The Golden Lounge

[chrisb]

Here it is. From the 1/20 10Q

In October 2004 the Company issued two $25,000 8% convertible debenture. The
debentures and interest are due April 4, 2005 if not converted into Company
common stock as defined in the debentures. The debentures are convertible by the
note holder or the Company into common stock of the Company at 50% of the
closing bid price of the Company's common stock as defined in the debentures.
The proceeds of $50,000 were allocated between the note and the beneficial
conversion of the note payable into common stock as defined in EITF 00-27
"Application of Issue No. 98-5 to Certain Convertible Instruments" (original
issue discount). The original issue discount is being amortized over the life of
the debentures using the straight-line method, which approximates the interest
method. In addition, the Company agreed to file a registration statement with
the U.S. Securities and Exchange Commission, covering the issuance or resale of
the shares of the Company's common stock which may be issued in connection with
the debenture or provide the holder with an appropriate registration from
registration.