Scott Sand used to do that when he was with IGNT
Now with the named Grid Petroleum/Simlatus. He would take his salary and consulting fees as debt on a regular basis, later selling that debt as wrap agreements. Lots of small chunks
11) $24,000 CONVERTIBLE DEBT DATED AUGUST 15, 2010 issued to an individual a note in
the amount of $24,000 in consideration for services rendered under a Distribution Agreement
entered into on the same date. The note was issued without interest and is due on demand.
This note is convertible at a 40% discount to the average closing price of the three days prior
to conversion with a maximum conversion price of $0.30. See attached Exhibit-11
12) Debt wrap agreement with Watson Investment Enterprises, Inc. dated December 10, 2008.
Under the terms of this agreement, our CEO Scott R. Sand, assigned $25,000 in debt owed to
him by the Company to Watson. The terms of the debt were modified to allow Watson to
convert the debt into common stock at a 50% discount of the average three-deep bid on the
day of conversion. Watson then paid Mr. Sand the amount of the debt originally assigned and
Mr. Sand loaned this money back to the Company. See attached Exhibit-12
13) Debt wrap agreement with Watson Investment Enterprises, Inc. dated January 13, 2009.
Under the terms of this agreement, our CEO Scott R. Sand, assigned $25,000 in debt owed to
him by the Company to Watson. The terms of the debt were modified to allow Watson to
convert the debt into common stock at a 50% discount of the average three-deep bid on the
day of conversion. Watson then paid Mr. Sand the amount of the debt originally assigned and
Mr. Sand loaned this money back to the Company. See attached Exhibit-13
14) Debt wrap agreement with Watson Investment Enterprises, Inc. dated May 5, 2009. Under the
terms of this agreement, our CEO Scott R. Sand, assigned $50,000 in debt owed to him by the
Company to Watson. The terms of the debt were modified to allow Watson to convert the
debt into common stock at a 50% discount of the average three-deep bid on the day of
conversion. Watson then paid Mr. Sand the amount of the debt originally assigned and Mr.
Sand loaned this money back to the Company. See attached Exhibit-14
15) Debt wrap agreement with Watson Investment Enterprises, Inc. dated May 28, 2009. Under
the terms of this agreement, our CEO Scott R. Sand, assigned $200,000 in debt owed to him
by the Company to Watson. The terms of the debt were modified to allow Watson to convert
the debt into common stock at a 50% discount of the average three-deep bid on the day of
conversion. Watson then paid Mr. Sand the amount of the debt originally assigned and Mr.
Sand loaned this money back to the Company. See attached Exhibit-15
16) Debt wrap agreement with JSJ Investments, Inc. dated June 17, 2009. Under the terms of this
agreement, our CEO Scott R. Sand, assigned $565,000 in debt owed to him by the Company
to JSJ. The terms of the debt were modified to allow JSJ to convert the debt into common
stock at a 50% discount of the average three-deep bid on the day of conversion. JSJ then paid
Mr. Sand the amount of the debt originally assigned and Mr. Sand loaned this money back to
the Company. See attached Exhibit-16
Ingen Technologies, Inc. Quarterly Report Ending August 31, 2010 4 1
17) Debt wrap agreement with Ringsport International, Inc. dated September 1, 2009. Under the
terms of this agreement, our CEO Scott R. Sand, assigned $796,423 in debt owed to him by
the Company to Ringsport. The terms of the debt were modified to allow Ringsport to convert
the debt into common stock at a 50% discount of the average three-deep bid on the day of
conversion. Ringsport then paid Mr. Sand the amount of the debt originally assigned and Mr.
Sand loaned this money back to the Company. See attached Exhibit-17
18) Debt wrap agreement with Machiavelli Ltd., LLC dated October 22, 2009. Under the terms of
this agreement, our CEO Scott R. Sand, assigned $100,000 in debt owed to him by the
Company to Machiavelli. The terms of the debt were modified to allow Machiavelli to
convert the debt into common stock at a 40% discount bid price on the day of conversion.
Machiavelli then paid Mr. Sand the amount of the debt originally assigned and Mr. Sand
loaned this money back to the Company. See attached Exhibit-18
19) Debt wrap agreement with Jahoco, LLC dated January 5, 2010. Under the terms of this
agreement, our CEO Scott R. Sand, assigned $25,000 in debt owed to him by the Company to
Jahoco. The terms of the debt were modified to allow Jahoco to convert the debt into common
stock at a 40% discount bid price on the day of conversion. Jahoco then paid Mr. Sand the
amount of the debt originally assigned and Mr. Sand loaned this money back to the Company.
See attached Exhibit-19
20) Debt wrap agreement with Machiavelli Ltd., LLC dated January 5, 2010. Under the terms of
this agreement, our CEO Scott R. Sand, assigned $75,000 in debt owed to him by the
Company to Machiavelli. The terms of the debt were modified to allow Machiavelli to
convert the debt into common stock at a 40% discount bid price on the day of conversion.
Machiavelli then paid Mr. Sand the amount of the debt originally assigned and Mr. Sand
loaned this money back to the Company. See attached Exhibit-20
21) Debt wrap agreement with Capital Edge dated July 27, 2010. Under the terms of this
agreement, our CEO Scott R. Sand, assigned $34,615 in debt owed to him by the Company to
Capital Edge. The terms of the debt were modified to allow Capital Edge to convert the debt
into common stock at a discount bid price on the day of conversion. Capital Edge then paid
Mr. Sand the amount of the debt originally assigned and Mr. Sand loaned this money back to
the Company.
22) Debt wrap agreement with Pinpoint International., LLC dated July 27, 2010. Under the terms
of this agreement, our CEO Scott R. Sand, assigned $13,200 in debt owed to him by the
Company to Pinpoint. The terms of the debt were modified to allow Pinpoint to convert the
debt into common stock at a 40% discount bid price on the day of conversion. Pinpoint then
paid Mr. Sand the amount of the debt originally assigned and Mr. Sand loaned this money
back to the Compan
