Bremner Industries Ltd. began the year (January 1st) with 150,000 common shares outstanding. On April 30th Bremner issued 50,000 new common shares for cash. In addition, Bremner has $1,000,000 in convertible bonds outstanding. Each 1,000 bond will be converted into 40 common shares in two years time. Bremner also has 10,000 warrants that can be exercised if Bremner earns at least $250,000 in income from operations over the next three years. One common share will be issued for every two warrants exercised. Income from operations for the current year was $45,000 and Bremner has budgeted income from operations to be $55,000 for each of the next two years. Based on this information, what is the weighted average number of shares outstanding for the current year?

Answer rating: 100% (QA)

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