Good work, but from 10KSB/A (signed by Tom S):
"While Cornell and Highgate are subject to restrictions on conversion of their respective debentures limiting their ownership to 9.9% of our common stock, upon default the Cornell and Highgate Debentures could be converted into 81,821,933 shares at the market price on December 31, 2006. The issuance of these shares would dilute the interest of our current shareholders by over 270%."
The sp was 12 cents back then so that makes it $9.8M
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