GEM GLOBAL YIELD FUND LTD 4
4 · SURGILIGHT INC · Filed May 25, 2007
Insider Transaction Report
Form 4
SURGILIGHT INCSRGLE.OB
GEM GLOBAL YIELD FUND LTD
10% Owner
Transactions
- Award
Common Stock
2007-05-14+25,537,360→ 35,391,708 total
Footnotes (2)
- [F1]On the Transaction Date, GEM Global Yield Fund, Ltd. (the "Reporting Person") converted $319,217 of accrued and unpaid interest on a certain promissory note (the "Note") issued by the Issuer in favor of the Reporting Person in the aggregate principal amount of $1,088,154 into an aggregate of 25,537,360 restricted shares of the Issuer's Common Stock. The conversion price was $0.125 per share. The $319,217 represented interest that had accrued on the Note through March 31, 2007. As of the date hereof, the Issuer has only issued the Reporting Person 3,958,742 of the 25,537,360 shares, said amount being the maximum amount of shares the Issuer was eligible to issue based on its authorized common stock. At such time as the Issuer increases its authorized common stock (which is anticipated to be in the next 60 days), the Issuer shall be obligated to issue the Reporting Person the remaining 21,578,618 shares of common stock.
- [F2]Excludes shares of common stock beneficially owned by GEM SurgiLight Investors, LLC, ("Investors") equal to 55% of all issued and outstanding shares of common stock on a fully diluted basis (including the shares issuable to the Reporting Person). Such shares are issuable upon conversion of Investors' Series A Preferred Stock and an increase in the number of shares of authorized common stock. The Reporting Person and GEM SurgiLight Investors, LLC constitute a group.