During the year ended June 30, 1995, the Company issued notes for an aggregate of $217,000 payable to its President, Frank W. Peters, in lieu of compensation, included in the table above. These notes bear interest at the rate of 9% per annum and are due and payable as follows: $12,000 due on August 20, 1995, $65,000 due on August 20, 1997, and $140,000 due on January 5, 1999. The $140,000 note is convertible into shares of the Company's Common Stock at a conversion price of $.10 per share.
So that's a cool 2M shares to be paid on 1/5/99 for deferred salary. Dollars to donuts we have some really neat press over the next couple weeks. Remember the January spike this year? 100% in four days! Wait for it.....
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