I have voiced my concerns with Barbato for over a year now. Nothing against her at all and I'm sure a lot of us would do the same thing if we were in her shoes, but it seems odd that management keeps giving her such great deals.
"In March 31, 2006 the Company received advances from Denise Barbato in the amount of $31,000. The advances are convertible into common stock at the rate of $0.084 per share and are due January 31, 2007." On March 31st 2006 the stock was at $.85 and for $35,000 the company gives her stock at 8.4 cents? So in return for $35,000 NSOL gives her a present value of $350,000.
To me that makes no sense at all. Hell they got a loan now of $100,000 at 12% interest. Seems like a lot better deal than the 1000% in 10 months we give Denise Barbato. Like I said, I can't blame her for taking the deal, but how many of us here on the board would "Loan" the company money at a much better rate than 1200% a year. Even venture capital wouldn't be this toxic.
It's just bizzare as I've stated now for a while.
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