<SEC Counsel > I assume you mean a lawyer(my guess, he's paid in shares like the accountants were in the past)..SEC questions are and have been answered in the 10K..DD
PS: don't forget this ditty from the 10K referring to Convertible debentures "Two of the investors have committed
to purchase another $800,000 of the debentures if certain conditions are met
when a registration statement for the resale of the shares of common stock
issuable upon conversion of the debentures is declared effective by the SEC."
;;;;;;;;;
How does one get in on these profitable loan deals?
"7) Related Party Transactions
The stockholders of the Company have made various demand loans to the
Company for expansion and operating capital. During the year ended December
31, 1998 the stockholders converted $2,752,244 into 17,110,522 shares of
the common stock of the Company. During the year ended December 31, 1997
the stockholders converted $9,797,635 into 7,410,878 shares of Common
Stock.
As of December 31, 1998 loans payable to a stockholder totaled $1,351,095,
accruing interest at 11% per annum. The loan is payable on demand and is
uncollateralized. Subsequent to December 31, 1998, a $1,000,000 portion of
the loan balance was exchanged for 6,666,667 shares of the Company's common
stock that was registered with the Securities and Exchange Commission on a
Registration Form S-8. The exchange price was $.15 per share."
;;;;;;;;;;;;;;
"On April 23, 1998, the Company entered in to a Revolving Credit Loan
Agreement and Revolving Credit Master Note with Robert P. Gordon, the Company's
Chairman, whereby Mr. Gordon would loan, at his discretion, up to $5,000,000 to
the Registrant over the following year, if and when requested by the
disinterested members of the Board of Directors. The loan may be repaid in cash
or in restricted common stock of the Registrant, at the option of Mr. Gordon. On
February 22, 1999, Mr. Gordon elected to convert $1,000,000 in principal due
under the loan into shares of restricted common stock at the conversion rate of
$.15 per share, resulting in the issuance of 6,666,667 shares." |
