Artfest International, Inc (fka ARTS)

[Kool Aid Man]

Is Eddie soon to be homeless again?

10-Q, Page F-15

"On August 1, 2010, the Company entered into a ten (10) year Sublease Agreement and leased its new studio and production facilities located at 13300 Branch View Lane in Dallas, TX. Concurrently, the Company executed and issued to the Lessor a convertible promissory note in the amount of $272,396 in order to cover the first six (6) months of rent, the security deposit, and to allow for a budget for leasehold improvements. The convertible promissory note is made payable six months from the date of issue and bearing an interest rate of 10% per annum. On or before the maturity date, upon written notice to the Company, the Lessor may elect to convert the principal amount of this Note into Common shares at a conversion price determined and pursuant to the average trading volume of the Company’s shares at the time of conversion."

http://www.sec.gov/Archives/edgar/data/1168738/000143209310000865/artfest10q093010.htm

Well, 6 months was up February 1st. So does anybody think Eddie made good on his 'promissory note' and paid Maximedia $272,396 in CASH? Does anyone think Maximedia instead elected to accept shares of ARTS stock instead? I'm betting eviction proceedings will be forthcoming soon. Anyone care to take me up on that?

Btw: I hear that Eddie's former landlord at Midway Rd (whose photos STILL appear on the Artfest website) agreed to settle their lawsuit against Eddie. I'll post the terms of the agreement if I find out.