ROSS LOU 4
4 · NATIONAL SCIENTIFIC CORP/AZ · Filed Jun 13, 2003
Insider Transaction Report
Form 4
NATIONAL SCIENTIFIC CORP/AZNSCT.OB
No transactions or holdings reported in this filing.
Footnotes (1)
- [F1]As part of its program to lower debt without expending cash resources, the Company issued 288,334 restricted common shares, valued at approximately $0.15 per share, to Mr. Ross in exchange for the forgiveness of $43,250 of debt, or one half of the total debt owed by the Company to Mr. Ross of approximately $86,500, which included various disclosed notes, salary deferred in 2002, and board fees deferred in 2002 (see the Company's Form10-KSB filing for fiscal year ending September 30, 2002, for additional information on this debt). Mr. Ross has accepted a three-year interest free note for the remainder of the debt owed to him by the Company of $43,250, payable at the end of the three-year period. NSC also issued 50,000 restricted shares to Mr. Ross for reduced Director's fees for February 2003 through the end of the fiscal year ending September 2003.