John Schmitz is a Sports Nut.... but at what a price!
Schmitz and a friend "loaned" $50,000 to a company that is widely believed to be in financial trouble. Shortly after the deal was cut SportsNuts.com executed a 1-20 reverse split. Looks like he's getting a dose of his own medicine.
COMPANY: SPORTSNUTS COM INTERNATIONAL INC
CROSS-REFERENCE: DURWOOD INC
TICKER: STSN [now SPCI]
EXCHANGE: OTH
FORM-TYPE: 10-Q
Exhibit 10. Material Contracts
FILING-DATE: May 15, 2000
EXHIBIT 10.4
NON-NEGOTIABLE
CONVERTIBLE PROMISSORY NOTE
Principal Amount: $50,000.00 Date: March 26, 2000
Salt Lake City, Utah
FOR VALUE RECEIVED, SPORTSNUTS. COM INTERNATIONAL, INC., a
Delaware corporation (herein referred to as "Maker" or the "Company"), hereby
promises to pay to the order of John Schmitz and Stanley Aber, individuals
residing in the State of New York (collectively, "Holder"), in lawful money of
the United States of America, the principal sum of Fifty Thousand Dollars
($50,000.00) (the "Principal Amount"), together with interest thereon as
provided below. .....
* * * *
COMPANY: SPORTSNUTS COM INTERNATIONAL INC
CROSS-REFERENCE: DURWOOD INC
TICKER: SPCI
EXCHANGE: OTH
FORM-TYPE: 10-Q
DOCUMENT-DATE: September 30, 2000
FILING-DATE: November 9, 2000
NOTE 4 - NOTES PAYABLE
Notes payable consisted of the following: .......
Note payable to an individual, unsecured, interest at 10%,
principal and interest due June 26, 2000. Note is convertible
into common stock of the Company at $1.00 per share. $ 50,000
* * * *
SPCI traded last week around 25 cents. |
