So I am reading this information about not having enough shares in the Treasury right now if the warrant holders exercise all of their options. So when Fletcher did the last financing at 50,000,000 shares was it for $750,000 didn't he know that he would be in this predicament? What kind of lawyer is he anyway? Incompetence.
"What type of lawyer is he anyway?"
Still evergreen (from Anna with love) :"Mr. Fletcher was also awarded a one-time cash bonus based on his individual performance and contributions during the 2009 calendar year in the amount of $225,000, which amount is payable on or before April 30, 2010."
Oh my..for doing what?
It isn't a fraud it is a penny stock needing money. The 50m shares wasnt' there last financing they financing 100% of the outstanding shares bringing them to 740m at .03. They are a penny stock in need of money,
Strong Sell due to Dilutive funding,
Sentiment: Strong Sell
It thought he was having an out of court settlement with Street and ,at lets to get a couple of millions.No,not even that one.He is an amateur lawyer even more amateur CEO!And as we can see..days,months,years go by and nothing happens with this company (oh yes spending 3 months waiting to get vote..WOW..now that is what a call action).In this filed this is DEADLY,other companies pass,passed Generex.We all know:this is over..nothing to see folks!
Of course he knew, and so did the investors. The number of authorized shares is one of the items investors and their lawyers look for, and it is disclosed in the quarterly SEC filing. Read the documents filed back in December as it calls out the procedures that have to be followed to get the shares authorized and registered, and precisely what happens if the shareholders refuse to authorize more shares. Frankly from Fletcher's perspective there was no downside since he needed the $750K to cover the cost of getting more shares authorized and if the shareholders balk then he is in no worse shape than if he didn't raise the $750K to begin with.
At some point you finally run out of money and visit your friendly neighborhood bankruptcy court. However, some small companies are zombies that hang on forever with serial dilutions so long as retail buys the story. Don't think for one second that any of Moscato's buddies believe in the company; they just know where they can make a buck churning shares. I don't think Cranshire Capital has done a deal on a single legitimate company in their life.