The warrants are fully exerciseable as indicated below. No changes to their status were made. Btw, does it not concern you that the potentially dilutive shares have risen AGAIN by over 28M to 168M all in one quarter?? Wow. Not to mention that O/S has already increased 16% so far this year from 80M to 93M. And you've got 65M warrants that are immediately exerciseable.. Wow... like I said it is going to get UGLY.
Term Loan A shall be disbursed by Biometrics to the Company in a series of ten disbursements, each in the amount of $250,000, payable every other week, which shall be disbursed based on the Company’s satisfaction of the conditions stated in Paragraphs 4(a) and (b) of that certain Agreement by and between the Company and Biometrics, dated March 30, 2007 (the “Loan Agreement”), including the Company’s issuance to Biometrics of a warrant exercisable for 65,719,041 shares of the Company’s common stock at an exercise price of $.01 per share (the “Initial Warrant”). As a result of the issuance of this warrant, an original issue discount of $2,797,855 was recorded, which represented the relative fair value of the warrant. Biometrics, in its sole discretion, may elect to advance Term Loan A in greater amounts or on an accelerated funding schedule. On March 30, 2007, the Company issued the Initial Warrant to Biometrics in accordance with the Loan Agreement.
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