Merry Christmas to all and to all a good night--
I see we got our Christmas present from edig--3M more shares; I seem to recall something about retiring o/s debt and renegotiating more favorable terms? All I see is paying a 1/4 million dollars in interest at 12-15-24% rates--but I guess what are friends for anyway-- Falk for Santa Claus!!
We also are offering (i) 807,013 shares of our common stock to the Jerry E.
Polis Family Trust, The Eric M. Polis Trust, Canusa Trading Ltd., NGHK Holdings,
LLC, and Sunrise in consideration for (and in full satisfaction of) accrued and
unpaid interest due and payable to the foregoing entities pursuant to certain
12% Secured Promissory Notes dated September 27, 2001, (ii) 397,104 shares of
our common stock to the Jerry E. Polis Family Trust, Canusa Trading Ltd. and
NGHK Holdings, LLC in consideration for (and in full satisfaction of) accrued
and unpaid interest due and payable to the foregoing entities pursuant to
certain 24% Promissory Notes dated July 1, 2002, July 16, 2002 and July 17,
2002, respectively, and (iii) 133,223 shares of our common stock to
Davric in consideration for (and in full satisfaction of) accrued and unpaid
interest due and payable to Davric pursuant to certain 15% Promissory Notes
dated September 11, 2002. The amount of accrued and unpaid interest that is
being satisfied as a result of the foregoing issuance of common stock is
$254,096.
