InvestorsHub Logo
Followers 1
Posts 77
Boards Moderated 0
Alias Born 06/27/2006

Re: None

Wednesday, 10/03/2007 12:57:21 PM

Wednesday, October 03, 2007 12:57:21 PM

Post# of 162847
from latest filing...

****In connection with the debenture settlement with Golden Gate, Golden Gate entered into a stock purchase agreement which required Golden Gate to purchase $100,000 of the Company’s restricted common stock for every $10,000 in debenture redeemed through the escrow. Through June 30, 2007, the Company had sold 1,332,128 shares of restricted common stock to Golden Gate for $1,332,128 under the agreement. In addition, the Company received $2,206,501 from Golden Gate as an advance on future stock purchases under the agreement. *****

So GGI already puchased all those shares at $1 each with an advance puchase also, so even though GGI sold shares to get their ~$220,00, they are still spending millions for restricted shares at $1 each.
I'm guessing GGI knows what the value will be later, and assuming they realize a r/m may also come before their shares are sellable, I'm holding my shares!!!

Join the InvestorsHub Community

Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.