"what brought on the sell off in early Jan" Thi
Post# of 1352
Posted On: 03/24/2016 10:17:28 PM
"what brought on the sell off in early Jan"
This was MY reason to liquidate-
I read this information on January 13th late morning, I started liquidating all my accounts within minutes. Obviously, others already knew/had this information earlier.
As of today, there are 343,709,019 shares issued and outstanding. There are 556,290,981 shares being held in irrevocable reserve accounts by our transfer agent as collateral for the owners of our convertible debt. The total of these two figures is 900,000,000, which is equal to our authorized shares. When we filed our 9/30/15 10-Q last week, we once again became current with our filings with the SEC. This meant that our noteholders were able to resume converting their notes into our common shares and sell them, which they have been doing this week. As they convert their notes, shares move from the reserve accounts to the I&O account. However, at the rate the price of our stock has been falling, the noteholders may run out of reserve shares before they are able to convert all of their notes (and our I&O will be the same # as our authorized shares). (BTW, this is not “insider” information. I have not disclosed anything to you here that an astute investor who carefully reads our Q’s and K’s and is aware of SEC regs. couldn’t deduce.)
Unfortunately, as the Company currently has no plans (and could not even afford the cost) to increase its authorized shares.
This was MY reason to liquidate-
I read this information on January 13th late morning, I started liquidating all my accounts within minutes. Obviously, others already knew/had this information earlier.
As of today, there are 343,709,019 shares issued and outstanding. There are 556,290,981 shares being held in irrevocable reserve accounts by our transfer agent as collateral for the owners of our convertible debt. The total of these two figures is 900,000,000, which is equal to our authorized shares. When we filed our 9/30/15 10-Q last week, we once again became current with our filings with the SEC. This meant that our noteholders were able to resume converting their notes into our common shares and sell them, which they have been doing this week. As they convert their notes, shares move from the reserve accounts to the I&O account. However, at the rate the price of our stock has been falling, the noteholders may run out of reserve shares before they are able to convert all of their notes (and our I&O will be the same # as our authorized shares). (BTW, this is not “insider” information. I have not disclosed anything to you here that an astute investor who carefully reads our Q’s and K’s and is aware of SEC regs. couldn’t deduce.)
Unfortunately, as the Company currently has no plans (and could not even afford the cost) to increase its authorized shares.
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