Pugs:
Staus of Debentures as of the 3Rd quarter
Defaults Upon Senior Securities.
The Company was unable during the three months ended September 30,
1997 to honor conversions of its convertible debentures issued in December, 1996 and January, 1997, and modified in May, 1997 due to the lack of available authorized shares of common stock. The Company was able to negotiate with certain holders of debentures for conversion of the debentures into the Company's common stock at a price equivalent to $.45 per share, which was in excess of the conversion price stated in the debenture. The Company is obligated to use its best efforts to seek shareholder approval of a plan which will allow
certain debenture holders converting their debentures at the price of $.45 per share to receive discounted warrants for the Company's stock to satisfy certain of their losses.
Item 2. Changes in Securities.(10-Q filed 11/14)
During the three months ended September 30, 1997, the holders of certain of the Company's convertible debentures issued between December 20, 1996 and January 22, 1997 converted such debentures into common stock of the Company pursuant to a special arrangement. See Item 2, Significant Events Affecting Operations. As of November 10, 1997, approximately $1,221,454 in such debentures
remain unconverted.
Item 4. Submission of Matters to a Vote of Security Holders.
None.
As of November 10, 1997, 47,266,464 shares of the registrant's common stock were outstanding. The aggregate market value of the common stock (based upon the high trading price on the OTC Bulletin Board on November 10, 1997 of $.25) of Consolidated Eco-Systems, Inc. held by non-affiliates of the registrant at that date was approximately $11,026,440.
Bottomline Pugs,there isn't much issueing going on with only 50m shares authorized,and I haven't been asked to vote,yet..DD
PS: in case you were going to ask about the debt with American Physicians Service Group, Inc.,I'll post the link.
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