Corey Ribotsky's N.I.R. Group AJW Funds Downward Spiral Convertible Notes

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Another one I own is Valor Energy, VLRN. From their latest SEC filing.

"Specifically, we must increase the authorized shares in order to fulfill our
obligations under various convertible debentures. On September 30, 2000, we
issued two convertible debentures of $240,400 in cash each for an aggregate of
$480,800. On March 14, 2001 we issued two convertible debentures of $50,000 in
cash each for an aggregate of $100,000. On December 31, 2001 we issued two
convertible debentures of $100,000 in cash each for an aggregate of $200,000. On
March 19, 2004, we entered into a Securities Purchase Agreement with AJW
QUALIFIED PARTNERS, LLC, AJW OFFSHORE, LTD., and AJW PARTNERS, LLC,
("Investors"). Under this agreement, Investors agreed to purchase (i) 10%
convertible debentures of the Company, in the aggregate principal amount of Nine
Hundred Thousand Dollars ($900,000), convertible into shares of common stock,
par value $.001 per share, of the Company; and ii) warrants to purchase Nine
Hundred Thousand (900,000) shares of Common Stock. On March 22th, 2004, we
issued three convertible debentures of $433,333, $433,334 and $33,333
respectively, in cash each for an aggregate of $900,000. On August 6, 2004 we
entered into a Securities Purchase Agreement with AJW QUALIFIED PARTNERS, LLC,
AJW OFFSHORE, LTD., AJW PARTNERS, LLC and NEW MILLENIUM CAPITAL PARTNERS II,
LLC, ("Investors"). Under this agreement, Investors agreed to purchase (i) 10%
convertible debentures of the Company in the aggregate principal amount of Two
Hundred Fifty Thousand Dollars ($250,000) convertible into shares of common
stock, par value $.001 per share, of the Company, upon the terms and subject to
the limitations and conditions set forth in such Debentures and (ii) warrants to
purchase Two Hundred Fifty Thousand (250,000) shares of Common Stock (the
"WARRANTS"). On January 31, 2008, we replaced certain accrued and unpaid
interest due under the terms of our convertible notes with the issuance of three
additional convertible debentures of $55,657, $48,302 and $123,109 respectively,
for an aggregate of $227,068. Both of these agreements provide if at any time
the number of shares of Common Stock authorized and reserved for issuance is
below the amount to be reserved for the Investors under the terms of the
Agreements, the Company will promptly take all corporate action necessary to
authorize and reserve a sufficient number of shares."