Today's 8-K. They continue to play games with shares. As recently as a few weeks ago, they sold units at a $1.20, which included a share and warrant exercisable at $2.00. The shares are at more than a 50% discount, and even the warrants are significantly in the money......and they wonder why everyone is losing faith LOL.
15-May-2008
Unregistered Sale of Equity Securities
Item 3.02 Unregistered Sales of Equity Securities.
The Company has issued a sufficient number of additional unregistered shares of its Common Stock such that the total issued since April 11, 2008 exceeded 5% of the 43,647,714 shares issued and outstanding on April 11. The total number of shares of Common Stock issued and outstanding as of the close of business on May 13, 2008 was 47,237,613 including 2,665,666 shares which were in the process of return from escrow and which upon return will be cancelled but not including 17, 618,094 shares issuable upon conversion of the 2006 Series of Convertible Preferred Stock.
Common Stock
On April 25, 2008 the Company issued a total of 1,487,139 shares (as a part of 1,487,139 Units) to a group of non-U.S. citizens for a total investment of $1,772,853.94. The issuance of the shares was considered exempt pursuant to
Section 4(2) of the Securities Act of 1933 as amended.
On April 29, 2008 the Company issued a total of 833,333 shares (350,000 and 533,333 shares, respectively) to two consultants in payment of consulting fees valued at $892,500 and $1359,999, respectively. The issuance of the shares was considered exempt pursuant to Section 4(2) of the Securities Act of 1933 as amended.
On May 7, 2008 the Company issued 1,000,000 shares to a consultant in payment of consulting fees valued at $2,550,000. The issuance of the shares was considered exempt pursuant to Section 4(2) of the Securities Act of 1933 as amended. .
On May 12, 2008 the Company issued 20,000 shares (3,600, 3,600, 3,600 and 9,200 shares, respectively) to four consultants in payment for consulting services valued at $9,540, $9,540, $9,540 and $24,380 respectively. The issuance of the shares was considered exempt pursuant to Section 4(2) of the Securities Act of 1933 as amended.
On May 13, 2008 the Company issued 50,000 shares (22,500, 12,500, 7,500, and 7,500 shares, respectively) to 4 consultants in payment of consulting fees valued at $62,775, $34,875, $20,925 and $20,925, respectively. The issuance of the shares was considered exempt pursuant to Section 4(2) of the Securities Act of 1933 as amended.
Warrants
On April 25, 2008, as a part of the 1,487,139 Units sold to the group of non-U.S. citizens, the Company issued a total of 1,487,139 Common Stock Purchase Warrants, exercisable at $2.00 per share. The issuance of the Warrants was considered exempt pursuant to Section 4(2) of the Securities Act of 1933 as amended.
