ETLs if business is a prototype for an R / M ... in the first place is a shell, the O / S is maximized and only has an outstanding convertible debt of 900K .... that could negotiate ...
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=6236093
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes x No š
State the number of
shares
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NOTE 4. CONVERTIBLE DEBENTURES
The Company issued a Convertible debenture to YA Global with interest at 12%, which was due on November 1, 2008. The debenture is secured by 225,000,000 shares of common stock of the Company and 7,000,000 warrants. Principal and accrued interest are convertible into shares of common stock at a conversion price equal to the lower of (i) $.024 price per share of common stock or (ii) 80% of the lowest closing bid price of our common stock, as quoted by Bloomberg, L.P., for the five trading days immediately preceding the conversion date. At the due date, the Company has the option to repay the debt or issue common stock. The principal balance as of September 30, 2008 was $849,250.
The Company issued a Convertible debenture to YA Global with interest at 12%, payable on December 21, 2008. Principal and accrued interest are convertible into shares of common stock of the Company at a conversion price equal to the lower of (i) $.0018 price per share of common stock or (ii) 80% of the lowest closing bid price of our common stock, as quoted by Bloomberg, L.P., for the five trading days immediately preceding the conversion date. At the due date, the Company has the option to repay the debt or issue common stock. The principal balance as of September 30, 2008 was $7,642.
On April 13, 2007, the Company issued a convertible debenture to YA Global, in the principal amount of $72,000 with interest at 12%, payable on April 13, 2009. Principal and accrued interest are convertible into shares of common stock of the Company at a conversion price equal to the lower of (i) $.0018 price per share of common stock, or (ii) 80% of the lowest closing bid price of our common stock, as quoted by Bloomberg, L.P., for the five trading days immediately preceding the conversion date. The principal balance as of September 30, 2008 was $72,000.
On December 4, 2007, the Company issued a convertible debenture to YA Global, in the principal amount of $17,620 with interest at 15% which was payable on November 9, 2008. Principal and accrued interest are convertible into common stock at a conversion price equal to the lower of (i) $.002 price per share of common stock, or (ii) 95% of the lowest volume weighted average price of our common stock, as quoted by Bloomberg, L.P., for the thirty trading days immediately preceding the conversion date. The principal balance as of September 30, 2008 was $17,620.
Total convertible debenture balance as of September 30 =849,250+7,642+72,000+17,620 =946,512$ outstanding of each of the issuer's classes of common equity, as of the latest practicable date: As of September 30, 2008 -299,998,972 shares of common stock
eTotalSource, Inc. (ETLS) Stock Trading Info:
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