Are these the CD's everyone's talking about?
Callable Secured Convertible Notes
Calable secured convertible notes bear interest at a rate ranging from 8% to 12% (weighted average 10.22%) and are due at various dates from April 2006 to December 15, 2009. The notes are secured by the company's assets. $ 7,961,435
Less: Current position 4,014,481
$ 3,946,954
The notes are convertible into our common stock, at the investors’ option, at a conversion price, equal to the lower of (i) $0.05 or (ii) 25% of the average of the three lowest intraday trading prices for our common stock during the 20 trading days before, but not including, the conversion date.
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On December 15, 2006 the Company entered into an agreement with a group of investors for the sale of $900,000 of callable secured convertible notes and 5,071,833 common stock purchase warrants. As of September 30, 2007, the Company has sold a total of $750,000 of additional notes, issuing an additional 4,250,000 common stock purchase warrants, for a total of $1,650,000 and issued 9,321,833 warrants.
In October, 2007 the company sold an additional $150,000 of notes and issued 850,000 warrants.
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