FrankSpeech Network Inc (INCTD)

[xanadu]

Possibly GGI selling to give JF operating capital? Guess CEO salary falls in that category.


http://ih.advfn.com/p.php?pid=nmona&cb=1216132492&article=26703820&symbol=NB%5EGMFX

The Offering

Common stock offered by selling stockholder Up to 5,836,435,851 shares, including up to 5,816,096,751 shares of common stock

USE OF PROCEEDS

This prospectus relates to shares of our common stock that may be offered and sold from time to time by the selling stockholder. We will not receive any proceeds from the sale of shares of common stock in this offering. However, we will receive the sale price of any common stock we sell to the selling stockholder upon exercise of the warrants, up to $16,350,000. We received an aggregate of $300,000 in connection with the issuance of the convertible debenture to the selling stockholder. We have used the $300,000 for the general working capital purposes and the payment of professional fees. We expect to use the proceeds received from the exercise of the warrants, if any, for general working capital purposes.
..............................................................
The following table also sets forth the name of each person who is offering the resale of shares of common stock by this prospectus, the number of shares of common stock beneficially owned by each person, the number of shares of common stock that may be sold in this offering and the number of shares of common stock each person will own after the offering, assuming they sell all of the shares offered:

Name Total Shares Total Shares of Beneficial Percentage Beneficial Percentage of Common Percentage Common Ownership of Ownership of Stock of Common Stock Before the Common After the Common Issuable Stock Included in Offering (2) StockOffering (3) Stock Upon Assuming Prospectus(1) Owner Owned
Conversion Conversion Before the After the of Up To Offering(2) Offering(3)
Debenture Amount and Remaining Warrants In Registration Statement
Golden Gate Investors Inc.
(4) 1,471,277,514 (5) 62.43% Up to 97,285,371 9.99% -- --
5,836,435,851