Dear lomac22, thank you for your inquiry. Please see the Company’s 2007 Q2 - 10QSB filed 8-14-07 under Item 8, ‘subsequent events’:
8.1 Series B Preferred s/holders exercised Warrants in July.
8.3 Convertible Debenture Warrant also exercised in July.
NOTE 8 - SUBSEQUENT EVENTS:
8.1. All unexercised common stock purchase warrants held by the
holders of Series B Preferred Stock (the "$0.75 Warrants")
expired on July 31, 2007. During July 2007, 1,380,167 of such
$0.75 Warrants were exercised by the holders thereof prior to the
expiration date and the Company received proceeds there from of
$1,035,125. The 2,720,333 remaining $0.75 Warrants expired
unexercised on July 31, 2007.
8.3. In July of 2007 the holder of the debentures exercised the
warrant that was sold with the debentures (the "Debenture
Warrant"). The Debenture Warrant gave the holder the right to
purchase 257,732 shares of Common Stock at a purchase price of
$0.97 per share and included an optional "cashless exercise"
provision. In July the holder of the debentures exercised the
Debenture Warrant pursuant to the "cashless exercise" provision
and was issued 79,161 shares pursuant thereto which represented
the full exercise of the Debenture Warrant. The Company received
no proceeds from the "cashless exercise" and no portion of the
Debenture Warrant remains outstanding or available for the
purchase of any further shares of Common Stock.
Regards,
Agoracom Investor Relations
