Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Microcap & Penny Stocks : TGL WHAAAAAAAT! Alerts, thoughts, discussion. -- Ignore unavailable to you. Want to Upgrade?

To: tool dude who wrote (119210)	9/11/2003 12:05:20 PM
From: Taki	Read Replies (1) \| Respond to of 150070

Just tremendous dilution for survival.

To: tool dude who wrote (119210)	9/11/2003 12:08:23 PM
From: Jim Bishop	Read Replies (1) \| Respond to of 150070

ONSP On June 19, 2003 the Company granted 67,500 stock options to Evolve One Inc in a revolving note agreement see footnote G. The options have an exercise price of $.10 per share. The Company also granted on June 19, 2003 607,500 stock options to Evolve One Inc in the same note agreement. These options have an exercise price of $.30 per share. The Company recognized a non-cash interest expense of $100,575 during the nine month period ended June 30, 2003. PREFERRED STOCK - At June 30, 2003, the Company had 2,713 shares outstanding of its Series A Convertible Preferred Stock ("Series A"). This issue has a stated liquidation preference value of $100 per share redeemable at the Company's option, has no voting rights, and each preferred share is convertible into 4 shares of the Company's common stock as adjusted for the 1 for 12 reverse stock split. Dividends on the Series A were to be paid monthly in cash at a rate of 12% of the original issue. The Company's Board of Directors, elected for the payment of cash dividends on its Series A to be suspended. This decision was made in light of the general economic conditions. In particular, the Board took such actions as necessary to preserve the Company's working capital in order to ensure the continued viability of the Company. The Board of Directors is unable at this time to predict if the Company will resume the payment of cash dividends on its Series A 12% Cumulative Convertible Preferred Stock. However, the Company has accrued dividends on these shares in the amount of $30,946 at June 30, 2003.