"The
callable secured convertible notes mature in three years from the date of
issuance, and are convertible into our common stock at the selling stockholders'
option, at the lower of (i) $2.00 or (ii) 65% of the average of the three lowest
intraday trading prices for the common stock on the OTC Bulletin Board for the
20 trading days before but not including the conversion date. Accordingly, there
is not limit to the number of shares into which the callable secured convertible
notes may be converted."
So stevo, there you go, this debt was issued in 9/30/2005, with a maturity date 3 years later, 9/30/2008. So they just got started with this conversion/selling 9 months ago. Not so much in the past now is it?
All posts are in my opinion. Do your DD.
