a convertible debenture is a type of bond that the holder can convert into shares of common stock in the issuing company or cash of equal value, at an agreed-upon price.
debenture holders converted their notes to shares of common stock at the agreed-upon price
In February 2012, the debenture holders converted $18,500 in face value of the debentures to 24,666,667 shares of our common stock, or $0.00075 per share. In March 2012, the debenture holders converted $18,000 in face value of the debentures to 30,000,000 shares of our common stock, or $.0006 per share.
During the three month period ended March 31, 2012, the note holders converted the entire $35,000 in face value and $1,400 in accrued interest of the September 2, 2011 notes to 72,722,534 shares of our common stock, or $0.0005 per share.
During the three month period ended March 31, 2012, the note holders converted $50,000 face value of the notes to 107,677,448 shares of our common stock, or $0.0005 per share.
During the three month period ended March 31, 2012, the note holders converted the entire $39,000 face value of the notes to 73,666,667 shares of our common stock, or $0.0005 per share.
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