Oh he understands. He's here promoting TOVC -
here's a little interesting tidbit on what may be deemed a speculative POS, using inchingup's own words and method of analysis.
On June 19, 2006, a shareholder deposited $250,000 with the Monroe County, New York Treasurer representing the undertaking required to stay execution of a May 8, 2006 court order with respect to 40,000 common shares, 245,000 common stock warrants and 511,200 unexercised previous issued stock warrants pending the appellate court’s disposition of the company’s appeal of the court’s May 8, 2006 order. See Note I.
On July 25, 2006, the shareholder confirmed in writing his agreement to be repaid by the company the full amount of the advance, plus interest at 8.75% per annum, either by the issuance of the company’s Class A Preferred at $4.00 per share, associated warrants, cash and/or a combination thereof, with both the method of repayment as well as the timing of repayment totally within the company’s discretion.
For the three and nine months ended September 30, 2006, the company incurred and accrued interest charges in the amount of $4,183. |
