I am asking a question that would be answered if IENT were a reporting company and the proper forms were filed.
Some answers can be found in the Form 10QSB filed in 2002. But since no further filings were done, nobody knows who owns what!
-- The Company and its then Chairman of the Board of Directors agreed to terminate the consulting agreement between the parties in exchange for newly issued shares of the Company's common stock.
The Company was released from $46,875 of its debt under the consulting agreement in exchange for 937,500 shares of its common stock. The $46,875 balance of the liability is to be settled on the one-year anniversary of the termination agreement through a further issuance of common stock valued at the trading price of the Company's common stock on that date.
-- The Company issued 10,000,000 shares of common stock to certain stockholders under the terms of the Securities Purchase and Exchange
Agreement in exchange for $300,000 in cash and 3,910.844 shares of the Company's Series D Preferred Stock. The Series D Preferred Stock
repurchased was immediately retired.
-- The Company issued 2,980,518 shares of common stock to certain stockholders under the terms of the Series D Preferred Stock Exchange Agreement in exchange for 1,000 shares outstanding of its Series D Preferred Stock. The Series D Preferred Stock was immediately retired.
The agreement contains certain anti-dilution rights for the shareholders in the repurchase transaction. Terms of the anti-dilution provision
include rights related to the issuance of the first $203,125 of common stock following the execution of the Stock Exchange Agreement.
The Company incurred approximately $30,000 of legal fees related to these transactions. These fees were recorded as a reduction to additional paid-in capital.
From January 1, 2002 through April 3, 2002, the Company issued an additional 10,284,000 shares of its common stock, in exchange for approximately $514,000 in cash, to new investors pursuant to the exercise of certain terms of the Securities Purchase and Exchange Agreement dated December 18, 2001.
Additionally, pursuant to the Company's anti-dilution obligations under the Series D Preferred Stock Exchange Agreement, the Company issued approximately 451,000 shares of its common stock to certain shareholders.
FACT: IENT sold shares to investors to raise cash! How many times has this been done since 2002???
