Endovasc Inc.(fka EVSC)

[Drugdoctor]

Now, here is where the CEO totally SCREWED the shareholders...
yep, and your current CEO was part of this FRAUD!

During the year ended June 30, 2002, certain officers of the Company transferred 3,100,000 shares of their common stock back to the Company in the form of a note payable to stockholders to provide the Company enough common shares to meet its preferred stock conversion requirements. Subsequently and due to the decrease in the market price per share of the Company's common stock, 6,850,000 shares of common stock were issued to these stockholders as repayment of these notes payable to the stockholders. All transactions were recorded by the Company based on the fair market value of the stock, which resulted in no effect to the accompanying statement of operations.

During the year ended June 30, 2002, the CEO of the Company advanced $324,000 to the Company in the form of a note payable to stockholder and received 5,800,000 shares of common stock as repayment of $365,000 of this note payable to stockholder. The balance of this note of $58,000 as of June 30, 2002 is due on demand, non-interest bearing and is not collateralized.

As of June 30, 2002, certain officers and directors of the Company exchanged 17,779,083 shares of their common stock for 1,777,908 shares of Series B convertible preferred stock, which included preferential voting rights of 500 times those attributable to common stockholders. The right to convert common stock to Series B convertible preferred stock was offered only to certain common stockholders, including officers and directors of the Company. Such stockholders, officers and directors, who were selectively and preferentially offered Series B convertible preferred stock, avoided a 97.5% dilution of their position as common stockholders that all other common stockholders experienced. Effective July 9, 2002, upon reincorporation of the Company in the state of Delaware, and subsequent to the 40 to 1 reverse split of common stock (See Note 18), the officers' and directors' Series B preferred stock was automatically converted back to 17,779,083 shares of the Company's common stock.

http://secfilings.nasdaq.com/filingFrameset.asp?FileName=0001059016%2D02%2D000046%2Etxt&FilePath...

So there you have it - proof that common investors (like YOU) were screwed to the wall by these crooks, and were reverse split 1 for 40 out of their shares, while insiders kept ALL THEIR SHARES. Yep, and the stock price went up to about $1.80 per share from .044 at the time and the insiders unloaded their newly acquired wealth. And was your current CEO - Diane Dottavio - there at the time???? Oh yes!

Now, back to .03... CAN THEY REVERSE SPLIT and protect their holdings with PREFERRED SHARES AGAIN??? You bet... This stock is registered as a "NEVADA STOCK". Vegas Baby!

Enjoy your "investment"