,500 shares of Series B preferred stock to the Series B holders following execution of the Issuance Agreement.
Each preferred share seems to be valued at $981
Looks like for 2.5 mil about 2548 Preferred shares were issued
So each preferred share was converted to about 12,152 common shares in first paragraph.
At the conversion price in first paragraph, the 2548 preferred that were issued in paragraph 2 would equate to about 31 million shares.
Obviously that share count would rise if conversion takes place at a lower pps.
In the second half of paragraph 2, 3000 more preferred were issued which would mean a company conversion of to about 17,312,000 shares at today’s prices roughly.
So about 48 mil common IF, BIG IF, we need the funding til Nov.
The share count could go up or down depending on the time of conversion.
Hoping my math is correct. Damn sure not an accountant lol
From April 1, 2019 to May 10, 2019, the Company issued 550 shares of its Series B 5% convertible preferred stock, for aggregate gross proceeds of approximately $540,000, upon exercise of 550 warrants issued by the Company in October 2018, including 500 warrants exercised pursuant to the Issuance Agreement (as defined below). In addition, there were 375 preferred stock shares converted to 4,557,103 common stock.
On May 9, 2019, the Company entered into a Warrant Restructuring and Additional Issuance Agreement (the “Issuance Agreement”) with the holders of its Series B preferred stock and warrants to purchase Series B preferred stock (collectively, the “Series B holders”), pursuant to which the Series B holders agreed to exercise warrants to purchase up to $2.5 million of Series B preferred stock through November 2019, subject to the conditions described therein. Pursuant to the Issuance Agreement, the Company also issued the Series B holders 100 shares of additional Series B preferred stock following the execution of the Issuance Agreement and agreed to issue up to an additional 400 shares of additional Series B preferred stock upon exercise of warrants to purchase Series B preferred stock. The Company also issued Series 4 warrants to purchase up to 2,500 shares of Series B preferred stock to the Series B holders following execution of the Issuance Agreement.
Each preferred share seems to be valued at $981
Looks like for 2.5 mil about 2548 Preferred shares were issued
So each preferred share was converted to about 12,152 common shares in first paragraph.
At the conversion price in first paragraph, the 2548 preferred that were issued in paragraph 2 would equate to about 31 million shares.
Obviously that share count would rise if conversion takes place at a lower pps.
In the second half of paragraph 2, 3000 more preferred were issued which would mean a company conversion of to about 17,312,000 shares at today’s prices roughly.
So about 48 mil common IF, BIG IF, we need the funding til Nov.
The share count could go up or down depending on the time of conversion.
Hoping my math is correct. Damn sure not an accountant lol
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