- 2 guys own 51% of voting rights of all shareholders so why be transparent? You have zero say-so in the direction (or lack thereof) in the company.
- The stock has already been diluted 4 times in the past year and everyone thought they were done because of the enormous % increase in number of shares. However, all 4 of those increases don't even make up a fraction of the increase that is coming post-split. Do the math. 100,000,000 shares post-split is the equivalent of approving 85 BILLION new shares today. That's more outstanding shares that Apple, Microsoft, GE, IBM, Facebook, BP, Yahoo, Cisco, and Nokia COMBINED.
- People went crazy in Feb when they announced a 2.5X increase from 1B to 2.5B shares. There will be 2,941,177 total shares after the split. The post-split increase will increase it to 100million or 34X.
- Page 8 of the Schedule 14(s) SEC documentation removes any doubt that the company will not be taken-over, will not be purchased "even if those persons or entities offer an above-market premium that is favored by a majority of the independent stockholders", and make it impossible "to remove the Company's current management by diluting the stock ownership or voting rights of persons seeking to cause such removal."
- Also in Schedule 14(c): "We expect to seek to undertake an offering of our Common Stock in the near future to raise $20million." I'm assuming "in the near future" means post-split because $20million of Common Stock today equals 4 billion shares and they currently only have authorization for 2.5 billion. I would love to be at the meeting when one of these #$%$ stood up and said, "Let's see...I think we should try to raise twice as much money offering stock than our entire market cap." It's the equivalent of Bill Gates saying, we need to raise $400Billion in our next stock offering. He'd be in a cell next to Madoff.
These are facts. Nobody's guessing here and nobody's bashing without merit. If you took 2 seconds to stop reading insignificant garbage like quarterly financials and concentrate on the overall direction of the company, you'd sh^t yourself.