Cargo Connection Logistics (fka CRGO)

[TreyVrai]

You asked about this last night on RB and it was answered, did you not read the answer?????


The Cornell contract is over.

"In April 2005, the Company and Cornell agreed to terminate this agreement and all related shares of common stock are to be returned to the Company. In May 2005 the 8,315,789 shares of common stock issued to Cornell were returned and cancelled."

See Note 14 in the 10Q
http://tinyurl.com/8dakn



"Can someone help me understand the financing?

I read this in the 10Q: "In August 2004, Advantage sold a total of $400,000 worth of such convertible note to Cornell Capital Partners, LLP ("Cornell"). The Note bears interest at a rate of 6.5% per annum and is convertible into shares of the Company's common stock with a conversion price per share equal to the lesser of the average of the lowest of three day trading prices during the five trading days immediately prior to the conversion date multiplied by .70 or, the average of the lowest of three day trading prices during the five trading dates immediately prior to the funding dates."

The conversion terms of this note make it look to me like one of the notorious 'floorless convertibles.' Or am I missing something?