IMAGE SOFTWARE INC 4
4 · IMAGE SOFTWARE INC · Filed Apr 19, 2005
Insider Transaction Report
Form 4
DEYOUNG DAVID R
DirectorCEO and President10% Owner
Transactions
- Purchase
Warrant to purchase Common Stock
2005-03-31+30,000→ 30,000 totalExercise: $0.14From: 2003-04-30Exp: 2008-04-01→ Common Stock (30,000 underlying) - Purchase
Line of Credit (Convertible Note)
2005-03-31+949,067→ 949,067 total(indirect: See footnote)Exercise: $0.14From: 2005-03-31Exp: 2007-06-30→ Common Stock (949,067 underlying)
Footnotes (2)
- [F1]The warrant was amended on March 31, 2005 to provide that it is exercisable at the lesser of $.14 or 80% of the fair market value as the date of the actual exercise.
- [F2]The Reporting Person holds a 25.4% interest in DEMALE, LLC which holds a Line of Credit (Convertible Note) which includes a conversion right for the principal amount of, and unpaid interest on, the Line of Credit. As amended on March 31, 2005, the conversion rate is equal to $.14 per share or 80% of the fair market value on the date of the written notice, whichever is lower at the time of conversion. Currently the Line of Credit, including interest through March 31, 2005, is convertible into 3,740,057 shares at $0.14 per share.