Past year: ▼ 67%(0.50c – 1.60c USD)
Each one in plain English, with the numbers worked through for a shareholder.
12 Dec 2018capital raising announcement● NeutralMajor
On December 6, 2018, four debt holders (Golden Properties, Tilly, Wendy Kelman-Neu and F. Daniel Gabel) converted $12,637,018 of debt and interest into 11,488,200 new unregistered shares at $1.10 each. This wipes out that debt and, together with the going-private filing days earlier, gives these holders the roughly 97% stake used for the short-form merger.
10 Nov 2015capital raising announcement▼ BadMajor
On November 4, 2015 the company agreed a financing deal with Golden Properties, Hugo Neu and other holders: $10,796,344 of debt converts into 359,878,140 shares at $0.03, and 71,428,571 shares are sold at $0.035 for $2.5 million cash, about $13.3 million in total. Stage One (scheduled November 10, 2015) converts $3,945,082 of debt into 131,502,735 shares; Stage Two follows stockholder approval to raise authorized shares from 300,000,000 to 800,000,000. Separately, $1,900,000 was pre-funded for warrants on 1,900,000 shares. This clears much of the debt (a reduction in the debt thread) but sharply dilutes existing shareholders, since the new shares dwarf the 67.5 million outstanding in mid-2013 (a comparison to the earlier figure, not a current count).
12 Dec 2013capital raising announcement● NeutralMajor
On December 9, 2013 the company closed a $3.5 million private sale of 6.5% secured convertible notes to two investors. The notes mature in 24 months and convert at $0.53 a share, with warrants for 1 million shares at $0.70 and a 4.5% ($157,500) placement agent fee. The press release says proceeds are intended to repay any of the existing $2.3 million of short-term debt that does not convert, and to fund operations including the Nassau County contract. This continues the open thread on the earlier short-term notes and adds new debt that could dilute shareholders if converted.
1 July 2013capital raising announcement● Neutral
On June 25, 2013 the company signed an equity line with Dutchess Opportunity Fund II, under which Dutchess is committed to buy up to $2 million of common stock over 36 months, at 97% of the lowest daily volume-weighted average price in a five-day pricing period. The company chooses when to sell and need not use it all; no sales can happen until the registration statement filed June 25, 2013 is declared effective. At $0.66 a share, a full draw would be about 3,124,024 shares (about 4.4% of the 67,529,462 outstanding), and the company owes a $15,000 document fee.
17 Sept 2012capital raising announcement● NeutralMajor
On September 12, 2012 the company sold 4,840,832 new shares at $0.77 each for gross proceeds of $3,727,440, with warrants at $0.90 for 10% of the shares bought, issuing new shares and so diluting existing holders. It plans to use the net proceeds to repay any of the secured convertible notes that are not converted into stock, with the remainder for working capital. It also named William S. Brennan to its Strategic Advisory Board and paid a placement fee of $268,627.
17 Feb 2012capital raising announcement● NeutralMajor
On February 15, 2012 the company held the final closing of its secured convertible note offering, selling another $2,600,000 of notes with warrants to 48 investors and paying a $208,000 placement fee. Together with the earlier $4,000,000, this extends the same secured note financing to a total of $6,600,000 (arithmetic from the filing's figures).
29 Nov 2011capital raising announcement● NeutralMajor
The company continued the secured convertible note sale begun in September 2011, adding $650,000 on October 28, $1,595,000 on November 22 and $430,000 on November 28, 2011, for $2,675,000 more. With the earlier $1,325,000 this completes the $4,000,000 raised in this offering, with a placement fee of $214,000 on the new amount plus placement agent warrants.
28 Sept 2011capital raising announcement● NeutralMajor
The company raised money through two private note sales: $700,000 of convertible notes in July 2011 and $1,325,000 of secured convertible notes between September 19 and 23, 2011. The notes carry 12% interest at the start, can convert to shares at $0.60 if no financing of at least $5,000,000 closes in time, come with warrants, and the September notes are secured by all of the company's personal property and assets. This adds debt that could convert into more shares for existing holders (an inference), and a placement fee of $106,000 was owed on the September notes.
