Sep. 1 at 8:28 PM
$IBGR The simple answer to why they increased the AS to 12 billion is if you read the Q regarding Preferred shares D & E, it says that there are 200 million common shares that the D’s convert to (if converted) and the E’s equal basically 9 times the current AS. Current AS is about 1 billion, so fully converted E’s equal about 9 billion common shares. Add in the
$400-500K in notes left at these levels and you get another 1.5 billion or so. If they add Potential common shares for D (200 million) E (9 billion) and notes (about 1.5 billion) plus the existing 900 million, The SEC requires the AS to be large enough to cover all the ”potential“ shares issued. The Prefferred E’s were just Brian and Matt’s poison pill that prevents anyone from ever wresting control of the company from them. The E’s have all the voting rights, so i doubt that they will ever convert them, or if they do, they could never sell that many shares as officers in their life
