hope EI gets better terms on the LOC than they have negotiated in the past....
· 1,263,158 shares to one(1) lender as an equity incentive to provide a July 2009 $34,900 loan to the Company. The shares were valued by the Company at $12,000.
· 4,529,412 shares to the same lender as an equity incentive to extend the above referenced July 2009 $34,900 loan. The shares were valued by the Company at $24,912.
source: pg 17 of 3rd quarter 10Q
over $36k in 2 months to secure and extend a $35k loan...oh my....and as far as shareholders know, the loan is still outstanding....12% Secured full recourse promissory note payable to Highwater Capital secured by 10,000,000 shares in Eternal
Image, Inc. Note has been extended through December 31, 2009.
EI did tell the shareholders in a shareholder bulletin the following...
"Please note, our O/S count since the previous 10Q has increased by approximately 20mm shares. All of these were Restricted Shares, and the vast majority were issued for fees related to raising capital and a few last minute details that needed to be addressed from last year. We feel Eternal Image is now ready to move forward." 10/23/09
with this kind of financial management demonstrated by EI it is no wonder why posters and shareholders have such doubts but i am sure there is a spin that can be put on this...
