Each one in plain English, with the numbers worked through for a shareholder.
29 Jan 2014capital raising announcement▼ Bad
On January 24, 2014 the company sold 1,363,636 shares at $0.011 per share for $15,000 to one private investor. This is the lowest price in the series so far, down from $0.015 in December 2013, so more shares are issued per dollar raised.
What it means for a shareholder
1.4m new shares at $0.011 to raise about $15,000. That's 0.642% dilution: every existing holder's slice gets 0.642% smaller. If you held $1,000 of shares (90,909 at the issue price), your slice goes from 0.0431% to 0.0428% of the company. To keep it you'd need 587 more shares - about $6 at the issue price.
On December 11, 2013 the company sold 1,000,000 shares at $0.015 per share for $15,000 to one private investor. Same price and size as the October 22 sale, continuing small dilutive raises.
What it means for a shareholder
1.0m new shares at $0.015 to raise about $15,000. That's 0.479% dilution: every existing holder's slice gets 0.479% smaller. If you held $1,000 of shares (66,667 at the issue price), your slice goes from 0.0321% to 0.0319% of the company. To keep it you'd need 321 more shares - about $5 at the issue price.
On October 28, 2013 the company sold 500,000 shares at $0.02 per share for $10,000 to one private investor. The price is above the $0.015 of the prior week's sale; new shares still dilute existing holders.
What it means for a shareholder
500,000 new shares at $0.020 to raise about $10,000. That's 0.24% dilution: every existing holder's slice gets 0.24% smaller. If you held $1,000 of shares (50,000 at the issue price), your slice goes from 0.0241% to 0.024% of the company. To keep it you'd need 120 more shares - about $2 at the issue price.
On October 22, 2013 the company sold 1,000,000 shares at $0.015 per share for $15,000 to one private investor. A slightly larger raise at the same $0.015 price as late September and early October, diluting existing holders.
What it means for a shareholder
1.0m new shares at $0.015 to raise about $15,000. That's 0.479% dilution: every existing holder's slice gets 0.479% smaller. If you held $1,000 of shares (66,667 at the issue price), your slice goes from 0.0321% to 0.0319% of the company. To keep it you'd need 321 more shares - about $5 at the issue price.
On October 1, 2013 the company sold 700,000 shares at $0.015 per share for $10,500 to two private investors (the filing says 'teo'; this is read as two). Same terms as the September 20 sale, continuing small dilutive raises.
What it means for a shareholder
700,000 new shares at $0.015 to raise about $10,500. That's 0.336% dilution: every existing holder's slice gets 0.336% smaller. If you held $1,000 of shares (66,667 at the issue price), your slice goes from 0.0321% to 0.032% of the company. To keep it you'd need 224 more shares - about $3 at the issue price.
On September 20, 2013 the company sold 700,000 shares at $0.015 per share for $10,500 to one private investor. The price is the lowest so far in this run of placements, so the company is issuing more shares per dollar raised.
What it means for a shareholder
700,000 new shares at $0.015 to raise about $10,500. That's 0.34% dilution: every existing holder's slice gets 0.34% smaller. If you held $1,000 of shares (66,667 at the issue price), your slice goes from 0.0325% to 0.0324% of the company. To keep it you'd need 227 more shares - about $3 at the issue price.
On September 5, 2013 the company sold 500,000 shares at $0.02 per share for $10,000 to one private investor (the filing's header lists September 3 as the event date, but the text gives September 5). Same price and size as the August sale, continuing small dilutive raises.
What it means for a shareholder
500,000 new shares at $0.020 to raise about $10,000. That's 0.243% dilution: every existing holder's slice gets 0.243% smaller. If you held $1,000 of shares (50,000 at the issue price), your slice goes from 0.0244% to 0.0243% of the company. To keep it you'd need 122 more shares - about $2 at the issue price.
On August 21, 2013 the company sold 500,000 shares at $0.02 per share for $10,000 to one private investor. The price is back up from $0.018 in late July but still well below 2012 levels; new shares dilute existing holders.
What it means for a shareholder
500,000 new shares at $0.020 to raise about $10,000. That's 0.243% dilution: every existing holder's slice gets 0.243% smaller. If you held $1,000 of shares (50,000 at the issue price), your slice goes from 0.0244% to 0.0243% of the company. To keep it you'd need 122 more shares - about $2 at the issue price.
On July 29, 2013 the company sold 555,555 shares at $0.018 per share for $10,000 to one private investor. The price is lower again than the $0.02 sale eleven days earlier, so more shares are issued for the same $10,000.
What it means for a shareholder
555,555 new shares at $0.018 to raise about $10,000. That's 0.27% dilution: every existing holder's slice gets 0.27% smaller. If you held $1,000 of shares (55,556 at the issue price), your slice goes from 0.0271% to 0.027% of the company. To keep it you'd need 150 more shares - about $3 at the issue price.
On July 18, 2013 the company sold 500,000 shares at $0.02 per share for $10,000 to one private investor. Another small raise at a price slightly below the June 2013 sale, diluting existing holders.
What it means for a shareholder
500,000 new shares at $0.020 to raise about $10,000. That's 0.243% dilution: every existing holder's slice gets 0.243% smaller. If you held $1,000 of shares (50,000 at the issue price), your slice goes from 0.0244% to 0.0243% of the company. To keep it you'd need 122 more shares - about $2 at the issue price.
On June 12, 2013 the company sold 455,000 shares at $0.022 per share for $10,010 to one private investor. The price is lower than the $0.03 sale of May 2013, continuing the pattern of small raises at falling prices and dilution.
What it means for a shareholder
455,000 new shares at $0.022 to raise about $10,010. That's 0.222% dilution: every existing holder's slice gets 0.222% smaller. If you held $1,000 of shares (45,455 at the issue price), your slice goes from 0.0223% to 0.0222% of the company. To keep it you'd need 101 more shares - about $2 at the issue price.
On May 24, 2013 the company sold 400,000 shares at $0.03 per share for $12,000 to five private investors. This is below the $0.05 price of the 2012 placements, so the company is raising small amounts at a lower price and issuing more shares per dollar; new shares dilute existing holders.
What it means for a shareholder
400,000 new shares at $0.030 to raise about $12,000. That's 0.195% dilution: every existing holder's slice gets 0.195% smaller. If you held $1,000 of shares (33,333 at the issue price), your slice goes from 0.0163% to 0.0163% of the company. To keep it you'd need 65 more shares - about $2 at the issue price.
On April 2, 2013 the company dismissed its auditor Borgers & Cutler CPAs PLLC and engaged B F Borgers CPA PC for the rest of fiscal 2013. B&C's reports for 2012 and 2011 both carried going-concern paragraphs, continuing the earlier going-concern warnings; the filing reports no disagreements with B&C and attaches B&C's letter as Exhibit 16.1. No reason for the change is stated.
On November 23, 2012 the company sold 2,400,000 shares at $0.05 per share for $120,000 to one private investor. Two days after a $10,000 placement, this continues the 2012 pattern of raising cash at $0.05 and diluting existing holders.
What it means for a shareholder
2.4m new shares at $0.050 to raise about $120,000. That's 1.2% dilution: every existing holder's slice gets 1.2% smaller. If you held $1,000 of shares (20,000 at the issue price), your slice goes from 0.00992% to 0.0098% of the company. To keep it you'd need 238 more shares - about $12 at the issue price.
On November 21, 2012 the company sold 200,000 shares at $0.05 per share for $10,000 in total to two private investors. A very small raise at the same price as earlier 2012 placements.
What it means for a shareholder
200,000 new shares at $0.050 to raise about $10,000. That's 0.0991% dilution: every existing holder's slice gets 0.0991% smaller. If you held $1,000 of shares (20,000 at the issue price), your slice goes from 0.00992% to 0.00991% of the company. To keep it you'd need 20 more shares - about $1 at the issue price.
On August 17, 2012 the company sold 2,000,000 shares at $0.05 per share for $100,000 in total to two private investors. Another cash raise at the same $0.05 price as January 2012, diluting existing holders.
What it means for a shareholder
2.0m new shares at $0.050 to raise about $100,000. That's 0.992% dilution: every existing holder's slice gets 0.992% smaller. If you held $1,000 of shares (20,000 at the issue price), your slice goes from 0.01% to 0.00992% of the company. To keep it you'd need 200 more shares - about $10 at the issue price.
On January 25, 2012 the company sold 2,040,000 shares at $0.05 per share for $102,000 in total to four private investors. This is priced above the $0.04 deal two weeks earlier but still below the 2010-2011 placements at $0.07 to $0.08; new shares dilute existing holders.
What it means for a shareholder
2.0m new shares at $0.050 to raise about $102,000. That's 1.0% dilution: every existing holder's slice gets 1.0% smaller. If you held $1,000 of shares (20,000 at the issue price), your slice goes from 0.0104% to 0.0103% of the company. To keep it you'd need 212 more shares - about $11 at the issue price.
On January 10, 2012 the company agreed to sell 5,000,000 shares at $0.04 per share for $200,000 to one private investor, payable by January 11, 2012. The price is half the $0.08 of the 2010-2011 placements, so the company is now raising money at a lower price and issuing more shares per dollar.
What it means for a shareholder
5.0m new shares at $0.040 to raise about $200,000. That's 2.5% dilution: every existing holder's slice gets 2.5% smaller. If you held $1,000 of shares (25,000 at the issue price), your slice goes from 0.013% to 0.0126% of the company. To keep it you'd need 649 more shares - about $26 at the issue price.
On August 25, 2011 the company dismissed its auditor Cordovano and Honeck LLP because the PCAOB notified the firm that Sam Cordovano will receive a permanent bar, so the firm can no longer audit public companies. The board engaged Borgers & Cutler CPAs PC for the rest of fiscal 2011. The firm's 2010 and 2009 reports carried going-concern paragraphs, continuing the earlier going-concern warnings; no disagreements with the former auditor were reported.
15 Mar 2011capital raising announcement● NeutralMajor
On March 9, 2011 the company agreed to sell 4,375,000 shares at $0.08 per share for $350,000 to one private investor, payable by March 10, 2011. A sizeable cash raise at the same price as earlier placements; new shares dilute existing holders.
What it means for a shareholder
4.4m new shares at $0.080 to raise about $350,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
On March 1, 2011 the company and a purchaser mutually terminated the May 4, 2010 agreement to sell 5,000,000 shares in installments. Only one $10,000 installment was paid and the matching shares delivered, so the rest of that placement will not happen. This appears to be one of the two investors in the May 2010 $800,000 placement (inference, from the May 4, 2010 date and 5,000,000-share size), meaning less cash than the $800,000 originally agreed.
