ex10_1.htm


    
      


      THIS
SECURED DEBENTURE (THE “SECURITIES”) HAS NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES
LAWS.  THE SECURITIES HAVE BEEN ACQUIRED SOLELY FOR INVESTMENT
PURPOSES AND NOT WITH A VIEW TOWARD RESALE AND MAY NOT BE OFFERED FOR SALE,
SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR
APPLICABLE STATE SECURITIES LAWS, OR AN OPINION OF COUNSEL, IN A GENERALLY
ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR APPLICABLE
STATE SECURITIES LAWS.

       

      SENIOR
SECURED CONVERTIBLE REDEEMABLE DEBENTURE

       

      ENVIRONMENT
ECOLOGY HOLDING CO. OF CHINA

       

      June,
30, 2008

       

      


      
        	
                No.  EEHC
      - 1

              	
                US$2,500,000

              


      

      


      This
Senior Secured Convertible Redeemable Debenture (the “Debenture”) is issued
on June 30, 2008 (the “Closing Date”)
Environment Ecology Holding Co.
of China a Florida corporation, with headquarters located at 391 Hun Yu
Lane, Dong Xin Street, Xi’an, Shaanxi Province, P.R. China (the “Company”), to Trafalgar Capital Specialized
Investment Fund, Luxembourg (together with its permitted successors and
assigns, the “Holder”) pursuant to
exemptions from registration under the Securities Act of 1933, as
amended.

       

      ARTICLE
I.

       

      Section
1.01 Principal
and Interest.  For value
received, the Company hereby promises to pay to the order of the Holder by June
30, 2010 (the “Maturity Date”) in lawful money of the United States of
America and in immediately available funds the unpaid principal sum of Two
Million Five Hundred Thousand U.S. Dollars (US$2,500,000) together with
interest on the unpaid principal of this Debenture at the rate of ten percent
(10%) per annum (the “Interest Rate”) payable monthly in cash on the outstanding
balance commencing one (1) month from the date hereof.  Interest shall
be computed on the basis of a 360-day year and the actual days elapsed and the
Holder shall deduct the first two (2) interest payments at the Closing (as
defined in the Securities Purchase Agreement).  Any unpaid interest
shall be compounded monthly.  Additionally, upon the occurrence of an
Event of Default (as defined herein) the Interest Rate shall be increased to a
rate of eighteen percent (18%) per annum.

       

      Section
1.02 Optional
Conversion.  The Holder is
entitled, at its option, subject to the limitations set forth herein, to
convert, and sell on the same day or at any subsequent time, at any time and
from time to time, until payment in full of the
remaining outstanding principal balance
of this
Debenture, plus any interest, all or any
part of the principal amount of the Debenture, plus accrued interest, into
shares (the “Conversion Shares”)
of Common Stock at the price per share equal to: the lesser of (a) an amount
equal to one hundred twenty-five percent (125%) of the Volume Weighted
Average Price (“VWAP”) as quoted by Bloomberg L.P. on the date hereof (the
“Fixed Price”),
or (b) an amount equal to eighty-five percent (85%) of the lowest
daily closing VWAP as quoted by Bloomberg L.P. during the five
(5)  trading days immediately preceding the Conversion Date (as
defined herein) (the “Conversion
Price”).  No fraction of shares or scrip representing fractions
of shares will be issued on conversion, but the number of shares issuable shall
be rounded to the nearest whole share.  To convert this Debenture, the
Holder hereof shall deliver written notice thereof, substantially in the form of
Exhibit “A” to this Debenture, with appropriate insertions (the “Conversion Notice”),
to the Company at its address as set forth herein.  The date upon
which the conversion shall be effective (the “Conversion Date”)
shall be deemed to be the date set forth in the Conversion
Notice.  Conversions hereunder shall
have the effect of lowering the outstanding
principal amount of this Debenture in an amount equal to the applicable
conversion.  The Holder and the Company shall maintain records showing
the principal amount converted and the date of such conversions. In no event shall the Holder be entitled to
convert this Debenture for a number of shares of Common Stock in excess of that
number of shares of Common Stock which, upon giving effect to such conversion,
would cause the aggregate number of shares of Common Stock beneficially owned by
the Holder and its affiliates to exceed 4.99% of the outstanding shares of the
Common Stock following such conversion without the approval of the
Company.

       

      Section
1.03  Reservation
of Common Stock.  The Company shall
reserve and keep available out of its authorized but unissued shares of Common
Stock, solely for the purpose of effecting the conversion of this Debenture,
such number of shares of Common Stock as shall from time to time be sufficient
to effect such conversion, based upon the Conversion Price.  If at any
time the Company does not have a sufficient number of Conversion Shares
authorized and available, then the Company shall file a preliminary proxy
statement with the Securities and Exchange Commission within ten (10) business
day after such occurrence  and shall call and hold a special meeting
of its stockholders as soon as practicable after such occurrence for the sole
purpose of increasing the number of authorized shares of Common
Stock.

       

      Section
1.04 Conversion
Cap.  Except as provided in the next sentence, unless otherwise
waived by the Company, the Holder shall not convert more than twenty-five
thousand dollars ($25,000) principal amount of this Debenture in any
week.  During any week in which the Company’s Common Stock trades at a
price per share in excess of thirty cents ($0.30), the Holder shall be permitted
to convert up to one hundred thousand dollars ($100,000) principal amount of
this Debenture.

       

      Section
1.05 Mandatory
Redemption.  The Company shall redeem this Debenture in twenty
four (24) equal installments of principal and accrued interest monthly beginning
on the one (1) month anniversary following the First Closing
Date.  The Company shall pay a ten percent (10%) redemption premium on
the principal redeemed each month.  For the avoidance of doubt,
redemptions shall follow the schedule as set out in Exhibit B subject to
adjustment pursuant to Section 1.02 Optional Conversion.

       

      Section
1.06 Interest
Payments.  Holder shall deduct the first two (2) interest
payments at the Closing.  Upon the occurrence of an Event of Default (as defined
in Section 3.01 below) by the Company, the Holder has the option
to elect that the interest due and payable
hereunder be paid in cash (via wire transfer or certified funds) or in
the form of Common Stock.  If paid in the form of Common Stock,
that number of shares of Common Stock with a value
equal to the amount of interest due shall be issued. The amount of stock to be issued will be
calculated as follows: the value of the stock shall be eighty-five percent of
the lower of:  (i) the VWAP as quoted by Bloomberg L.P. on the
date the interest payment is due; or (ii) if the interest payment is not
made when due, the VWAP as quoted by Bloomberg L.P. on the date the interest
payment is made.  No fractional shares will be issued; therefore, in
the event that the value of the Common Stock per share does not equal the total
interest due, the Company will pay the balance in cash. 

       

      Section
1.07 Paying
Agent and Registrar.  Initially, the Company will act as paying
agent and registrar.  The Company may change any paying agent,
registrar, or Company-registrar by giving the Holder not less than ten (10)
business days’ written notice of its election to do so, specifying the name,
address, telephone number and facsimile number of the paying agent or
registrar.  The Company may act in any such capacity.

       

      Section
1.08 Secured
Nature of Debenture.  This Debenture is secured by all of the
assets and property of the Company and its subsidiaries as set forth on Exhibit
A to the Security Agreement dated the date hereof between the Company and the
Holder (the “Security
Agreement”).  As set forth in the Security Agreement, Holder’s
security interest shall terminate upon the occurrence of an Expiration Event as
defined in the Security Agreement.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      Section
1.09                                                   Currency
Exchange Rate Protections.

       

       (a) “Closing Date
Exchange Rate” means the Euro to US dollar spot exchange rate as converted by
the Holder’s Custodian on the date funds are transferred into
escrow.

       

      (b)
           “Repayment
Exchange Rate” means in relation to
each date of a Conversion or Redemption, the Euro to US dollar spot
exchange rate as quoted by Bloomberg or Proquote on such date.

       

      (c)           If
on the date of any Conversion Notice, the Repayment Exchange Rate is more than
the Closing Date Exchange Rate then the number of Shares to be issued shall be
increased by the same percentage as results from dividing the Repayment Exchange
Rate by the relevant Closing Date Exchange Rate.  By way of example,
if the number of Shares to be issued in respect of a particular Conversion
Notice would, but for this Section 1.08, be 1,000 and if the Closing Date
Exchange Rate is 1.75 and the relevant Repayment Exchange Rate is 1.80, then
1,029 Shares will be issued in relation to that Conversion Notice, as the case
may be.  For the avoidance of doubt, the formula for such calculation,
by way of example for this Section, equals ((1.80 /1.75)-1)*1000 = 29 additional
shares.

       

      (d)           If
on any Redemption Date, the Cash Payment Date Exchange Rate, as defined below is
more than the Closing Date Exchange Rate then the amount of cash required to
satisfy the amounts due at such time shall be increased by the same percentage
as results from dividing the Cash Payment Date Exchange Rate by the relevant
Closing Date Exchange Rate. “Cash Payment Date Exchange Rate” means in relation to each
Redemption Date the Euro to US dollar spot
exchange rate as quoted by Bloomberg or Proquote on such date.  By way
of example, if the amount of cash required to repay all amounts due on such date
would, but for this Section 1.08, be $1,000 and if the Closing Date Exchange
Rate is 1.75 and the relevant Repayment Date Exchange Rate is 1.80 then the
amount of cash from the Cash Payment required to repay all amounts due on such
date will be $1,028.57.  For the avoidance of doubt, the formula for
such calculation, by way of example for this Section, equals
((1.80/1.75)-1)*$1000 = $28.57 additional dollars.

       

      ARTICLE
II.

       

      Section
2.01 Amendments
and Waiver of Default.  The Debenture may
not be amended without the written consent of both the Holder and the
Company.  Notwithstanding the above, without the consent of the
Holder, the Debenture may be amended to cure any ambiguity, defect or
inconsistency, or to provide for assumption of the Company obligations to the
Holder.

       

      ARTICLE
III.

       

      Section
3.01 Events of
Default.  An Event of
Default is defined as follows: (a) failure by the Company to pay amounts
due hereunder, including any installment payment of interest or principal
redemption, and the balance due upon the maturity of the Company’s obligations
to pay all amounts in full, within five (5) business days of the date such
payment is due under this Debenture, without notice or demand, (b) after the
Registration Statement required by the Registration Rights Agreement has been
declared effective, failure by the Company’s transfer agent to issue freely
tradeable Common Stock (including Common Stock tradeable under Rule 144) to the
Holder within three (3) days of the Company’s receipt of a Notice of
Conversion or Notice of Exercise from Holder; (c) failure by the Company
for five (5) business days after notice to it to comply with any of its
other agreements in the Debenture; (d) events of bankruptcy or insolvency
or (e) a breach by the Company of any material obligation under the
Securities Purchase Agreement which is not cured by the Company within five (5)
business days after receipt of written notice thereof, (f) a breach by the
Company of any of the Covenants under the Securities Purchase Agreement which is
not cured within five (5) business days of the Company’s receipt of written
notice thereof.  Upon the occurrence of an Event of Default, the
Holder may, in its sole discretion, accelerate full repayment of all debentures
outstanding and accrued interest thereon notwithstanding any limitations
contained in this Debenture and/or the Securities Purchase Agreement dated the
date hereof between the Company and Trafalgar Capital Specialized Investment
Fund, Luxembourg (the “Securities Purchase
Agreement”).

       

      Section
3.02 Failure
to Issue Unrestricted Common Stock. As indicated in
Article III Section 3.01, a breach by the Company of its obligations
under the Securities Purchase Agreement shall be deemed an Event of Default,
which if not cured within the periods specified in Section 3.01, shall entitle
the Holder to accelerate full repayment of the Debentures together with accrued
interest thereon or, notwithstanding any limitations contained in this Debenture
and/or the Securities Purchase Agreement, to convert all amounts outstanding
under the Debentures together with accrued interest thereon into shares of
Common Stock pursuant to Section 1.02 herein.  The Company
acknowledges that failure to honor a Notice of Conversion except as set forth
herein, shall cause irreparable harm to the Holder.

       

      Section
3.03 Re-issuance
of Debenture.  When the Holder
elects to convert a part of the Debenture, upon the Holder’s request, the
Company shall reissue a new Debenture in the same form as this Debenture to
reflect the new principal amount.  Upon Company’s request, Holder
shall surrender this Debenture prior to the issuance of such new
Debenture.

       

      ARTICLE
IV.

       

      Section
4.01 [Reserved]

       

      ARTICLE
V.

       

      Section
5.01 Anti-dilution.  In the event that
the Company shall at any time subdivide the outstanding shares of Common Stock,
or shall issue a stock dividend on the outstanding Common Stock, the Conversion
Price in effect immediately prior to such subdivision or the issuance of such
dividend shall be proportionately decreased, and in the event that the Company
shall at any time combine the outstanding shares of Common Stock, the Conversion
Price in effect immediately prior to such combination shall be proportionately
increased, effective at the close of business on the date of such subdivision,
dividend or combination as the case may be.

       

      Section
5.02 Consent  of
Holder to Sell Capital Stock, Incur Debt or Grant Security Interests.  Except for the
Securities Purchase Agreement dated the date hereof between the Company and
Trafalgar Capital Specialized Investment Fund, Luxembourg, so long as any of the
principal of or interest on this Debenture remains unpaid, the Company shall
not, without the prior consent of the Holder, (i) issue or sell shares of Common
Stock or Preferred Stock without consideration or for a consideration per share
less than the bid price of the Common Stock determined immediately prior to its
issuance provided that upon such sale with Holder’s consent, the Fixed
Conversion Price in the Debentures shall be reset to an amount equal to
eighty-five percent of such sales price (the “Reset Price”) if such Reset Price
would be lower than the then current Fixed Conversion Price, (ii) issue or sell
any warrant, option, right, contract, call, or other security instrument
granting the holder thereof, the right to acquire Common Stock without
consideration or for a consideration less than such Common Stock’s bid price
value determined immediately prior to it’s issuance, (iii) enter into any
security instrument granting the holder a security interest in any and all
assets of the Company or any subsidiary of the Company (whether now owned or
acquired in the future while the Debentures are outstanding) unless such
security interest is junior to the security interest held by the Holder
hereunder and under the Security Agreement and in no way or manner diminishes
Holder’s rights hereunder or under the Security Agreement,, (iv) permit any
subsidiary of the Company (whether now owned or acquired in the future while the
Debentures are outstanding) to enter into any security instrument granting the
holder a security interest in any and all assets of such subsidiary (v) file any
registration statement on Form S-8 or (vi) incur any additional secured debt or
permit any subsidiary of the Company to incur any additional secured debt
without the Holder’s prior written consent unless the security interest on such
secured debt is junior to the security interest held by the Holder hereunder and
under the Security Agreement.  Notwithstanding anything to the
contrary herein or in any other Transaction Document, the Company shall be
permitted to issue up to seventy five thousand dollars ($75,000) worth of Common
Stock per year as compensation to key employees.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      ARTICLE
VI.

       

      Section
6.01 Notice.  Notices regarding
this Debenture shall be sent to the parties at the following addresses, unless a
party notifies the other parties, in writing, of a change of
address:

       

      
        	
                If
      to the Company, to:

              	
                Environment
      Ecology Holding Co. of China

              
	 
      	
                391
      Hun Yu Lane, Dong Xin Street

              
	 
      	
                Xi’an
      Shaanxi Province, P.R. China

              
	 
      	
                Attention:  Mr.
      Liu Sheng Li, President

              
	 
      	
                Telephone:

              
	 
      	
                Facsimile:

              
	 
      	 
      
	
                With
      a copy to:

              	
                JPF
      Securities Law, LLC

              
	 
      	
                17111
      Kenton Drive, Suite 100B

              
	 
      	
                Cornelius,
      NC 28031

              
	 
      	
                Attention:  Jared
      P. Febbroriello, Esq. LLM

              
	 
      	
                Telephone:
      (704) 897-8334

              
	 
      	
                Facsimile:  (888)
      606-5705

              
	 
      	 
      
	
                If
      to the Holder:

              	
                Trafalgar
      Capital Specialized Investment Fund

              
	 
      	
                8-10
      Rue Mathias Hardt

              
	 
      	
                BP
      3023

              
	 
      	
                L-1030
      Luxembourg

              
	 
      	
                Attention:   Andrew
      Garai, Chairman of the Board of

              
	 
      	
                Facsimile:   011-44-207-405-0161
      and

                                  001-786-323-1651

              
	 
      	 
      
	
                With
      a copy to:

              	
                James
      G. Dodrill II, P.A.

              
	 
      	
                5800
      Hamilton Way

              
	 
      	
                Boca
      Raton, FL  33496

              
	 
      	
                Attention:                                James
      Dodrill, Esq.

              
	 
      	
                Telephone:                              (561)
      862-0529

              
	 
      	
                Facsimile:                                (561)
      892-7787

              
	 
      	 
      


      

      


      Section
6.02 Governing
Law.  This Debenture
shall be deemed to be made under and shall be construed in accordance with the
laws of the State of Florida without giving effect to the principals of conflict
of laws thereof.  Each of the parties consents to the jurisdiction of
the U.S. District Court sitting in the Southern District of the State of
Florida or the state courts of the State of Florida sitting in Broward County,
Florida in connection with any dispute arising under this Debenture and hereby
waives, to the maximum extent permitted by law, any objection, including any
objection based on forum non conveniens to the
bringing of any such proceeding in such jurisdictions.

       

      Section
6.03 Severability.  The invalidity of
any of the provisions of this Debenture shall not invalidate or otherwise affect
any of the other provisions of this Debenture, which shall remain in full force
and effect.

       

      Section
6.04 Entire
Agreement and Amendments.  This Debenture
represents the entire agreement between the parties hereto with respect to the
subject matter hereof and there are no representations, warranties or
commitments, except as set forth herein.  This Debenture may be
amended only by an instrument in writing executed by the parties
hereto.

       

      Section
6.05 Counterparts.  This Debenture
may be executed in multiple counterparts, each of which shall be an original,
but all of which shall be deemed to constitute on instrument.

       

      IN WITNESS WHEREOF, with the
intent to be legally bound hereby, the Company as executed this Debenture as of
the date first written above.

       

      
        	 
      	
                ENVIRONMENT
      ECOLOGY HOLDING CO. OF CHINA

              
	 
      	 
      
	 
      	
                By:                                                                

              
	 
      	
                Name:  Liu
      Sheng Li

              
	 
      	
                Title:  
        President

              


      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      EXHIBIT
“A”

       

      NOTICE OF
CONVERSION

       

      (To
be executed by the Holder in order to Convert the Debenture)

       

      


      
        	
                TO:

              	 
      


      

      


      The
undersigned hereby irrevocably elects to convert US$ of the principal amount of
the above Debenture into Shares of Common Stock of Environment Ecology Holding Co. of
China, according to the conditions stated therein, as of the Conversion
Date written below.

       

      
        	
                Conversion
      Date:

              	 
      
	
                Applicable
      Conversion Price:

              	 
      
	
                Signature:

              	 
      
	
                Name:

              	 
      
	
                Address:

              	 
      
	
                Amount
      to be converted:

              	
                US$                                                                                      

              
	
                Amount
      of Debenture unconverted:

              	
                US$                                                                                      

              
	
                Conversion
      Price per share:

              	
                US$                                                                                      

              
	
                Number
      of shares of Common Stock to be issued:

              	 
      
	
                Please
      issue the shares of Common Stock in the following name and to the
      following address:

              	 
      
	
                Issue
      to:

              	 
      
	
                Authorized
      Signature:

              	 
      
	
                Name:

              	 
      
	
                Title:

              	 
      
	
                Phone
      Number:

              	 
      
	
                Broker
      DTC Participant Code:

              	 
      
	
                Account
      Number:

              	 
      


      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
B

      


      
        	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	
                Environmental
      Ecology

              	 
      	 
      	 
      	
                Loan
      Amount

              	
                2,500,000

              
	 
      	 
      	 
      	 
      	 
      	
                Annual
      Interest rate

              	
                10%

              
	 
      	 
      	 
      	 
      	 
      	
                Term

              	
                24

              
	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	
                Redemption

              	
                Redemption

              	
                Total

              
	
                No

              	
                Ending
      Balance

              	
                Interest

              	
                Principal
      due

              	
                Premium

              	
                Premium
      Amount

              	
                Payable

              
	
                0

              	
                $2,500,000

              	 
      	 
      	 
      	 
      	 
      
	
                1

              	
                $2,395,833.33

              	
                Paid
      at close

              	
                $104,166.67

              	
                10%

              	
                $10,416.67

              	
                $114,583.33

              
	
                2

              	
                $2,291,666.67

              	
                Paid
      at close

              	
                $104,166.67

              	
                10%

              	
                $10,416.67

              	
                $114,583.33

              
	
                3

              	
                $2,187,500.00

              	
                $19,097.22

              	
                $104,166.67

              	
                10%

              	
                $10,416.67

              	
                $133,680.56

              
	
                4

              	
                $2,083,333.33

              	
                $18,229.17

              	
                $104,166.67

              	
                10%

              	
                $10,416.67

              	
                $132,812.50

              
	
                5

              	
                $1,979,166.67

              	
                $17,361.11

              	
                $104,166.67

              	
                10%

              	
                $10,416.67

              	
                $131,944.44

              
	
                6

              	
                $1,875,000.00

              	
                $16,493.06

              	
                $104,166.67

              	
                10%

              	
                $10,416.67

              	
                $131,076.39

              
	
                7

              	
                $1,770,833.33

              	
                $15,625.00

              	
                $104,166.67

              	
                10%

              	
                $10,416.67

              	
                $130,208.33

              
	
                8

              	
                $1,666,666.67

              	
                $14,756.94

              	
                $104,166.67

              	
                10%

              	
                $10,416.67

              	
                $129,340.28

              
	
                9

              	
                $1,562,500.00

              	
                $13,888.89

              	
                $104,166.67

              	
                10%

              	
                $10,416.67

              	
                $128,472.22

              
	
                10

              	
                $1,458,333.33

              	
                $13,020.83

              	
                $104,166.67

              	
                10%

              	
                $10,416.67

              	
                $127,604.17

              
	
                11

              	
                $1,354,166.67

              	
                $12,152.78

              	
                $104,166.67

              	
                10%

              	
                $10,416.67

              	
                $126,736.11

              
	
                12

              	
                $1,250,000.00

              	
                $11,284.72

              	
                $104,166.67

              	
                10%

              	
                $10,416.67

              	
                $125,868.06

              
	
                13

              	
                $1,145,833.33

              	
                $10,416.67

              	
                $104,166.67

              	
                10%

              	
                $10,416.67

              	
                $125,000.00

              
	
                14

              	
                $1,041,666.67

              	
                $9,548.61

              	
                $104,166.67

              	
                10%

              	
                $10,416.67

              	
                $124,131.94

              
	
                15

              	
                $937,500.00

              	
                $8,680.56

              	
                $104,166.67

              	
                10%

              	
                $10,416.67

              	
                $123,263.89

              
	
                16

              	
                $833,333.33

              	
                $7,812.50

              	
                $104,166.67

              	
                10%

              	
                $10,416.67

              	
                $122,395.83

              
	
                17

              	
                $729,166.67

              	
                $6,944.44

              	
                $104,166.67

              	
                10%

              	
                $10,416.67

              	
                $121,527.78

              
	
                18

              	
                $625,000.00

              	
                $6,076.39

              	
                $104,166.67

              	
                10%

              	
                $10,416.67

              	
                $120,659.72

              
	
                19

              	
                $520,833.33

              	
                $5,208.33

              	
                $104,166.67

              	
                10%

              	
                $10,416.67

              	
                $119,791.67

              
	
                20

              	
                $416,666.67

              	
                $4,340.28

              	
                $104,166.67

              	
                10%

              	
                $10,416.67

              	
                $118,923.61

              
	
                21

              	
                $312,500.00

              	
                $3,472.22

              	
                $104,166.67

              	
                10%

              	
                $10,416.67

              	
                $118,055.56

              
	
                22

              	
                $208,333.33

              	
                $2,604.17

              	
                $104,166.67

              	
                10%

              	
                $10,416.67

              	
                $117,187.50

              
	
                23

              	
                $104,166.67

              	
                $1,736.11

              	
                $104,166.67

              	
                10%

              	
                $10,416.67

              	
                $116,319.44

              
	
                24

              	
                ($0.00)

              	
                $868.06

              	
                $104,166.67

              	
                10%

              	
                $10,416.67

              	
                $115,451.39