Micro Imaging Technology Inc (MMTC)

[diy_investor]

Management must be cautious in managing cash flows. They should pay the debt prior to it becoming convertible - March 7, 2011. Here is what was presented about this financing in the last quarterly filing with the SEC.

On August 16, 2010, the Company entered into a Securities Purchase Agreement with Asher Enterprises, Inc. in connection with the issuance of an 8% convertible note in the aggregate principal amount of $50,000. The Note matures on May 18, 2011 and is convertible into common shares at a 39% discount to the average of the lowest three closing bid prices of the common stock during the ten trading days prior to the conversion date. Asher may convert any or all of the unpaid principal note prior to the maturity date, commencing 180 days following the date of the Note. The Company received the proceeds of the Note on September 8, 2010, less a $3,000 reimbursement to Asher for fees and expenses related to the referenced agreements.

http://sec.gov/Archives/edgar/data/808015/000114420410049821/v196895_10q.htm