The o/s here is about 6 billion as of third quarter 2007. The a/s is 10 billion. They have $13000 cash. They just got a new note in July 2007. There are over 10 different notes. The notes are convertible at .000025 right now since the share prices is .0001, so the Corey Ribotsky converters just keep converting.
Here's from the 10Q:
Debt Conversions
As of August 31, 2007, the Company did not have a sufficient number of authorized shares of common stock available if all of the convertible secured and convertible subordinated debenture holders decided to convert their debt into the Company’s common stock. The Company has increased the number of authorized shares to 10,000,000,000 (See Note H) to partly rectify the situation but a possible shortfall may exist. The provisions of the convertible secured debentures call for a 24% penalty on the amount of debt a note holder attempts to convert and if there are not enough authorized shares available to do so (See Note H with regard to the convertible secured debentures). However the convertible subordinated debenture agreements do not contain a provision to address the inability of the debt holders to convert and the possible financial effects of this are unknown (See Notes I).
In the six months ended August 31, 2007, the Company recorded a discount on convertible secured debentures with a corresponding increase in the derivative and warrant liabilities.
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