"We must repay the Secured Promissory Notes one year from March 11, 2008, the date our registration statement was declared effective by the Securities and Exchange Commission. Until that time, on July 3, 2006 and each anniversary thereafter, the face value of the Secured Promissory Notes will increase by 20% until such time as the Secured Promissory Notes are paid in full.
The Secured Promissory Notes pay 20% simple annual interest. We may prepay the Secured Promissory Notes at any time, with accrued interest and without penalty. At the year ended July 31, 2007, the Secured Promissory Notes had a principal balance of $1,447,200."
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