Jeffrey,
This was interesting at the end of the report:
(11) SUBSEQUENT EVENT
Effective March 3, 1998, the Company entered into a securities acquisition agreement pursuant to which the Company is
issuing 220,000 common shares or approximately 19% of its common shares and 1,000,000 shares of a new class of
nonvoting preferred shares, $3.00 par value per share, in exchange for stock held by exchanging parties in an interactive
advertising and marketing corporation. The preferred shares of the Company are convertible into common shares at the
Company's option only after shareholder approval at a meeting called for that purpose and have a liquidation preference which
is junior to the previously issued preferred shares of the Company. In connection with the transaction, the holder of the
Company's $500,000 accounts receivable collateralized loan agreed, subject to consent to the loan participants, to convert the
loan into equity.
Regards,
Aleta |
