Paradigm Medical Industries Inc. (PDMI)

[sando0]

more 10q:

February 28, 2006 Sale of $1,500,000 in Convertible Notes. To obtain
funding for the Company's ongoing operations, the Company entered into a
securities purchase agreement on February 28, 2006 with four accredited
investors for the sale of (i) $1,500,000 in convertible notes and (ii) warrants
to purchase 12,000,000 shares of its common stock. The sale of the convertible
notes and warrants is to occur in three traunches and the investors are
obligated to provide the Company with an aggregate of $1,500,000 as follows:

o $500,000 was disbursed on February 28, 2006;
o $500,000 was disbursed on June 28, 2006 after the Company filed a
registration statement on June 15, 2006 to register the shares of
common stock underlying the convertible notes. The registration
statement was subsequently withdrawn on July 25, 2006 and a new
registration statement was filed on September 26, 2006 to register
60,000,000 shares of common stock issuable upon conversion of the
convertible notes; and
o $500,000 was disbursed on April 30, 2007, the day prior to the
effective date of the registration statement on May 1, 2007.