What I was referring to.. if you look at the historical summary of the co. submitted to FAA, initially they had to raise capital thru friends and family repeatedly. They were not independently wealthy enough to go private.
Then, they tried unsuccessfully multiple times for IPO and several years elapsed where they could not raise capital.
Now, according to the SEC docs: Igor has 797 mil shares, Clare has 114+ mil shares etc. They gave themselves huge awards in 2012 : Igor got 180Mil shares! etc. Why the awards with no revenues?
This new cash was thru private placement and dilution which is why the O/S is over 5 billion. They have gotten out of control by giving themselves shares instead of buying more planes and saving cash in the bank. Now, they are still raising PP funds from LT and others because they awarded themselves shares instead of building up cash reserve as they should have. Not responsible.
Sure, I understand the math about .02 vs .25 a share, but I don't understand why not wait for Claire or Vick or Russell to catch up to Igor. Russell needs more shares - he only has 26 mil. Why not wait another 6 months till Russell can have 50 mil - doubling his net gains on this.. Allow Igor for to hit over a billion shares etc..
It seems like the only impetus is ability to raise PP funds. There has been no statement or update about the certification schedule. So, there are really no deadlines on this.. Its just speculation that the test will be done this week.
I have been burned by OTC share selling scams before so a little leary when I see a company using dilution as 100% income and awarding executives so many shares leaves a bad taste in my mouth. Just my opinion. I'm happy to hear that this concern is not valid and that I'm wrong and this minority view on this. Board members seem happy with this arrangement.
Then, they tried unsuccessfully multiple times for IPO and several years elapsed where they could not raise capital.
Now, according to the SEC docs: Igor has 797 mil shares, Clare has 114+ mil shares etc. They gave themselves huge awards in 2012 : Igor got 180Mil shares! etc. Why the awards with no revenues?
This new cash was thru private placement and dilution which is why the O/S is over 5 billion. They have gotten out of control by giving themselves shares instead of buying more planes and saving cash in the bank. Now, they are still raising PP funds from LT and others because they awarded themselves shares instead of building up cash reserve as they should have. Not responsible.
Sure, I understand the math about .02 vs .25 a share, but I don't understand why not wait for Claire or Vick or Russell to catch up to Igor. Russell needs more shares - he only has 26 mil. Why not wait another 6 months till Russell can have 50 mil - doubling his net gains on this.. Allow Igor for to hit over a billion shares etc..
It seems like the only impetus is ability to raise PP funds. There has been no statement or update about the certification schedule. So, there are really no deadlines on this.. Its just speculation that the test will be done this week.
I have been burned by OTC share selling scams before so a little leary when I see a company using dilution as 100% income and awarding executives so many shares leaves a bad taste in my mouth. Just my opinion. I'm happy to hear that this concern is not valid and that I'm wrong and this minority view on this. Board members seem happy with this arrangement.
