Dave,
I am on a quest to identify what we know, what we think we
know, and what we need to know.
Let us start from the very beginning of the floorless affair:
(excerpted from SEC docs.)
In May, 1996, the Company issued $5,000,000 of 7 1/2% convertible
debentures due two years from the date of issue (the "Debentures") which are presently convertible into Common Stock.
....The Debentures are convertible into shares of Common Stock at 80% of the Current Market Price (as defined herein) of the Common Stock on the date of conversion; but in no event shall the conversion price be less than 50% of the Current Market Price of the Common Stock on the date of the purchase of the Debentures nor greater than the Current Market Price of the Common Stock on the date of the closing of the Debentures.
our floorless saga doesn't start out so floorless, but isn't that
the way thiings usually work
...As of November 1, 1996, $4,800,000 of such Debentures have been converted into a total of 2,394,227 shares of Common Stock, 53,310 of which have yet to be issued.
...As of November 13, 1996, 15,060,589 shares of the registrant's common stock,$.001 par value ("Common Stock"), were outstanding.
For all of 1996 Conversion of debentures to
common stock, net of issue
cost of $350,000 ---- 2,414,277
During December 1996, the Company began issuing 8% Convertible Equity
Debentures. Between December 20, 1996 and January 22, 1997, the Company sold 8% Convertible Debentures in the aggregate principal amount of $5,000,000
A total of $3,000,000 was issued during January 1997. Under
the terms of these debentures, the face value, plus a deferred amount at 8% of the face value, may be converted into the Company's common stock at any time by the debenture holder....
All such conversions will be made at 20% less than the stock's five day average closing bid immediately prior to the date of theconversion.
As of May 5, 1997, 15,354,942 shares of the registrant's common stock were
outstanding.
I shall continue if I am requested to do so. However, as for now
I am exso'd (and aoled out)
Joe |
