From SB-2/A OCTOBER 1, 1999:
"SHAREHOLDER APPROVAL. We may issue more than 20% of our outstanding shares."
From S-1 (08/28/02):
"Key Facts
| |
|
|
| Shares being offered for resale to the public |
|
22,363,391 (27.5% of our shares currently outstanding) |
|
|
|
| Total shares outstanding prior to the offering |
|
81,465,757 as of August 12, 2002 |
|
|
|
| Total shares outstanding after the offering |
|
103,829,148 |
|
|
|
Total shares that would be outstanding assuming full conversion of the current offering and exercise of all outstanding options and warrants |
|
144,543,700 |
""During fiscal 2002, the Company issued warrants to purchase 23,197,201 common shares of stock at exercise prices ranging from $0.048 to $0.54 per share...."
"
Lincoln Ventures, LLC |
|
|
27,910,526 |
(2) |
|
|
17,720,864 |
|
|
|
10,189,662 |
(2) |
|
|
10.27 |
%(2)" |
If you follow through ALL the filings from 99 to 2005 you'll see not only the staedy increase of the OS caused by the warrants & shares, but also that Swartz (and Lincoln, which came up as "a group of six investors" via a private placement in April 2002) owned a lot more than the 10% of the company. BTW, if you look at the filings in 2001 and 2002 there is NO doubt for me, that SPE and LV owned each own more than 10% (see above)
Or maybe I mis-translate the filings...?
GLTY
