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[QUOTE]Originally posted by northwoods: [QB] Filing coming soon? NOTE 21: CONVERTIBLE NOTES PAYABLE Convertible Long Term Debt consists of the following: Secured convertible Notes payable to AJW Offshore, Ltd, AJW Qualified Partners, LLC., AJW Partners, LLC, and New Millennium Capital Partners II, LLC in the amount of $2,000,000. The Notes were issued with Warrants to purchase 3,000,000 shares of our common stock. The secured convertible notes bear interest at 8%, mature January 24, 2007, and are convertible into Modern common stock. The secured convertible notes bear interest at 8%, mature two years from the date of issuance, and are convertible into Modern common stock, at the investors' option, at the lower of $0.44 or 40% of the average of the three lowest intraday trading prices for the common stock on the Over-The-Counter Bulletin Board for the 20 trading days before but not including the conversion date. [/QB][/QUOTE]
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