8-K/A
This amendment is being filed to correct the previously disclosed current number of common shares outstanding, which were issued as a result of conversions of previously disclosed convertible debt into shares of common stock.
Upon completion of the Merger, there were 652,964,010 shares of the Company's common stock issued and outstanding. In addition, there were 1,458,236 shares of Series C Convertible Preferred Stock issued and outstanding, which could be converted into 274,491,461 common shares at the market price of $.02 1/2 on October 1, 2007. In addition, there were 100,000 shares of Series B Preferred Stock issued and outstanding, which could be converted into 80% of the outstanding common stock. The holders of the Series B Preferred Stock and the Series C Preferred Stock have voting power equivalent to the common shares into which the Preferred shares are convertible.
Director Independence:
No member of the Company's Board of Directors is an independent director, as "independent" is defined in the Rules of the NASDAQ National Market System.
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652,964,010 shares outstanding
+ 2,612,000,000 shares (Series B Convertible Preferred Stock)
+ 274,491,461 shares (Series C Convertible Preferred Stock; Umwandlungspreis $0,025)
= ~3,540,000,000 common stock equivalents outstanding
Die Series C Convertible Preferred Stocks sind im Grunde nichts anderes als floorless convertibles - toxic convertibles - death spiral convertibles, da sie nicht an eine bestimmte Anzahl von Aktien gebunden sind.
Die Series B Convertible Preferred Stocks sind gelinde gesagt eine Sauerei, da sie nach Umwandlung immer 80% der aktuell outstanding shares entsprechen und auch schon vor der Umwandlung voll stimmberechtigt/Dividenden lastig sind.
SWVC ist eine OTC-Bude der übelsten Art und für kein Investment geeignet. |
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