I just voted "NO" to the Boards recommendation to issue another 100 Million shares thereby diluting the stock by 25%. I have no knowledge of if or not it or my vote will make a darn bit of difference but it may signal I am unhappy with paying people for little success.
Eagle: Could be .06, but the financials are no surprise. It seems to me that the question for this company continues to be whether they can fund it to keep it going long enough to get to some decent revenue and have a viable business. That looks to be a long way down the road, don't know if they can do it or not but am in for the ride.
eagle...they really have no choice but to add another 100m shares. There are 242m common shares per latest filing, plus 63.5m in warrants and 14.5m if perferreds are converted and that's 320m spoken for. The payment to the PIPES have been in shares versus cash, with 7 more payments due. If the pps stays around .10, that's another 70-80m shares which gets you to 400m shares. They need the additional 100m for future financing, stock awards to management, and additional shares for the anti-dilutive arrangement they have with Visser. I look for continued selling pressure going forward.
Thank you for taking the time to provide your knowledge in response to my post of frustration.
I admit that I put money into stock investments with little knowledge of financing methodologies. I suspect that while I'm probably not much different than other stockholders out there, it is foolish to put my money into something without all the available information. Nonetheless, here I am trusting the leaders of a company to make good decisions.
I'd feel a lot better about the situation if you had left out the need to furnish "stock awards to management" but perhaps that is a vaild reason.
Thanks again for sharing the information.
PS: I'll probably buy more shares if we see an additional pullback.
Note that board members holding shares are exempt from the dilutive effects of the proposed issue of new stock. This is BS of the highest order. Full disclosure, this is the reason I dumped the stock during the speculative rally last year. The board has no credibility.