Excellent reading. I don't know if others have similar sentiment but, the path PTSC took in the warrant situation is puzzling. The debentures were retired but the opportunity "to also buy back what could amount to approximately 20 percent of the company's total outstanding stock warrants at this juncture" didn't seem to materalize (at least from what I can find so far). Instead the course of action was to do stock buybacks and dilute the outstanding while warrants were reset at dirt cheap prices.

http://ptsc.com/news/press_releases/20060210.asp

http://ptsc.com/news/press_releases/20060424.asp

It seems plenty of money is being and has been made from the warrant conversions since "From fiscal 2002 through fiscal 2005, the Company raised approximately $5,400,000 through the issuance of convertible debentures, having stated interest rates ranging from 8% to 12%, to a limited group of investors."

The Company also granted new warrants and agreed to re-price other outstanding warrants in order to obtain the necessary approvals from certain security interest holders as well as to obtain the release of their security interests in the Company’s intellectual property, and to finalize the LLC Agreement. The Company granted a warrant to TPL to acquire up to 3,500,000 shares of the Company’s common stock at a per share price of $0.125. The warrant has a term of seven years. At the date of grant, the right to acquire 1,400,000 common shares vested. The right to acquire the remaining 2,100,000 shares will vest in 700,000 increments only upon the Company’s common stock attaining a per share stock price of $0.50, $0.75 and $1.00. On February 21, 2006, February 22, 2006 and March 1, 2006 the rights to acquire the remaining 700,000 share increments vested as the Company’s stock price reached $0.50, $0.75 and $1.00, respectively. As additional consideration to the warrant holders for providing approval for the transaction, the Company agreed to reset the per share exercise price of approximately 35,000,000 warrants to $0.015 for which the warrant holders also conveyed other warrants to acquire 12,000,000 shares back to the Company. Further, the Company issued additional warrants to acquire approximately 290,000 shares of the Company’s common stock at a per share price of $0.03.

http://secfilings.nasdaq.com/filingFrameset.asp?FileName=0001019687%2D07%2D001150%2Etxt&FilePath=%5C2007%5C04%5C20%5C&CoName=PATRIOT+SCIENTIFIC+CORP&FormType=10%2DQ&RcvdDate=4%2F20%2F2007&pdf=

  And yet, in the PR's, outstanding warrants are mentioned in one, in another, stock buybacks were highlited, retired debentures in another. It seems we get bits & pieces but never a complete accounting synopsys concerning this area. For being a shareholder, I find it unexcusable. JMO.