This was taken from the company's last quarterly report. 70% of INT's assets are made up of a promissory note with ngtv. Yeah, I'd say INT has a defnite interest in the success of ngtv which quite frankly hasn't been pulling its weight.
Promissory Note Receivable from NGTV
On July 12, 2007, the Company received a junior secured convertible promissory note from NGTV in the
amount of US$2,300,000 relating to amounts advanced to NGTV. This promissory note is secured by all of
the assets of NGTV, subordinate to the existing debentures issued by NGTV to a non-related party. This
promissory note bears interest at the rate of 12% per annum (increasing to 18% per annum on October 1,
2008), and was convertible into common shares on the maturity date of October 1, 2008 at a price equal to
the lesser of: 50% of the IPO offering price or $2.50 per common stock, whichever is less. The promissory
note matured subsequent to year end with no conversion taking place. NGTV is an early development
stage company, holding valuable media content that has not generated significant revenues or profits to
date.
This promissory note (and all related interest thereon) became due and payable on October 1, 2008.
However, due to financial constraints of NGTV, the required payments could not be made. NGTV is
currently in discussions with additional partners and investors to help it capitalize on the potential revenues
and value of the video library. The Company continues to record its promissory note due from NGTV at its
original cost of US$2,300,000 based on its security position in this video library.
