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Sunday, August 26, 2007 10:26:31 AM
As of June 30, 2007, we had 7,653,381,587 shares of common stock issued and outstanding, and the debenture outstanding as of that date ($151,020) may be converted into an estimated 50,631,850,609 shares of common stock (conversion price of $0.000328 based upon closing price of $0.0004 as of that date), and outstanding warrants to purchase 6,875,000 shares of common stock. In addition, the number of shares of common stock issuable upon conversion of the outstanding debenture may increase if the market price of the common stock declines. All of the shares, including all of the shares issuable upon conversion of the debenture and upon exercise of the warrants, may be sold without restriction. The sale of these shares may adversely affect the market price of the common stock. The continuously adjustable conversion price feature of the debenture could require us to issue a substantially greater number of shares, which will cause dilution to existing stockholders. Our obligation to issue shares upon conversion of the debenture to Golden Gate Investors, Inc. is essentially limitless. The following is an example of the amount of shares of common stock that are issuable, upon conversion of the balance of the debenture of $151,020 as of June 30, 2007
$0.0002 $0.000164 101,278,798,780
$0.0001 $0.000082 202,572,707,317 96.36%
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