Tuesday, September 06, 2005
Capital Solutions I (CSON)
There's an existing standby equity distribution agreement (SEDA) with Cornell Capital Partners. If some registration is successful regarding Cornell reselling the stock, the Company has the right to receive up to $6 million from Cornell as debt financing which can be repaid in CSON stock. The amount of stock will be the lowest closing bid of the stock in the last 5 trading days after the company requests the cash. There's also a 4% fee.
A former company subsidiary didn't complete some Florida apartment construction project. There were issues, but it seems resolved beyond any usefulness to anyone.
They did another reverse stock split (did a 1:50 in 2004) 1:10, resulting in 78.4 million shares.
* enterprise sorta thing:
Ok, so the company acquires Bedrock for 300,000,000 shares which have a market value of $21,000 based on a recent stock price. The company has an equity deficit of $70,970. This makes the purchase price equivalent to $91,970. I have to admit that I really don't follow it. I'm tired or maybe I'm just not that intelligent.
It's just a view into some mundane business activities, that's all.