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Technology Stocks : INTXA - Interiors Inc. Internet Store -- Ignore unavailable to you. Want to Upgrade?

To: Tom Hua who wrote (59)	1/28/1999 1:02:00 PM
From: CoffeePot	Read Replies (1) \| Respond to of 186

I have a suspicion convertible notes are holding INTXA down........but as soon as the seller is finished INTXA could really sky rocket......I think this is about all the convertible debt INTXA has OS......they also have some preferred's During March 1998, the Company issued convertible notes in the amount of $1,700,000. These notes are due March 19, 2000 and bear interest at 6%. per annum payable quarterly. On March 19, 2000, the holder must convert into Class A Shares. Any default in payment of interest triggers a default interest rate of 16% per annum. The Holders have the right 180 days after the issuance of the notes to convert up to one-half of the outstanding unpaid principle portion of the notes into Class A shares. At September 30, 1998, $100,000 of these notes had converted , reducing the outstanding balance to $1,600,000. In July and August 1998, the company issued redeemable convertible debentures (the "redeemable Convertible Debentures") in the aggregate principal amount of $3,000,000, and warrants to purchase an aggregate of 1,451,786 Class A Shares in a private placement to three accredited investors. The issuance was exempt from registration under Section 4(2) of the Securities Act, as a transaction by the issuer not involving any public offering. All proceeds received by the Company pursuant to this private placement were applied toward the working capital of the Company. On September 10, 1998, the Company filed a registration statement on Form S-3 with the Securities and Exchange Commission in order to, among other things, register the Class A Shares underlying the redeemable Convertible Debentures and related warrants. The redeemable Convertible Debentures bear interest at the rate of 7% per annum, payable quarterly beginning October 1, 1998, and mature in July and August, 2001, three years after their respective issuance dates. Any or all portion of the Convertible Debentures may be converted to Class A Shares any time after 240 days from their respective dates of issuance based upon market prices. The redeemable Convertible Debentures may be redeemed at face value (plus any accrued interest) by The Company at any time (in part or in whole) until they are converted. During March 1998, the Company issued convertible subordinated notes in the aggregate principal amount of $1,270,000. These notes are due March 17, 2001, and bear interest at 15% per annum payable quarterly. As of June 30, 1998, $695,000 of these notes were converted into Class A Shares and warrants to purchase 286,000 shares of Series A Preferred Stock and 27,000 shares of Class A common stock were issued in connection with these notes. On September 30, 1998, $575,000 of these notes remain unconverted with $375,000 of this amount classified as debt.