Next 1 Interactive amends its $1 million convertible promissory notes

Notes now convert into series A 10% cumulative convertible preferreds

By Devika Patel

Knoxville, Tenn., Feb. 3 - Next 1 Interactive, Inc. amended the terms of $1 million of its secured convertible promissory notes on Jan. 20, according to an 8-K filed Friday with the Securities and Exchange Commission.

Under the agreement with investors, the notes were amended so that each one is convertible into series A 10% cumulative convertible preferred shares on a 1 for 1 basis.

Prior to the amendments, each note was convertible into common shares, based on a conversion price equal to 90% of the average closing price of the common stock during the 10 trading days preceding the conversion, with a minimum conversion price of $0.05 per share.

Weston, Fla.-based Next 1 Interactive is an interactive media company with a focus on video and media advertising delivered over internet and television platforms.

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