IMDS SEC Filing
"Liquidated damage costs during the twelve months ended June 30, 1999, were $260,000 representing an increase of $260,000 from $-0- during the twelve months ended June 30, 1998. The increase was due our technical default of the Registration Rights Agreement regarding the Series H Cv. Preferred Stock. We were required to have the Registration Statement be declared effective by October 2, 1998. We paid the Series H Holders in stock, the liquidated damages due under the Registration Rights Agreement.
Our combined cash and cash equivalents totaled $70,037 at June 30, 1999, representing a decrease of $240,079 from $310,116 at June 30, 1998. The decrease in cash and cash equivalents is due to continuing operations." |
