SOON THERE WILL BE MANY MORE CHEAP SHARES AS CONVERSIONS AND DILUTION OCCUR.
A summary of the third party debt and convertible debt activity for the nine months ended September 30, 2011 is as follows:
Balance, net at December 31, 2010
$
10,472,188
Borrowings
495,356
Principal payments
(2,256,518)
Interest converted to principal
-
Principal converted to common stock
(4,965,000)
Debt discounts
(208,266)
Debt discounts amortized and extinguished
2,234,848
Balance, net at September 30, 2011
5,772,608
Less: current maturities, net
(5,425,311)
Long term portion, net at September 30, 2011
$
347,297