Tuesday, September 09, 2008 7:25:50 AM
The holder shall be entitled to convert in whole
or in part at any time and from time to time, any amount of principal and
accrued interest at a price equal to 90% of the lowest closing bid price of the
Common Stock during the 30 trading days immediately preceding the conversion
date, as quoted by Bloomberg, LP ("Conversion Price").
During the six months ended June 30, 2008, the Company issued 626,111,111 shares
of Class A common stock for repayment of $70,100 of principal on the convertible
debenture held by YA Global Investments, f/k/a Cornell Capital Partners. The
aggregate principal value of the debentures at June 30, 2008 is $1,591,500.
As of June 30, 2008, the Company is in default on all of the debentures and is
currently in negotiations with YA Global to cure the default.
"A man doesn't know what he knows until he knows what he doesn't know"
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