Don't forget these other "accredited investors" which are in addition to the Orchid deal. Although, they have to pay 75% but they're getting 8% to 20% interest on the money that was apparently loaned to INOL/Gary and apparently that also happened in the second quarter of this year according to the SEC filing.
$368,992 mature in the next 12 months and it took 243,983,100 to pay $75K off. Using "math and metrics" that figures to be a little less than .00031 per share for the 243M+. So, that leaves $293,992 balance on the ones that mature in the next 9 months and after that there is the $196,000 that matures in the next 12 months after the 9 month period.
NOTE F – CONVERTIBLE NOTES PAYABLE
The Company has issued various convertible debentures to accredited investors with interest rates ranging from 8% to 20%. The investors can convert the principal and accrued but unpaid interest of the debentures into shares of the Company’s common stock. The conversion price per share is 75% of the lowest closing price for the Company’s stock during the 20 trading days prior to notice of conversion from the investor. As of June 30, 2011, there were $564,992 of convertible notes payables with $368,992 maturing within one year and the remaining portion of $196,000 maturing in two years.
During the three months ended June 30, 2011, the Company issued an aggregate of 243,983,100 shares of its common stock to issuers pursuant to the conversion of the Convertible Debentures. As a result of the conversions the Company reduced its outstanding convertible notes payable balance by $75,000.
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