RE: Outstanding Shares
posted on
Mar 08, 2006 01:13PM
My source was the 8K, dated 2/27/06 and the following:
2.3. Capitalization.
(a) The authorized capital stock of the Company consists of: (i) 300,000,000 shares of Common Stock (``Common Stock``), and (ii) 5,000,000 shares of Preferred Stock. As of December 31, 2005, the total number of shares of Common Stock outstanding (fully-diluted) is 205,351,842, consisting of 175,260,876 shares of Common Stock issued and outstanding, 7,906,491 shares of Common Stock issuable upon conversion of outstanding shares of Series D Preferred Stock, 2,485,573 shares of Common Stock issuable upon conversion of outstanding shares of Series EE Preferred Stock, 7,894,736 shares of Common Stock issuable upon conversion of outstanding 12% Convertible Subordinated Promissory Notes, 6,182,500 shares of Common Stock issuable upon the exercise of warrants and 5,621,666 shares of Common Stock issuable upon the exercise of options (December 31, 2005 options outstanding less cancellations).
In addition we have the new debt financing of 1.5 million for the 18,750,000 shares and 9,375,000 warrants. Add this to the 205,351,842 and you get a total of 233,476,842, which I stated was appproximate.