Quotes from the last filing Jul 2007, This stock is being heavily diluted by the holder of these convertible debentures. No way the OS is 147mm. Anyone know who holds these instruments?
This series has a variable conversion price that is fifty-five percent of the average of the three lowest daily trading prices for twenty trading days prior to the trading day before the day of conversion. Interest accrues from the date of issuance and may be paid in cash or in the Company’s common stock.
On July 3, 2006 the Company executed a financing agreement whereby the company issued notes convertible into Company’s common shares and warrants for additional common shares of the Company. The agreement provided for a total investment of $2,000,000 of which $700,000 was received by the Company on July 3, 2006, and an additional $600,000 was received by the Company on August 3, 2006. The Company has filed a registration statement which includes the shares issue able by the Company upon conversion of the outstanding notes which became effective on January 19, 2007. The Company received the remaining balance of $700,000 on February 1, 2007. On July 2, 2007, the Company executed a financing agreement whereby the company issued notes convertible into Company’s common shares and warrants for additional common shares of the Company. The agreement provided for an additional investment of $335,000 which was received by the company on July 2, 2007.
On September 26th, 2007, the Company executed a financing agreement whereby the company issued notes convertible into Company’s common shares and warrants for additional common shares of the Company. The agreement provided for an additional investment of $300,000 which was received by the company on October 4th, 2007.
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