Thanks.... this is the part that stood out to me..
"The funding involves the purchase of $1,000,000 in secured convertible notes by the investing group. The notes are to be purchased in traunches, with the first traunche of $250,000 and then monthly traunches of $100,000 each until a total of
$1,000,000 in notes have been purchased. Paradigm Medical received the first $250,000 upon the signing of definitive agreements on December 24, 2007. The Company also is required to issue warrants to the noteholders to purchase a total of 15,000,000 shares of common stock at an exercise price of $0.001 per share.
Under the terms of the notes, the unpaid principal balance on the notes, together with accrued interest at 8% per annum, is due in three years from the date of issuance. The notes are also convertible by the noteholders at any time into shares of common stock. The conversion price of the notes is equal to the lesser of (i) $0.02 and (ii) the average of the lowest intra-day trading prices during the 20 trading days immediately prior to the conversion date discounted by 50%."
....see this notes are due this December and convertible at anytime into common stock.....Don't get me wrong---I don't believe that N.I.R. Group is the anti-Christ----just want to get their investment back----had the pps been up higher then they would have got a heck-of-a-lot less shares....
remember for every 100,000,000 share released at .001 equals $100,000 dollars....
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