As of May 12, 2011, there were 11,652,841,863 shares of common stock outstanding.
During the second quarter 2011, Viridis Capital, LLC, the Company’s majority shareholder, surrendered a total of 6 billion common shares, which shares were cancelled as of May 12, 2011. A total of 10 billion common shares were surrendered and cancelled by Viridis Capital between November 2010 and May 12, 2011. p22
Total revenues for the three months ended March 31, 2011 were $7.7 million as compared the $1.3 million generated during the three months ended March 31, 2010. The increase in revenue during 2011 was due to the impact of new licenses executed during 2010, increased corn oil production by our licensees, the increased market value of corn oil, and the award of one-time, non-cash performance bonuses of about $4.9 million in connection with the YA Corn Oil Transaction. p. 28
Our goals for 2011 are to improve on our 2010 performance by working with our licensees to maximize the benefits and minimize the costs of recovering corn oil; by licensing new ethanol facilities producing 1.3 BGY of ethanol, corresponding to about another 10% of the market; by reducing debt by at least another 33%; and, by generating meaningful positive cash flow from operations and operating income. We expect that realization of these goals will enable us to begin repaying our remaining debt out of cash flow by the end of this year. Achieving this milestone is a key objective for 2011.
See HereDuring the second quarter 2011, Viridis Capital, LLC, the Company’s majority shareholder, surrendered a total of 6 billion common shares, which shares were cancelled as of May 12, 2011. A total of 10 billion common shares were surrendered and cancelled by Viridis Capital between November 2010 and May 12, 2011. p22
Total revenues for the three months ended March 31, 2011 were $7.7 million as compared the $1.3 million generated during the three months ended March 31, 2010. The increase in revenue during 2011 was due to the impact of new licenses executed during 2010, increased corn oil production by our licensees, the increased market value of corn oil, and the award of one-time, non-cash performance bonuses of about $4.9 million in connection with the YA Corn Oil Transaction. p. 28
Our goals for 2011 are to improve on our 2010 performance by working with our licensees to maximize the benefits and minimize the costs of recovering corn oil; by licensing new ethanol facilities producing 1.3 BGY of ethanol, corresponding to about another 10% of the market; by reducing debt by at least another 33%; and, by generating meaningful positive cash flow from operations and operating income. We expect that realization of these goals will enable us to begin repaying our remaining debt out of cash flow by the end of this year. Achieving this milestone is a key objective for 2011.
SkunK
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can it be?
During the second quarter 2011, Viridis Capital, LLC, the Company’s majority shareholder, surrendered a total of 6 billion common shares, which shares were cancelled as of May 12, 2011. A total of 10 billion common shares were surrendered and cancelled by Viridis Capital between November 2010 and May 12, 2011.
A Word search of the entire 10-Q for the words "reverse" and "split" came up empty. Does this mean ... ?
These new agreements and our cost controls resulted in sufficient cash flows from operating activities to cover our operating expenses as of the end of 2010, up from a near zero contribution from operations as of the beginning of 2010. While it is unlikely that we will generate pre-tax profit for the full year ended December 31, 2011, we believe that the license agreements we have executed to date are capable of providing us with sufficient revenue to transition to pre-tax profit before the end of 2011, depending on the amount of corn oil produced by our licensees and the market price for corn oil.
Cash Flow We eliminated our cash burn as of the end of 2010 and returned to positive cash flow during the first quarter of 2011.
Operating Income With only some of our licensed plants producing corn oil during the quarter, we generated about $5.8 million in operating income, or about $882,000 in operating income net of the non-recurring impact of the YA Corn Oil Transaction and sale of our previously-owned extraction systems.
Hey Skunker ... this is a 10-Q, not a 10-K!
Bravo, GreenShift! Excellent Quarter!
Keep those performance bonuses coming!!!!
The quality of the presentation and writing on the 10-Q also continues to show improvement relative to past years.
While Cardinal struggles to maintain last years corn oil extraction rate and fumbles around with new equipment, GreenShift demonstrates blockbuster extraction rates on the plant that it surrendered to its creditor, YAGI.
Keep it up, GERS, and we will end up owning a large percentage of the industry!!!
It is not clear what the outstanding share number is today. In the 10-K issued on April 1st the number of outstanding shares was 15.2 billion. At the same time a 4 billion cancellation was announced. Many assumed that the 15.2 billion figure included the cancelled shares. We learned yesterday that the outstanding number is 11.6 billion (not 15.2 billion) at the same time we learned of another 6 billion being cancelled. Unless I am missing something, it is unlikely that the 15.2 billion figure released in April included the cancelled 4 billion. If it did, how did the number then fall to the 11.6 billion figure released yesterday? Therefore, if the 11.6 billion number does not account for the next 6 billion that have been cancelled the number of outstanding shares at this time is really approximately 5.6 billion, a number that approximately fits the arithmetic of 15.2 billion minus 10 billion.
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