Let's put those 16,000,000 shares to rest.Morning Star needs to update their info.
The shares were cancelled in 2004.
Issued and fully paid:
Number of shares Amount Balance, March 31, 2002 47,867,405 $ 53,470,446
Issued for cash pursuant to:
Exercise of warrants 2,169,766 1,640,985
Exercise of stock options 544,900 607,829
Balance, March 31, 2003 50,582,071 55,719,260
Issued pursuant to consulting agreement (note 7) 60,000 156,000
Issued for cash pursuant to: Exercise of stock options 560,040 720,002
Balance, March 31, 2004 51,202,111 $ 56,595,262
On March 30, 2004, the Company cancelled 16,015,896 shares previously owned by its wholly-owned subsidiary Mountain Glen that were received by the Company as part of a reorganization (note 1). The cancelled shares have been excluded from the above table for all periods presented.