$MMAT Prior to the reverse split, after a dilution of shares due to a massive offering, the total shares outstanding for the Company Torchlight was roughly 1.59M. According to filings by The Company the preferred share will be a non-tradable placeholder for all Torchlight equity holders on the day of record on a 1 to 1 basis and will represent 100% of the value of the Oil and Gas assets sale. A $1 dividend would require a $159M sale price. TRCH had a net loss of -$12,781,896 for 2020 The preferred share will provide shareholders of record, the right of participation in the net proceeds of the sale of Torchlight’s oil and gas assets, subject to certain holdbacks and time constraints. Based on the latest financial disclosure, Torchlight Energy Resources has a Total Asset of 9.19 M. This is 99.97% lower than that of the Energy sector and 99.96% lower than that of the Oil & Gas E&P industry. The total asset for all United States stocks is 99.97% higher than that of the company.
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