From the SEC
Annual Report (Small Business Issuers) (10KSB)
Date : 11/13/2008 @ 2:52PM
Source : Edgar (US Regulatory)
Stock : (VTLP)
(Excerp)
WE GRANTED METRO ONE DEVELOPMENT, INC. A SECURITY INTEREST IN SUBSTANTIALLY ALL OF OUR ASSETS AND, IF WE DEFAULT ON OUR FINANCING ARRANGEMENT WITH THEM, THEY HAVE THE RIGHT TO TAKE SUBSTANTIALLY ALL OF OUR ASSETS.
In order to satisfy our obligation on our Notes Payable as part of our acquisition of assets from Metro One Development, Inc., (formerly On The Go Healthcare Inc.), in July 2005 we issued two promissory notes totaling $1,005,000. In February 2006, we replaced the two promissory notes with two new Secured Promissory Notes totaling $1,206,000 which included $201,000, the amount which would be due in accrued interest for one full year. We must repay the Secured Promissory Notes one year from March 11, 2008 which was the date the Company's 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 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. The Secured Promissory Notes had a principal balance of $1,447,200 and $ 1,740,640 for the years ended July 31, 2007 and July 31, 2008 respectively.
Also from SEC.
Form 8-K for METRO ONE DEVELOPMENT, INC
30-Jan-2009
Amendments to Articles of Inc. or Bylaws; Change in Fiscal Year
On January 11, 2009, pursuant to stockholder consent, our Board of Directors authorized an amendment to our Amended and Restated Certificate of Incorporation, as amended, to effect a reverse split of the issued and outstanding shares of our common stock, par value $0.0001, on a 1 for 1,000 basis. We filed the Amendment with the Delaware Secretary of State on January 13, 2009 with an effective date of January 26, 2009. Although the amendment was effective on January 26, 2009, the reverse split will not be effected until we receive approval by the NASDAQ OMX Group, Inc. We are currently waiting for NASDAQ to approve the foregoing reverse split so that it is effective in the market.
