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Tuesday, May 20, 2008 6:17:47 PM
In November 2007, the Company entered into an investment banking agreement with Aurora Financial Services. As a portion of its compensation, the Company was to issue country-regionAurora 1,000,000 shares of common stock upfront. The Company did not have adequate authorized shares to give to country-regionAurora, therefore the Company’s Chairman and Executive Officer each gave country-regionAurora 500,000 personally held, non-restricted shares. Since the Chairman and Executive Officer gave non-restricted shares on behalf of the Company, the Board approved issuance of 750,000 restricted shares each as repayment. These shares were valued at 17 cents each on November 12, 2007 based upon the closing market price of the Company’s commons stock and expense to the company of $255,000 was recorded. The shares have not been issued as of December 31, 2007 and are part of the stock payable at December 31, 2007.
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