IGNT: Alzheimers patients on the payroll
If Sand's father has Alzheimers-- why was he being paid as a "consultant" less than 1 year ago (2008 AND 2009) ????
otcmarkets.com
On September 1, 2008, the Company issued a convertible note to Robert Sand, the father of the
Company’s CEO and Chairman, in the amount of $45,000 for services rendered to the Company.
This note had an interest rate of 6% and is convertible into shares of common stock at a rate of
50% of the average of the lowest three trading prices during the twenty day trading period
ending on the day prior to the conversion date. The Company issued 57,500,000 shares of its
common stock to Robert Sand to pay this note in full in June 2009. Under the agreement, Robert
Sand could convert the note into common shares at a 50% discount to the average bid price on
the three days prior to the date of conversion. The fair market value of the shares issued on the
dates of conversion was equal to $316,750. The additional $271,750, representing the fair
market value of the stock in excess of the face value of the note, has been booked as additional
interest expense. Robert Sand has 40 years experience as a mechanical engineer and holds a
master degree in mechanical engineering from Valparaiso University in Indiana. Robert Sand has
been involved with the manufacturing and tooling processes for the company’s Oxyview
products since 2004.
On September 1, 2009, the Company issued a second convertible note to Robert Sand, the father
of the Company’s CEO and Chairman, in the amount of $48,000 as consideration under a
Contracting Agreement entered into on the same date. Under the terms of the Contracting
Agreement, the Company hiredMr. Sand to furnish his expertise, knowledge and other
resources to work directly with the Company’s vendors in engineering design and testing. The
Contracting Agreement is for a one-year term at a rate of $4,000 per month. In full payment of
this contract, the Company issued a note payable in the amount of $48,000. The note is
interest-free, payable on demand and is convertible into shares of common stock at a rate of
60% of the average bid price on the three trading days prior to the conversion date.
"xxxx,
I'm actually on a short vacation with my father. He has been diagnosed with alzheimers. I'll be back in the office on Wednesday. I'm focused on operations and sales. I am unsure why there is so much sell off on the stock. I do have a conscience,and I am concerned; but I need to stay focused on operations and sales. This is what will really drive the stock.
Thank you for your concern.
Scott Sand"
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