This is from the 10Q from April, 2010. Many people believe that Kampa planned the liens to steal the technology. The lien was for salary owed to him. How do you explain the 2 individuals that have a note for 150k? The total liens are for $340K. As of the 8k that went out for the LOI, Kampa is trying to PAY for the technology. I don't know Kampa or am I trying to defend him, but let's get the facts straight.
In March, 2010, one of holders of the 10% notes loaned an additional $25,000 to the company in exchange for a 10% note with a six month maturity. In addition two individuals loaned the company a total of $150,000 in exchange for 10% notes with a six month maturity. In addition, Mr. Kampa was issued a $44,000 10% note with a six month maturity in exchange for $40,000 of salary and a $4,000 expense owed to him. Mr. Wirtz was issued a $15,000 10% note with a six month maturity in exchange for $15,000 of salary owed to him and a former employee and current consultant was issued a $16,000 10% note with a six month maturity in exchange for $16,000 of salary owed to him. All of these notes are secured by the Company’s technology. Upon payment of the notes, the security interest of the debtor in the technology will be released back to the Company. These notes total $340,000 as of April 30, 2010.
In April, 2010, Mr. Wirtz agreed to release, in his notes totaling $20,000, the security interest in the technology in exchange for an unsecured, interest free note or company stock at some conversion price acceptable to the Company.
In May, 2010, one of the holders of a $30,000 note, agreed to release the security interest in the technology in exchange for an unsecured, interest free note or company stock at some conversion price acceptable to the Company.
The company intends to negotiate with the other holders of the secured notes totaling $290,000 releases of the security interest in the technology in exchange for an unsecured, interest free notes or company stock at some conversion price acceptable to the Company.
