Corey Ribotsky's N.I.R. Group AJW Funds Downward Spiral Convertible Notes

[stockmasterflash]

IGTG

According to the terms of the loan, IGTG is in default to Ribotsky. Company claims Ribotsky's gonna let it slide! ROTFL

March 15, 2007 Securities Purchase Agreement ($450,000 Convertible Debt)

On March 15, 2007, we entered into a Securities Purchase Agreement with New
Millennium Capital Partners II, LLC, AJW Qualified Partners, LLC, AJW Offshore,
Ltd. and AJW Partners, LLC (the "Investors") and agreed to issue and sell (i)
callable secured convertible notes up to $450,000, and (ii) warrants to acquire
an aggregate of 9 million shares of our common stock.

---snip----

We agreed to file a registration statement for the shares underlying the notes
and the warrants within thirty days of closing, to be declared effective within
120 days of closing. We filed an SB-2 registration statement with the Securities
and Exchange Commission ("SEC") on August 25, 2006 for the securities underlying
the agreement; however, we requested withdrawal of this statement on October 31,
2006. We intend to file a new SB-2 to register the underlying shares of these
convertible notes and 6 million additional shares once we have cured our
delinquent filings with the SEC. Because the required registration statement was
not effective by the due date, we may be declared to be in default under the
agreement. Further, per the agreement, we are subject to liquidated damages in
the amount of 0.02% of the outstanding principal amount of the notes per month,
payable in cash or common stock, until the registration is effective.


---snip----

EVENTS OF DEFAULT UNDER NOTE AGREEMENTS

The Company has committed various acts which constitute events of default under
its Securities Agreements dated July 25, 2006, and March 15, 2007 (and the notes
thereunder with a total principal balances of $2,060,000). The Company has
received assurance from counsel for the investors that the investors have not
placed the Company in default under the notes and therefore the Company does not
consider itself in default. There can be no assurance that the investors will
not declare a default in the future. Should such notice of default be received
by the Company, its liabilities would increase dramatically due to the
penalties, reset provisions, and other damages specified in the transaction
documents. The increase in liabilities attributed to a notice of default under
the transaction documents could exceed the Company's current market
capitalization and affect negatively on its financial condition by $7-13 million
dollars. The debentures are collateralized by the Company's assets and, in the
event if the Company is unable to repay or restructure these debentures when
required, there is no assurance that the holders of the debentures will not
institute legal proceedings to recover the amounts owed including foreclosure on
the Company's assets.

http://www.sec.gov/Archives/edgar/data/861058/000101968707003589/ingen_10qsb-082107.txt