From the 2nd Quarter Filing Ending 6/30/2006.
During 2005 and 2006, the Company has received approximately $7,000,000 of financing from LexReal to primarily fund the acquisition (see Note 2) and to settle the common stock commitment of $2,645,788. The Company has committed to convert the debt financing to common shares. The shares will be issued in 2007 at the option of LexReal.
LOL -- rrm.. Is this the subscribed stock we're referring to??
In January 2007, the Company was presented an offer from PCI and LexReal, the holders of $7,129,299 in subscribed common stock, to convert those subscribed shares at $.00011 per share. The corporate attorney for this purpose issued an opinion letter supporting the transaction.
These are the 64.8 billion shares. No matter how much you want to slice it, THAT IS THE DEAL. Turek hasn't addressed this question at all!!
