Vitro Diagnostics Inc (fka VODG)

[Potse]

davidam...CEO's debt conversion......

"Looks like Dr. Musick also converted some of what was owed him into shares at 0.05."

The debt conversion was actually done at a price slightly above 18 cents.....

$224,333 divided by 1,238,176 shares = .181 cents/shr

The financing agreement VODG entered into in early 2008 required the CEO to undertake two phases of debt reorganization. The first phase has now been officially completed with the above mentioned transaction......

On July 29, 2008, the Company authorized the conversion of $224,333 in accrued salary and notes payable due to the Company’s President and Chief Executive Officer into an aggregate of 1,238,176 shares of common stock, $.05 par value (the "Common Stock" or "Shares"). The conversion was completed and the shares were issued on February 11, 2009.

I don't whether any debt reorganization modifications have been made to the original financing agreement, but if the terms remain in place the second phase of debt reorganization involves the CEO forgiving a substantial amount of debt owed to him and placing the remainder into a note convertible at $1 or higher......

http://www1.investorvillage.com/smbd.asp?mb=9611&mn=5&pt=msg&mid=5742764