DNAprint Genomics (DNAG)

[johnnyfiber]

dmceng,

Notes payable at fair market value (net of discount of $670,516
for 2006 and $3,332,374 for 2005) 5,713,612

Total current liabilities 9,997,562

dm, There is no way of knowing the particulars of any possible deal. They could form a collaboration(like they do at emory) and not get a nickel. I doubt it though.

This is interesting: if anybody can comment on this I would appreciate it. TIA

I can't be certain...but was that run in December instigated by DnaPrint management? Was a put notice issued to Dutchess in Dec. 06 to pay for the note due? Were the registered securities not declared effective until FEB? Forcing Dutchess to go to market to cover 64 million shares? Very shrewd. Toss em' in the heap without issuing shares. Not sure but I think the monies borrowed against the Biofrontera stock went to paying off two other notes...June? Oct? not Dec 06 JMHO

DNAPRINT GENOMICS INC (DNAG)
Form: SB-2/A
Filing Date: 12/8/2006

This prospectus relates to the resale of up to 105,281,228 shares of our common stock by selling shareholders

On December 22, 2005, we issued to Dutchess a promissory note in the amount of $1,380,000 for a purchase price of $1,150,000. The difference of $230,000 was recorded as a discount on debt and will be amortized to interest expense over the one-year term of the note. The note is due and payable in full on December 15, 2006.
.

Roughly 40 million were for Stymkowski and Trombly, the other 64 million were to be issued to Dutchess. Max amount $600,000

this is the original investment agreement:

(B) DELIVERY OF PUT NOTICES.

(I) Subject to the terms and conditions of the Transaction Documents, and from
time to time during the Open Period, the Company may, in its sole discretion,
deliver a Put Notice to the Investor which states the Put Amount (designated in
U.S. Dollars) which the Company intends to sell to the Investor on a Closing
Date. The Put Notice shall be in the form attached hereto as Exhibit A and
incorporated herein by reference. The amount that the Company shall be entitled
to Put to the Investor (the "Put Amount") shall be equal to an amount up to a
maximum of $600,000 with respect to any single Put. During the Open Period, the
Company shall not be entitled to submit a Put Notice until after the previous
Closing has been completed. The Purchase Price for the Common Stock identified
in the Put Notice shall be equal to ninety-six percent (96%) of the average of
the two lowest closing bid price of the Common Stock during the Pricing Period.

SECTION 6. COVER.


If the number of Shares represented by any Put Notice (s) become restricted or
are no longer freely trading for any reason, and after the applicable Closing
Date, the Investor purchases, in an open market transaction or otherwise, the
Company's Common Stock (the "Covering Shares") in order to make delivery in
satisfaction of a sale of Common Stock by the Investor (the "Sold Shares"),
which delivery such Investor anticipated to make using the Shares represented by
the Put Notice (a "Buy-In"), the Company shall pay to the Investor the Buy-In
Adjustment Amount (as defined below). The "Buy-In Adjustment Amount" is the
amount equal to the excess, if any, of (A) the Investor's total purchase price
(including brokerage commissions, if any) for the Covering Shares over (B) the
net proceeds (after brokerage commissions, if any) received by the Investor from
the sale of the Sold Shares. The Company shall pay the Buy-In Adjustment Amount
to the Investor in immediately available funds immediately upon demand by the
Investor. By way of illustration and not in limitation of the foregoing, if the
Investor purchases Common Stock having a total purchase price (including
brokerage commissions) of $11,000 to cover a Buy-In with respect to the Common
Stock it sold for net proceeds of $10,000, the Buy-In Adjustment Amount which
the Company will be required to pay to the Investor will be $1,000.

http://sec.edgar-online.com/2004/10/05/0001144204-04-015688/Section7.asp