I guess Tom has put up quite a few shares of his stock for the company.
During August 2004, the Company received $52,020 pursuant to a loan term
sheet. The principal balance bears interest at the prevailing one month
LIBOR, plus 3% (currently 4.12%) and matures in one year. The loan is
secured by 1,700,000 shares of common stock. The collateral shares have
been provided by a stockholder of the Company. The Company incurred costs
of $5,200 in connection with obtaining this financing. This amount is
being amortized over the one year term of the loan.
During November 2004, the Company sold 880,000 shares of common stock in a
private placement , for the net proceeds of $45,964.