CLX Medical, Inc (fka CLXM)

[EarnestDD]

Wrong ... this has been going on for a year already.
From the 8K ... nice that Chavez's son gets shares at 20% of market.
And that is your DILUTION source.
lmao

On or around March 5, 2010, the Company entered into a Convertible Promissory Note with Michael Chavez, the son of Jose Chavez, in the amount of $190,000, which replaced and superseded a previous promissory note dated December 19, 2005 (the “ Note ”). The Note is payable on December 31, 2010, bears interest at the rate of 8% per annum, and is convertible at the option of the holder at a conversion price equal to 20% of the average closing price of the Company’s common stock on the Pinksheets.com for the five trading days prior to any notice to convert such Note, provided that if the Company’s common stock has not traded at least five days out of the prior ten business days, the conversion price equals the average closing price of the days such common stock traded during such ten day period. The Note is not able to convert into more than 4.99% of the Company’s common stock at any one time, subject to 61 days prior written notice from the holder.

jmo