I just checked the 10Q filing for FRZT and it appears they have been operating off toxic convertible notes since July of 2010. Many of these notes are/were Asher.
The interest expense eventually catches up with the company and hurts shareholders.
The Company recorded total interest expense, including beneficial conversion feature amortization, for all debt of $91,520 and $125,202 for the 9 month period ended September 30, 2013, and 2012, respectively. However, the beneficial conversion feature amortization of $21,500 and $90,227 recorded during the 9 month period ended September 30, 2013 and 2012, respectively, were not recorded in interest expense; rather, they were recorded in depreciation and amortization expense.
During the twelve months ended December 31, 2012, eight conversions of the First Asher Note, totaling 15,665,363 shares, occurred between prices of $0.0083 to $0.0110 per share, in order to convert $62,500 in principal and $2,500 in accrued interest all in accordance with the Variance Conversion Price. As a result of these transactions, the note was considered paid off during October 2012. Accrued interest remaining after the conversions of $2,984 was paid in cash during November 2012.
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