I did some investigation on SWVC and what I found was that most of their secured convertible debentures payable were owed to HIGHGATE and not CORNELL.
It is HIGHGATE that is doing most of the conversions and not CORNELL.
I have copied a list of the conversions and I believe that Cornell converted on default of payment by SWVC due to that they had no cash flow for the year 2007 ending September 30, 2007.
DER'S EQUITY
The Company accounts for its share-based employee compensation arrangements under SFAS No. 123 (revised 2004), "Share Based Payment" ("SFAS 123R"), which
requires companies to recognize the cost of employee services received in exchange for awards of equity instruments, based on the grant date fair value of those awards, in the financial statements.
On January 4, 2007 the Company issued 130 shares of common stock to an employee for services provided. The fair value of the award was determined by the closing price of its stock on the issuance date. For the three and nine months periods ended September 30, 2007 the Company incurred $0 and $16 of shares based compensation, respectively, related to these issuance.
On January 16, 2007 the Company issued 6,914,892 shares of common stock to employees for services provided. The fair value of the awards was determined by the closing price of its stock on the issuance date. For the three and nine months periods ended September 30, 2007 the Company incurred $0 and $760,638 of shares based compensation, respectively, related to these issuance.
On February 26, 2007 GreenShift Corporation converted its 6,250 shares of its Series B Voting Preferred Stock into its Common Stock for $1.
On February 26, 2007, the Company's additional Paid in Capital increased $712,125 due to the discount taken on the Cornell Convertible Debenture for detachable warrants granted in conjunction with the financing.
On February 27, 2007 Highgate converted $1,457 of its convertible debentures into 1,457,000 shares of its Common Stock
On March 2, 2007 Cornell Capital converted $52,850 of its convertible debentures into 5,285,000 shares of its Common Stock
On March 21, 2007 Cornell Capital converted $13,760 of its convertible debentures into 1,376,000 shares of its Common Stock
On March 29, 2007 the Company issued 35,000,000 shares of common stock to employees for services provided. The fair value of the awards was determined by the closing price of its stock on the issuance date. For the three and nine months period ended September 30, 2007 the Company incurred $0 and $1,050,000 of share based compensation, respectively, related to these issuance.
On April 18, 2007 GreenShift Corporation converted its 12,500 shares of its Series B Voting Preferred Stock into its Common Stock for $20,083.
On May 8, 2007 the Company issued 40,500,000 shares of common stock to an employee for services provided. The fair value of the award was determined by the closing price of its stock on the issuance date. For the three and nine months periods ended September 30, 2007 the Company incurred $0 and $226,800 of share based compensation related to these issuance.
On May 14, 2007 the Company issued 2,500,000 shares of common stock to employees for services provided. The fair value of the awards was determined by the closing price of its stock on the issuance date. For the three and nine months periods ended September 30, 2007 the Company incurred $0 and $14,250 of share based compensation related to these issuance.
On May 14, 2007 an employee returned 500,000 shares of common stock, which were canceled by the Company. The common stock was issued for services provided on March 29, 2007. The Company reversed compensation expenses of $15,000 on May 14, 2007.
On June 14, 2007 Highgate converted $16,000 of its convertible debentures into 6,666,667 of its common stock.
On June 27, 2007 Highgate converted $12,000 of its convertible debentures into 20,000,000 of its common stock.
On July 2, 2007 Highgate converted $12,350 of its convertible debentures into 20,583,333 of its common stock.
On July 12, 2007 the Company's majority shareholder, Seaway Capital, Inc., converted 308,234,884 shares of Company common stock into 21,750 shares of Company Series B preferred stock.
On July 12, 2007 Candent converted $25,507 of its convertible debentures into 25,507,700 of its common stock.
On July 18, 2007 Highgate converted $118,000 of its convertible debentures into 71,428,571 of its common stock.
On July 25, 2007 Highgate converted $84,500 of its convertible debentures into 20,609,756 of its common stock.
On July 26, 2007 Highgate converted $12,000 of its convertible debentures into 20,000,000 of its common stock.
On July 30, 2007 Highgate converted $12,000 of its convertible debentures into 20,000,000 of its common stock.
On August 2, 2007 Highgate converted $80,000 of its convertible debentures into 19,512,195 of its common stock.
On August 8, 2007 Highgate converted $187,000 of its convertible debentures into 44,308,943 of its common stock.
On August 10, 2007 Highgate converted $188,479 of its convertible debentures into 41,884,222 of its common stock.
On August 16, 2007 Highgate converted $80,000 of its convertible debentures into 18,604,651 of its common stock.
On August 21, 2007 Highgate converted $85,000 of its convertible debentures into 19,767,442 of its common stock.
On August 29, 2007 Highgate converted $80,000 of its convertible debentures into 18,604,651 of its common stock.
On September 11, 2007 Highgate converted $82,000 of its convertible debentures into 20,000,000 of its common stock.
On September 11, 2007, the Company issued 20,000,000 shares of its common stock to Cornell for one time cashless exercise of 20,000,000 warrants.
On September 20, 2007 Highgate converted $11,543 of its convertible debentures into 2,355,714 of its common stock.
On September 20, 2007 Highgate converted $141,716 of its convertible debentures into 28,087,339 of its common stock.
On September 28, 2007 Cornell converted $79,783 of its convertible debentures into 79,783,000 of its common stock.
Note 7 - DISCONTINUED OPERATIONS
On July 1, 2007 GS Carbon completed the sale to GS CleanTech Corporation of the capital stock of GS Carbon Trading, Inc. GS Carbon Trading owns capital stock in Sterling Planet, Inc., Terra Pass, Inc., Air Cycle Corporation, General Ultrasonics Corporation and General Carbonics Corporation.
In exchange for the capital stock in GS Carbon Trading, GS CleanTech assumed liability to Cornell Capital Partners under certain Convertible Debentures in the principal amount of $1,125,000 issued by GS Carbon to Cornell Capital Partners.
On July 1, 2007 the Company recorded a gain on disposal of discontinued operations of $2,234,974 computed as follows:
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