In September 2011 the Company issued a warrant to purchase 5,250 shares of common stock at an exercise price of $8.00 per share with an exercise period of five years in connection with an extension of a loan of $150,000 made to the Company by a an Officer of the Company in March 2009.
In September 2011 the Company issued a warrant to purchase 7,969 shares of common stock at an exercise price of $8.00 per share with an exercise period of five years in connection with an extension of loans in the amount of $100,000 made to the Company by Officers of the Company in Oct 2008.
On September 30, 2011 the Company converted a $605,000 note held by a related party to 126,042 shares of common stock using a conversion price of $4.80per share.
On October 7, 2011, the Company issued 34,375 shares of common stock as a result of the conversion of $143,790 of notes payable. On October 12, 2011, the Company issued 16,447 shares of common stock for $150,000 as a result of an equity purchase.
On October 20, 2011, the Company issued 62,500 shares of common stock as a result of a conversion of $263,312 of notes payable.
As of October 24, 2011, the Company agreed that the 46,875 shares issued to Toucan Partners on June 6, 2010, would be used to settle $150,000 of the $1.3 million note payable to Toucan Partners.
On October 27, 2011, the Company issued 6,230 shares of common stock as a result of the conversion of $30,000 of notes payable. On October 27, 2011, the Company issued 31,250 shares of common stock as a result of the conversion of $150,800 of notes payable. On October 27, 2011, the Company issued 9,759 shares of common stock as a result of the conversion of $50,000 of notes payable.
On November 1, 2011, the Company issued 126,042 shares of common stock as a result of the conversion of $605,000 of related party notes payable.
On November 14, 2011 the Registrant entered into a six month (6) non-convertible loan agreement with Four M for a loan in the principal amount of $2,000,000 and an annual interest rate of 6%. In connection with the loan, the Company issued the lender warrants to purchase 65,790 shares of the Companys common stock, par value $0.001 per share, at an exercise price of $9.12 per share and an exercise period of five years.
On November 25, 2011 the Company issued 2,875,000 shares of common stock as a result of the conversion of $9.2 million of related party accounts payable.
On November 28, 2011, the Company entered into an agreement with an existing non-affiliated investor, resolving $5,046,401 of debt (principal and accumulated interest and Original Interest Discount). This debt arose from a $4 million Note which was entered into by the Company and the investor during May, 2008, with a 6-month maturity and a twelve percent annual interest rate, and which has previously been extended. Pursuant to the agreement, $2,523,201, comprising half of the total amount due, is being converted into common stock of the Company, par value $0.001, and $2,523,201, comprising the other half of the total amount
due, is being repaid in cash, through a series of installment payments.
On December 1, 2011, the Company issued 18,750 shares of common stock as a result of the conversion of $88,416 of notes payable.
On December 6, 2011, the Company issued 12,500 shares of common stock as a result of the conversion of $51,083 of notes payable.
On December 8, 2011, the Company issued 3,249 shares of common stock as a result of the conversion of $15,000 of notes payable.
The Company entered into an $802,000 convertible note with a non-affiliated investor (the Note), completing a series of transactions initially entered into on January 19, 2011, with the investor. The Note provided for OID of ten percent and an annual interest rate of nine percent. The Note attributed $220,000 of the proceeds as a payment in lieu of the Company drawing upon an earlier convertible borrowing obligation of $666,666 which would have carried a 40% discount to the market price upon conversion. The Note also provided for an additional $500,000 advance to the Company and is convertible at any time after
closing. The conversion price for the $500,000 tranche is equal to a twenty percent discount from the market price at the