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Thursday, October 06, 2011 6:22:12 PM
Web Site Design
In January 2001, the Company incurred an additional $525,000 in costs associated with the web site design. The web site designer is a Company owned and controlled by a major stockholder. These costs were substantially paid in February 2001.
Loan and Consulting Fees - Stockholder
In January 2001, the Company received $125,000 in loans from a stockholder and the Company incurred $75,000 in consulting fees with a company owned by that stockholder. In February 2001, the Company paid the stockholder $200,000 as repayment of loans and for consulting services rendered.
Sale of Units
On February 12, 2001, the Company entered into an agreement to sell 666,666 units, comprised of one share of Company common stock and two warrants, for $1.50 per unit for total proceeds of $1,000,000. The warrant entitles the holder to purchase two shares of Company common stock for $1.875 per share for a term of five years. The Company received $1,000,000 of proceeds on February 14, 2001.
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