Ann: CM8 Licensing Agreement with Adsmetric, page-17

@gassed - let's say I have 100,000 shares in CM8 to sell at $0.32 and I list them all for sale. If 4 different people buy them from me then it will show as 4 trades, but there is only 1 seller.

Let's say as I list them $0.32, someone lists 10,000 to sell at $0.295. If you come and buy 20,000 shares at market you will buy the 10,000 at $0.295 and 10,000 at $0.30. In this scenario there is 1 buyer, but 2 sellers. The buyer is buying more than $5k of stock, but by your calculation there are 2 small transactions at less than $5k each, whereas in reality there is 1 buy trade at more than $5k.

This happens multiple times a day as people jump in the queue, or move their orders around trying to get a little more, or get out ahead of a stack of sell orders.

And people tend to buy in round figures of shares, or round figures of $, so you can also see this as well.

As an example, at 11:41:10, there appears to be 3 trades at $0.31. But they all occur at the same time. The total volume is exactly 35,000 shares, but it looks like it is 22,969 shares, 10,000 shares and 2,031 shares. There will be 3 sellers involved. But the last one of 2,031 still probably has a few shares (at least) left to sell, so the next single trade for 1,500 shares is probably also him selling. This is a small buyer as it is $465. and it is probably someone paying $30-35 brokerage somewhere and therefore they want to invest $500 and this is the close round even number.

And buyers through "real" brokers often split orders up, so you may see a large number of smaller orders coming on so you don't see $50,000 coming in one hit. This is often the case when there isn't a lot on the sell (or buy) side to hit in 1 go, so it gets fed into the market.

So short version is that the actual number of trades you see is not really reflective of the actual number of individual buyers and sellers.

Regards
Marv

DISCLOSURE: I hold plenty of CM8.