Sunday, April 12, 2009 2:22:23 PM
At March 31, 2008
Stock options 1,664,605
Common stock warrants 120,891,918
Common stock issuable upon conversion of
convertible notes (1)
8,792,286,207
Total 8,914,842,730
(1) At March 31, 2008 the Company had Callable Secured Convertible Notes outstanding of $5,099,526. The Notes are convertible into shares
of the Company's common stock at the Note Holders' option, at the lower of (i) $3.20 per share or (ii) 60% of the average of the three lowest
intra-day trading prices for the common stock as quoted on the Over-the-Counter Bulletin Board for the 20 trading days preceding the
conversion date. At March 31, 2008, the Notes would have been convertible into shares of the Company’s common stock at a price of
$0.00058. See Note 6 for a complete discussion of the Callable Secured Convertible Notes. The Company does not currently have sufficient
authorized common shares to affect the exercise of the stock options or warrants or conversion of the notes.
SO THEY SAY THEY HAVE A PROBLEM AT THAT MOMENT WHEN THEY HAD TO CONVERT !!
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