Replies to post #41479 on Zevotek, Inc. (ZVTK)

[puttzy3]

they do not have to report it if it's convertable debt until it's the next filing and the previous 2 ceo's left this company with debt, if you look at the last 10q they converted some of the past due debt and if i'm right the new ceo will be nipping this in the bud real quick, i know thats what i would do if it was me!the following notes need to be paid asap to avoid further dilution from the note holder
c)$50,000
f)$ 7,932
a)$ 6,623
b)$87,535
these totals equal $152,090 if you notice c,f,a, are past due and need to be taken care of asap to avoid dilution, i hope sales have been good enough to eliminate some of these totals!!

Accounts payable and accrued liabilities are as follows:

December 31,
2009 June 30,
2009
(unaudited)
Accounts payable $ 48,123 $ —
Accrued professional fees 100,000 100,000
Accrued payroll and payroll taxes 332,091 799,280
Old disputed accounts payable 136,405 195,181
Accrued interest 63,949 43,494
Other accrued liabilities 137,831 94,316
Total $ 818,399 $ 1,232,271



NOTE E - CONVERTIBLE NOTES PAYABLE AND DEMAND NOTES

December 31,
2009 June 30,
2009
(unaudited)
Notes Payable to Interstellar Holdings, LLC.
Convertible term note (a) $ 6,623 $ 87,013
Convertible term note ( b ) 87,535 155,789
Convertible term note (c) 50,000 50,000
Convertible term note (d) 90,274 92,924
Convertible term note (e) 113,972 113,972
Convertible term note (f) 7,932 7,932
Convertible term note (g) 44,000 —
Subtotal 400,336 507,630
Less: discount on debt (188,549 ) ( 333,827 )
211,787 173,803
Less: current portion (110,692 ) (134,139 )
Long term debt $ 101,095 $ 39,664



a) On May 14, 2008, the Company entered into a convertible term note bearing interest at 10% per annum with a maturity date of May 14, 2010. At any time at the option of the note holder, principal and interest payments may be paid in common stock at a conversion price of $0.0001 per share (see below).

b) On May 27, 2008, the Company entered into a convertible term note bearing interest at 10% per annum with a maturity date of May 27, 2010. At any time at the option of the note holder, principal and interest payments may be paid in common stock at a conversion price of $0.0001 per share (see below).

c) On January 1, 2008, Company entered into a convertible term note for the principal amount of $50,000 bearing interest at 7% per annum with a maturity date of June 30, 2008. This note is convertible into common stock at 90% of the common stock closing price at June 30, 2008, or approximately 370,000 shares of common stock. The Company is in default of payment of principal and interest on the note and the Company is in discussions with the note holder about amending the conversion terms to cure the default.

d) On January 8, 2009, the Company entered into a convertible term note bearing interest at 10% per annum with a maturity date of January 8, 2011. At any time at the option of the note holder, principal and interest payments may be paid in common stock at a conversion price of $0.0001 per share (see below).



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e) On March 9, 2009, the Company entered into a convertible term note bearing interest at 10% per annum with a maturity date of March 9, 2011. At any time at the option of the note holder, principal and interest payments may be paid in common stock at a conversion price of $0.0001 per share (see below).
f) Of the convertible term notes entered into on May 14, 2008, certain notes having a principal amount of $7,932 and $7,932 as of September 30, 2009 and June 30, 2009, respectively, were not amended with respect to their conversion price and, at any time at the option of the note holder, principal and interest payments may be paid in common stock at a conversion price of $0.001 per share (see below).
g) On July 28, 2009, the Company entered into a convertible term note bearing interest at 10% per annum with a maturity date of July 28, 2011. At any time at the option of the note holder, principal and interest payments may be paid in common stock at a conversion price of $0.0001 per share (see below).

[flaflyersfan]

billd1, that is interesting;

I have rarely seen dilution of a company mentioned in a PR or on a website. Also, unless an S-8 or Form D is filed; dilution is exclusively defined in the Quarterly and Annual reports.

The 3rd Quarter for ZVTK ends tomorrow with the report due May 15. For the first 6 months of the fiscal year, ZVTK has issued 1,525,117,300 shares of stock to pay debt and interest on debt. Between January 1 and the 10-Q report on February 16, ZVTK issued another 328,000,000 shares for debt repayment.

Any guesses on how many shares they issued from February 17th until today with almost 4 billion in volume?

Tune in mid-May for the answer. Hopefully that O/S count report will include what happened from April 1 to that time also.
Good luck.