Yikes - convertibles, warrants at .007 and check this one out. No wonder old bones0420 is getting hit with the D part of the P&D.
On February 22, 2007 the Company purchased the corporate headquarters, factory and distribution center of the Company located at 936/940 NW 1st Street, Ft. Lauderdale, FL 33311 from GKR Associates, Inc, an entity in which the Chief Executive Officer has an ownership interest. The purchase price was $1,200,000, and is secured by a first mortgage payable to the bank of $1,000,000, and $100,000 secured by a second mortgage payable to the seller, GKR Associates, Inc. The balance of $100,000 was paid by 4,440,000 shares of the Company’s common stock based on market price of the stock on the purchase date. In addition, $18,362 of closing expenses were capitalized to the building.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES
On February 22, 2007, the Company issued 4,444,000 shares of restricted common stock to GKR Associates, LLC., a related party, representing $100,000 toward the $1,200,000 total contract purchase price of real property. Notice of this transaction was provided on Form 8-K filed with the Securities and Exchange Commission on March 23, 2007.
On June 27, 2007, a warrant tranch of 7,142,857 was exercised pursuant to a Warrant dated January 1, 2005. The cashless exercise option was elected, and accordingly, 5,689,360 shares of common stock were issued on June 29, 2007.
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