Mike Lindell Media Corp (MLMC)

[william2112]

you are correct..they haven't.....

Advance from Golden Gate Investors, Inc. 200,000
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In connection with the need for funding, the Company entered into a Securities Purchase Agreement with Golden Gate Investors, Inc. on November 11, 2004 for the sale of
(i) $150,000 convertible debenture, and (ii) warrants to buy 15,000,000 shares of common stock.

The debenture bears interest at 4 3/4%, matures three years from the date of issuance, and is convertible into shares of common stock, at Golden Gate's option.

k) Repayment of Debentures, If Required, Would Deplete Available Capital.

The convertible debenture issued to Golden Gate is due and payable, with 4 3/4% interest, three years from the date of issuance, unless sooner converted into shares of common stock. In addition, any event of default could require the early repayment of the convertible debentures at a price equal to 125% of the amount due under the debentures
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If the Company elects to prepay the debenture, Golden Gate may withdraw its conversion notice. In addition, Golden Gate is obligated to exercise the warrant concurrently with the submission of a conversion notice. The warrant is exercisable into 15,000,000 shares of common stock at an exercise price of $1.09 per share. As of the end of December 31, 2005, a total of 6,797,000 shares were issued related to the warrant providing us approximately $7,400,000.
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so..what is left on the table??...if it is all canceled..and the relationship ends with golden gate..but like i said..it is mute to me as of now.....will be an issue after the fact...maybe