Just some intersting facts from latest 10Q
Revenues. We generated revenues of $4,667 from continuing operation
during the nine months ended August 31, 2002 and no revenues during the nine
months ended August 31, 2001
Selling, General and Administrative Expenses. Selling, general and
administrative expenses incurred during the nine months ended August 31, 2002
increased to $674,090 from $570,215 during the nine months ended August 31,
2001. These expenses consist primarily of consulting fees, professional fees and
other corporate expenses, including business development and general legal
activities.
During June 2002, we issued convertible promissory notes to 12 individuals with
an aggregate principal amount of $336,000. The convertible notes bear interest
at a rate of 8% per annum with a maturity date of June 1, 2003. Pursuant to the
terms of the convertible notes, prior to June 1, 2003, we may convert the
balance due together with accrued interest into shares of common stock. The
conversion ratio is the lesser of: (i) two dollars ($2.00) per share of common
stock; and (ii) the average of the closing bid prices per share for the common
stock, as reported on the over-the-counter electronic bulletin board, or such
other public market on which our common stock is then traded, during the 30
trading days prior to date of the conversion.
During February, March and May 2002, we issued convertible promissory notes to
12 individuals with an aggregate principal amount of $83,850. The convertible
notes bear interest at a rate of 8% per annum with a maturity date of June 1,
2003. Pursuant to the terms of the convertible notes, prior to June 1, 2003, we
may convert the balance due together with accrued interest into shares of common
stock. The conversion ratio is the lesser of: (i) one and one-half dollars
($1.50) per share of common stock; and (ii) the average of the closing bid
prices per share for the common stock, as reported on the over-the-counter
electronic bulletin board, or such other public market on which our common stock
is then traded, during the 30 trading days prior to date of the conversion. |
