convertable debt is being rolled into ltc 50% of the ipo price which will not dilute us.
The Company from July 27, 2006 through June 30, 2008 raised $7,319,000 (of which $325,000 was repaid during 2007 and 2008) through Empire Financial Group in the form of unsecured convertible notes. The notes commenced interest accrual on January 1, 2007, at 15% per annum, and are convertible into Live Tissue Connect, Inc. shares at 50% of the IPO of the LTC’s common stock price. The Company has accrued $1,284,562 in interest through June 30, 2008. The total due the investors as of June 30, 2008 is $8,278,562. The entire balance is reflected as a current liability on the Company’s condensed consolidated balance sheets.