Thursday, June 26, 2008 4:43:01 PM
On May 14, 2008, the Company issued promissory notes in the amount of $134,759.45 and $21,027.40 to a single accredited investor. These notes were issued in exchange for certain evidences of indebtedness in the aggregate amount of $147,000 with accrued interest on such indebtedness of $8,786,85. The $134,759.45 promissory note bears interest at a rate of 10% per annum and is convertible into the Company’s common stock at a rate of $0.001 per share; provided, however that holder may not convert the note if such conversion would result in holder
beneficially owning more than 4.99% of the Company’s outstanding stock. This note has a maturity date of May 14, 2010.
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