BOD shareholdings
posted on
Feb 11, 2012 08:32PM
Yahoo's financial pages which list filers of SEC forms 3 and 4 show only Helmut Falk Jr. Why wouldn't 800,000 shares of a Board member be disclosed? Or 3M shares of Mr. Leckrone who has almost total control over almost all PTSC revenue? Or an unknown but allegedly large number of shares owned by Eric Swartz, believed employer of Carlton Johnson?
The PTSC 2010-2011 10-K stated:
Beneficial ownership (but this is 9 months old now):
Felcyn 1,259,700
Includes 450,000 shares issuable upon the exercise of outstanding stock options exercisable within 60 days of August 12, 2011. (Now expired, possibly renewed/extended). That leaves 809,700 to be accounted for.
Johnson 975,000
Includes 450,000 shares issuable upon the exercise of outstanding stock options exercisable within 60 days of August 12, 2011. (Now expired, possibly renewed/extended).
Flowers 900,000
Shares issuable upon the exercise of outstanding stock options exercisable within 60 days of August 12, 2011. (Now expired, possibly renewed/extended).
Section 16(a) of the Exchange Act requires our directors, executive officers and persons who beneficially own 10% or more of a class of securities registered under Section 12 of the Exchange Act to file reports of beneficial ownership and changes in beneficial ownership with SEC. Directors, executive officers and greater than 10% stockholders are required by the rules and regulations of the SEC to furnish us with copies of all reports filed by them in compliance with Section 16(a).
Based solely on our review of the copies of such forms received by us, or written representations from reporting persons, we believe that our insiders complied with all applicable Section 16(a) filing requirements during fiscal year 2011.
Also see http://www.sec.gov/answers/form345.htm
I read this as saying that Directors and Officers must file regardless, as must others who own 10% or more of the company stock. I know that I was required to do so as an Officer and I certainly didn't own 10% of the company!
http://www.nasdaq.com/symbol/ptsc/insider-trades shows no forms filed in the past 12 months. It also lists 0 "insiders" and only 2 Institutional Investors:
UNITED CAPITAL FINANCIAL ADVISERS, LLC, Newport Beach, CA 64,476 shares
DOUGLASS WINTHROP ADVISORS, LLC, New York 10,000 shares
HOWEVER that said, this site (below) DOES show some Form 4 filings (but none since 6/7/10) with options extending to 2015 at a strike price of $0.10 as well as options exercised and shares purchased.:
http://www.investorpoint.com/stock/PTSC-Patriot+Scientific+Corp./sec-filings/?filingType=2
SO..... where is the definitive source for details on the current holdings (options and actual shares) by Officers, Directors and Insiders?
Did anyone have the time to look over the list of shareholders Cliff mentioned?