Calm down. There is only $60,000 in "one" convertible note(which is great) due to a "related party".
At July 8, 2011, there were 51,539 ,223 shares outstanding of the Company’s common stock
The Company issued a convertible note for $70,000 to a related party on May 14, 2010. The note bears 8% interest and matured on February 14, 2011. Payment has not been demanded and we have verbally agreed to extend the conversion period. The note is convertible into shares of common stock of the Company beginning 120 days after the issuance and up until the note comes due (or later if extended). The note is convertible into shares of common stock at a rate of 61% of the market price on the date of conversion. The investor will be limited to convert no more than 4.99% of the issued and outstanding common stock at time of conversion at any one time. Interest expense of $1,688 was recorded on this loan during the year ended August 31, 2010.
February 9, 2011, the Company converted $10,000 of the loan to 1,265,823 share of common stock. (.0079 per share)
This is why I said pay attention to those large blocks coming through. I thought I mentioned this before. Just do the math and run the numbers. Just my opinion, if other, so be it.
FYI. I am providing care to an individual. I don't have that much time on my hands, but study the numbers(look at the past history). I'll try to put my figures up later. I'm loving this action by the way.
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