mail ?,
rocky, what is the difference between now and the position ACT was in prior to default?
There is a big difference. We had run the OS# to within approx 94K
shares of the Authorized number.(see below) Secondly, the toxic CD financing was set up much differently than the financing of late. With the CD financing we received all of the money up front and were set up to repay monthly over a 3 year period(first 6 months were grace period) We did this 4 years in a row and was an absolute nightmare. The Optimus and Socius lines are set up to take out tranches when the company needs it. No dragged out time frame, shares are paid when money received. NO monthly payback based on 80% of pps in a constantly declining situation.
"As noted above, as of July 15, 2009, a total of 499,905,641 shares of the Company's currently authorized 500,000,000 shares of Common Stock are outstanding. In addition, the Company currently has outstanding Amended and Restated Debentures (defined below) convertible into 171,759,306 shares of Common Stock and Amended and Restated Warrants (defined below) exercisable into 205,251,285 shares of Common Stock. Accordingly, the Company currently does not have sufficient authorized but unissued shares of Common Stock to permit conversion of the Amended and Restated Debentures and exercise of the Amended and Restated Warrants
AI
