olet us not forget:
On February 12, 2009, the Issuer (the "Company") entered into an Exclusive Option to Purchase Unimproved Land with The Nacelle Corporation (the "Agreement"). Pursuant to the terms of the Agreement, the Company obtained a three (3) year option to purchase 4,840 acres of unimproved property in Tehachapi, California (the "Property"). In consideration for the option to purchase the Property, the Company issued a three (3) year $16 million convertible debenture which will earn interest at a rate of five (5%) percent per annum (the "Debenture")
5% of $ 16,000,000 is $ 800,000. That is $ 200,000 per quarter. If by chance the interest was payable quarterly, well I think we can all see where this is going.
Wonder how those 13 Cataldo/Dadon films, being released at Cannes as we speak, are doing.
