LOL you might needs some help the on filings
Note payable to a former director in the amount of $1,641,128 and bearing interest at the rate of 12% per annum. The note is past due; however, no demand for payment has been made. Subsequent to June 30, 2007, the note was assumed by Franchise Capital Corporation and $891,128 of the amount, plus accrued interest of $448,319 was converted into 133,944,727 shares of common stock of FCCN, leaving a balance due of $750,000.
Note payable to Morgan McClure Motorsports (“MMM”) for prior advertising and promotion associated with the Company’s sponsorship of the MMM race team in the amount of $2,613,411. The note does not bear interest and is not due provided that the company continue to reimburse MMM for certain operational and promotional expenses approximating $25,000 per month. Subsequent to June 30, 2007, the note was assumed by Franchise Capital Corporation and converted into 117,815,306 shares of common stock of FCCN. As a result, the monthly reimbursement obligation to MMM has ceased.
You left out a few parts
