<<<. Under this
formula, the Company expects to issue a minimum of 363,636 shares and a
maximum of 500,000 shares. The shares are convertible in four blocks as
follows:
Date Percent Amount
- ----------------- -------- ----------
November 2, 1997 15% $ 300,000
December 17, 1997 25% $ 500,000
January 31, 1998 30% $ 600,000
April 1, 1998 30% $ 600,000
- ----------------- -------- ----------
TOTAL 100% $2,000,000
In the S-3 filing it lists registration of 700,000 shares of stock underlying the Prefered Stock and these same 4 entities hold 133,000 warrents, refered to as B warrents. >>>>>
What I was looking at was the fact that there were no Prefered Shares in the last 10-K report and now there apears to be 700,000 shares underlying Prefered Shares ( and 133,000 warents ).
That's why I wonder if there was some other financing we are not aware of.
In the original financing announcment it is announced as an equity financing which I believe means stock and not a loan.
$2,000,000 for that much stock seems way out of wack.
upndn GOBNGOBNGOBNGO
(formerly known as Jim Tratz) :- ) |
