eTotalSource, Inc. (fka ETLS)

[Teamlasvegas]

Check The 10Q
On December 21, 2006 Cornell and the Company entered into an agreement providing for the Company’s issuance of a secured convertible debenture (the “December 2006 Debenture”) to Cornell in the face amount of $7,642 for a purchase price of $7,642. The conversion price per share, subject to adjustment, is the lesser of (a) $0.0018 or (b) 80% of the lowest Closing Bid Price (as defined in the December 2006 Debenture) of the Company’s common stock for the five trading days immediately preceding the Conversion Date (as defined in the December 2006 Debenture). The proceeds from the December 2006 Debenture were used to pay professional fees relating to accounting work and securities law reporting and compliance.