Document:

SECURITIES PURCHASE AGREEMENT

     Securities Purchase Agreement dated as of April 27, 2004 (this "AGREEMENT")
by  and  between  Invicta  Group  Inc.,  a  Nevada  corporation,  with principal
executive  offices  located at 9553 Harding Avenue, Suite 33154 (the "COMPANY"),
and  Golden  Gate  Investors,  Inc.  ("BUYER").

     WHEREAS,  Buyer  desires  to  purchase  from  the  Company, and the Company
desires to issue and sell to Buyer, upon the terms and subject to the conditions
of  this  Agreement,  the         Convertible  Debenture  of  the Company in the
aggregate  principal  amount  of  $300,000  (the  "DEBENTURE");  and

     WHEREAS,  in  conjunction  with  the  Debenture,  the  Company has issued a
Warrant  to  Purchase  Common  Stock  to  the  Buyer (the "WARRANT OR CONVERSION
WARRANT");  and  WHEREAS, upon the terms and subject to the conditions set forth
in  the Debenture and the Warrant, the Debenture and Warrant are convertible and
exercisable,  respectively,  into  shares  of  the  Company's  Common Stock (the
"COMMON STOCK"); NOW, THEREFORE, in consideration of the premises and the mutual
covenants  contained  herein, the parties hereto, intending to be legally bound,
hereby  agree  as  follows:

I.     PURCHASE  AND  SALE  OF  DEBENTURE

A.     TRANSACTION.  Buyer  hereby  agrees to purchase from the Company, and the
Company  has  offered  and  hereby  agrees  to  issue  and  sell  to  Buyer in a
transaction exempt from the registration and prospectus delivery requirements of
the  Securities  Act  of 1933, as amended (the "SECURITIES ACT"), the Debenture.

B.     PURCHASE PRICE; FORM OF PAYMENT.  The purchase price for the Debenture to
be  purchased  by  Buyer  hereunder  shall  be  $300,000 (the "PURCHASE PRICE").
Simultaneously with the execution of this Agreement, Buyer shall pay $300,000 of
the  Purchase  Price  (the  "Initial  Purchase  Price")  by  wire  transfer  of
immediately available funds to the Company. Simultaneously with the execution of
this  Agreement,  the  Company  shall  deliver the Convertible Debenture and the
Conversion  Warrants (which shall have been duly authorized, issued and executed
I/N/O  Buyer  or,  if  the  Company  otherwise  has been notified, I/N/O Buyer's
nominee).

II.    BUYER'S  REPRESENTATIONS  AND  WARRANTIES

     Buyer  represents and warrants to and covenants and agrees with the Company
as  follows:

A.     Buyer  is  purchasing  the  Debenture  and the Common Stock issuable upon
conversion  or  redemption  of  the  Debenture  (the  "CONVERSION  SHARES"  and,
collectively  with  the  Debenture and the Warrant Shares, the "SECURITIES") for
its  own account, for investment purposes only and not with a view towards or in
connection  with  the  public  sale  or distribution thereof in violation of the
Securities  Act.

B.     Buyer  is  (i) an "accredited investor" within the meaning of Rule 501 of
Regulation D under the Securities Act, (ii) experienced in making investments of
the  kind  contemplated  by  this  Agreement,  (iii)  capable,  by reason of its
business  and  financial experience, of evaluating the relative merits and risks
of  an  investment  in  the  Securities, and (iv) able to afford the loss of its
investment  in  the  Securities.

C.     Buyer understands that the Securities are being offered and sold by the
Company  in  reliance  on an exemption from the registration requirements of the
Securities Act and equivalent state securities and "blue sky" laws, and that the
Company  is  relying  upon the accuracy of, and Buyer's compliance with, Buyer's
representations,  warranties  and  covenants  set  forth  in  this  Agreement to
determine  the  availability  of  such exemption and the eligibility of Buyer to
purchase  the  Securities;

D.     Buyer  understands  that  the  Securities  have  not  been  approved  or
disapproved  by the Securities and Exchange Commission (the "COMMISSION") or any
state  or  provincial  securities  commission.

E.     This Agreement  has  been  duly  and  validly  authorized,  executed  and
delivered  by  Buyer  and  is a valid and binding agreement of Buyer enforceable
against  it  in  accordance  with  its  terms, subject to applicable bankruptcy,
insolvency,  fraudulent  conveyance, reorganization, moratorium and similar laws
affecting  creditors'  rights  and  remedies  generally  and except as rights to
indemnity and contribution may be limited by federal or state securities laws or
the  public  policy  underlying  such  laws.

III.   THE  COMPANY'S  REPRESENTATIONS

The  Company  represents  and  warrants  to  Buyer  that:

A.     CAPITALIZATION.

1.     The  authorized  capital  stock  of  the Company consists of  190,000,000
shares  of  Common  Stock  and  10,000,000 shares of Series A Preferred Stock of
which  51,892,279  shares  and  zero  shares,  respectively,  are  issued  and
outstanding  as  of  the  date hereof and are fully paid and nonassessable.  The
amount,  exercise, conversion or subscription price and expiration date for each
outstanding  option and other security or agreement to purchase shares of Common
Stock  is  accurately  set  forth  on  Schedule  III.A.1.
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2.     The Conversion Shares and the Warrant Shares have been duly and validly
authorized  and  reserved  for  issuance by the Company, and, when issued by the
Company upon conversion of the Debenture, will be duly and validly issued, fully
paid  and  nonassessable  and  will  not  subject the holder thereof to personal
liability  by  reason  of  being  such  holder.

3.     Except  as  disclosed  on  Schedule  III.A.3., there  are no preemptive,
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subscription,  "call," right of first refusal or other similar rights to acquire
any  capital stock of the Company or other voting securities of the Company that
have  been  issued  or  granted  to  any  person and no other obligations of the
Company  to  issue,  grant,  extend or enter into any security, option, warrant,
"call," right, commitment, agreement, arrangement or undertaking with respect to
any  of  their  respective  capital  stock.

B.     ORGANIZATION;  REPORTING  COMPANY  STATUS.

1.     The Company is a corporation duly organized, validly existing and in good
standing under the laws of the state or jurisdiction in which it is incorporated
and is duly qualified as a foreign corporation in all jurisdictions in which the
failure  so  to  qualify would reasonably be expected to have a material adverse
effect  on  the  business,  properties,  prospects,  condition  (financial  or
otherwise) or results of operations of the Company or on the consummation of any
of  the  transactions  contemplated  by  this  Agreement  (a  "MATERIAL  ADVERSE
EFFECT").

2.     The Company is  subject  to  the reporting requirements of the Securities
Exchange  Act  of  1934,  as  amended  (the "EXCHANGE ACT"). The Common Stock is
traded  on  the  OTC  Bulletin  Board  service  of  the  National Association of
Securities  Dealers,  Inc. ("OTCBB") and the Company has not received any notice
regarding,  and  to  its  knowledge  there  is  no threat of, the termination or
discontinuance  of  the  eligibility  of  the  Common  Stock  for  such trading.

C.     AUTHORIZATION.  The  Company  (i)  has  duly  and  validly authorized and
reserved  for  issuance shares of Common Stock, which is a number sufficient for
the  conversion  of the Debenture and the exercise of the Conversion Warrant and
(ii)  at all times from and after the date hereof shall have a sufficient number
of  shares of Common Stock duly and validly authorized and reserved for issuance
to  satisfy  the  conversion  of  the  Debenture in full and the exercise of the
Conversion  Warrant.  The  Company  understands and acknowledges the potentially
dilutive effect on the Common Stock of the issuance of the Conversion Shares and
the  Warrant  Shares.  The  Company  further acknowledges that its obligation to
issue Conversion Shares upon conversion of the Debenture and the exercise of the
Conversion  Warrant and the Initial Warrant in accordance with this Agreement is
absolute  and unconditional regardless of the dilutive effect that such issuance
may  have  on  the  ownership interests of other stockholders of the Company and
notwithstanding  the  commencement  of any case under 11 U.S.C. 101 et seq. (the
                                                                    -- ---
"BANKRUPTCY  CODE").  In  the event the Company is a debtor under the Bankruptcy
Code,  the  Company  hereby waives to the fullest extent permitted any rights to
relief  it  may  have  under  11  U.S.C. 362 in respect of the conversion of the
Debenture.  The  Company  agrees,  without  cost or expense to Buyer, to take or
consent  to  any  and  all action necessary to effectuate relief under 11 U.S.C.
362.

D.     AUTHORITY;  VALIDITY  AND  ENFORCEABILITY.  The Company has the requisite
corporate  power  and  authority  to  enter  into the Documents (as such term is
hereinafter  defined)  and  to  perform  all  of  its  obligations hereunder and
thereunder  (including  the  issuance,  sale  and  delivery  to  Buyer  of  the
Securities).  The  execution,  delivery  and  performance  by the Company of the
Documents  and  the consummation by the Company of the transactions contemplated
hereby and thereby (including, without limitation, the issuance of the Debenture
and  the  issuance and reservation for issuance of the Conversion Shares and the
Warrant Shares) have been duly and validly authorized by all necessary corporate
action  on  the  part  of  the  Company. Each of the Documents has been duly and
validly  executed  and  delivered by the Company and each Document constitutes a
valid and binding obligation of the Company enforceable against it in accordance
with  its  terms,  subject  to  applicable  bankruptcy,  insolvency,  fraudulent
conveyance,  reorganization,  moratorium  and  similar laws affecting creditors'
rights and remedies generally and except as rights to indemnity and contribution
may  be  limited  by  federal  or  state  securities  laws  or the public policy
underlying  such  laws. The Securities have been duly and validly authorized for
issuance by the Company and, when executed and delivered by the Company, will be
valid  and  binding  obligations  of  the  Company  enforceable  against  it  in
accordance  with  their  respective  terms,  subject  to  applicable bankruptcy,
insolvency,  fraudulent  conveyance, reorganization, moratorium and similar laws
affecting  creditors'  rights  and  remedies  generally.  For  purposes  of this
Agreement,  the term "DOCUMENTS" means (i) this Agreement; (ii) the Registration
Rights  Agreement  dated as of even date herewith between the Company and Buyer,
(iii)  the  Debenture;  and  (iv)  the  Conversion  Warrant.

E.     VALIDITY  OF  ISSUANCE  OF THE SECURITIES.  The Debenture, the Conversion
Shares  upon  their  issuance  in accordance with the Debenture, and the Warrant
Shares will be validly issued and outstanding, fully paid and nonassessable, and
not subject to any preemptive rights, rights of first refusal, tag-along rights,
drag-along  rights  or  other  similar  rights.

F.     NON-CONTRAVENTION.  The execution and delivery  by  the  Company  of  the
Documents,  the  issuance of the Securities, and the consummation by the Company
of the other transactions contemplated hereby and thereby do not, and compliance
with  the  provisions  of  this Agreement and other Documents will not, conflict
with, or result in any violation of, or default (with or without notice or lapse
of time, or both) under, or give rise to a right of termination, cancellation or
acceleration of any obligation or loss of a material benefit under, or result in
the  creation  of any Lien (as such term is hereinafter defined) upon any of the
properties  or assets of the Company or any of its Subsidiaries under, or result
in  the termination of, or require that any consent be obtained or any notice be
given  with  respect  to  (i)  the  Articles  or Certificate of Incorporation or
By-Laws  of the Company or the comparable charter or organizational documents of
any  of its Subsidiaries, in each case as amended to the date of this Agreement,
(ii)  any loan or credit agreement, Debenture, bond, mortgage, indenture, lease,
contract  or  other agreement, instrument or permit applicable to the Company or
any  of  its  Subsidiaries or their respective properties or assets or (iii) any
Law (as such term is hereinafter defined) applicable to, or any judgment, decree
or  order  of any court or government body having jurisdiction over, the Company
or  any  of  its  Subsidiaries  or any of their respective properties or assets.

G.     APPROVALS.  No authorization, approval or consent of any court or public
or  governmental  authority  is  required  to be obtained by the Company for the
issuance  and sale of the Securities to Buyer as contemplated by this Agreement,
except  such authorizations, approvals and consents as have been obtained by the
Company  prior  to  the  date  hereof.

H.     COMMISSION  FILINGS.  The  Company has properly and timely filed with the
Commission  all reports, proxy statements, forms and other documents required to
be filed with the Commission under the Securities Act and the Exchange Act since
becoming subject to such Acts (the "COMMISSION FILINGS"). As of their respective
dates,  (i)  the  Commission  Filings complied in all material respects with the
requirements  of the Securities Act or the Exchange Act, as the case may be, and
the rules and regulations of the Commission promulgated thereunder applicable to
such Commission Filings and (ii) none of the Commission Filings contained at the
time of its filing any untrue statement of a material fact or omitted to state a
material  fact  required  to be stated therein or necessary in order to make the
statements  therein,  in  light of the circumstances under which they were made,
not  misleading.  The  financial  statements  of  the  Company  included  in the
Commission Filings, as of the dates of such documents, were true and complete in
all  material  respects and complied with applicable accounting requirements and
the published rules and regulations of the Commission with respect thereto, were
prepared  in  accordance  with  generally  accepted accounting principles in the
United  States ("GAAP") (except in the case of unaudited statements permitted by
Form  10-Q  under  the  Exchange  Act)  applied on a consistent basis during the
periods  involved  (except  as may be indicated in the notes thereto) and fairly
presented  the  consolidated  financial  position  of  the  Company  and  its
Subsidiaries  as  of  the  dates  thereof  and the consolidated results of their
operations  and  cash  flows for the periods then ended (subject, in the case of
unaudited statements, to normal year-end audit adjustments that in the aggregate
are  not  material  and  to  any  other  adjustment  described  therein).

I.     FULL  DISCLOSURE.  There  is  no  fact  known  to the Company (other than
general  economic or industry conditions known to the public generally) that has
not  been fully disclosed in the Commission Filings that (i) reasonably could be
expected  to have a Material Adverse Effect or (ii) reasonably could be expected
to  materially  and  adversely  affect the ability of the Company to perform its
obligations  pursuant  to  the  Documents.

J.     ABSENCE OF EVENTS OF DEFAULT.  No "EVENT OF DEFAULT"  (as  defined in any
agreement  or  instrument  to  which the Company is a party) and no event which,
with  notice, lapse of time or both, would constitute an Event of Default (as so
defined),  has  occurred  and  is  continuing.

K.     SECURITIES LAW MATTERS.  Assuming the accuracy of the representations and
warranties  of  Buyer set forth in Article II, the offer and sale by the Company
of  the  Securities  is exempt from (i) the registration and prospectus delivery
requirements  of  the  Securities  Act  and  the  rules  and  regulations of the
Commission  thereunder and (ii) the registration and/or qualification provisions
of  all  applicable  state  and  provincial  securities and "blue sky" laws. The
Company  shall  not directly or indirectly take, and shall not permit any of its
directors,  officers  or  Affiliates  directly or indirectly to take, any action
(including,  without limitation, any offering or sale to any person or entity of
any security similar to the Debenture) which will make unavailable the exemption
from  Securities Act registration being relied upon by the Company for the offer
and sale to Buyer of the Debenture, the Conversion Shares and the Warrant Shares
as  contemplated  by  this  Agreement.  No  form  of  general  solicitation  or
advertising  has  been used or authorized by the Company or any of its officers,
directors  or  Affiliates  in connection with the offer or sale of the Debenture
(and  the  Conversion  Shares)  as  contemplated  by this Agreement or any other
agreement  to  which  the  Company  is  a  party.

L.     REGISTRATION RIGHTS.  Except  as set forth on Schedule III.L.,  no Person
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has,  and  as  of  the  Closing (as such term is hereinafter defined), no Person
shall  have,  any  demand,  "piggy-back" or other rights to cause the Company to
file  any registration statement under the Securities Act relating to any of its
securities  or  to  participate  in  any  such  registration  statement.

M.     INTEREST.  The timely  payment  of  interest  on  the  Debenture  is  not
prohibited  by  the  Articles  or Certificate of Incorporation or By-Laws of the
Company,  in  each  case  as  amended  to  the  date  of  this Agreement, or any
agreement,  contract,  document  or  other undertaking to which the Company is a
party.

N.     NO  MISREPRESENTATION.  No  representation  or  warranty  of  the Company
contained  in  this Agreement or any of the other Documents, any schedule, annex
or  exhibit  hereto  or  thereto  or  any  agreement,  instrument or certificate
furnished by the Company to Buyer pursuant to this Agreement contains any untrue
statement  of  a  material fact or omits to state a material fact required to be
stated  therein  or  necessary  to  make  the statements therein not misleading.

O.     FINDER'S  FEE.  There is  no  finder's  fee, brokerage commission or like
payment  in  connection with the transactions contemplated by this Agreement for
which  Buyer  is  liable  or  responsible.

IV.    CERTAIN  COVENANTS  AND  ACKNOWLEDGMENTS

A.     FILINGS.  The  Company  shall  make  all necessary Commission Filings and
"blue  sky"  filings  required  to be made by the Company in connection with the
sale  of  the  Securities to Buyer as required by all applicable Laws, and shall
provide  a  copy  thereof  to  Buyer  promptly  after  such  filing.

B.     REPORTING  STATUS.  So  long  as  Buyer  beneficially  owns  any  of  the
Securities, the Company shall timely file all reports required to be filed by it
     with  the  Commission  pursuant to Section 13 or 15(d) of the Exchange Act.

C.     LISTING.  Except to the extent the Company lists its Common Stock on  The
New York Stock Exchange, The American Stock Exchange or The Nasdaq Stock Market,
the  Company  shall  use  its best efforts to maintain its listing of the Common
Stock on OTCBB. If the Common Stock is delisted from OTCBB, the Company will use
its best efforts to list the Common Stock on the most liquid national securities
exchange or quotation system that the Common Stock is qualified to be listed on.

D.     RESERVED CONVERSION COMMON  STOCK.  The  Company  at  all  times from and
after  the date hereof shall have such number of shares of Common Stock duly and
validly  authorized  and  reserved  for  issuance as shall be sufficient for the
conversion  in full of the Debenture and the exercise of the Conversion Warrant.

E.     INFORMATION.  Each  of the parties  hereto  acknowledges  and agrees that
Buyer  shall  not  be  provided  with,  nor  be  given  access  to, any material
non-public  information  relating  to  the  Company.

F.     ACCOUNTING AND RESERVES.  The  Company  shall  maintain  a  standard  and
uniform  system  of  accounting  and  shall  keep  proper  books and records and
accounts  in  which  full,  true,  and  correct  entries  shall  be  made of its
transactions,  all  in  accordance with GAAP applied on consistent basis through
all  periods,  and  shall  set aside on such books for each fiscal year all such
reserves  for  depreciation,  obsolescence,  amortization,  bad  debts and other
purposes in connection with its operations as are required by such principles so
applied.

G.     TRANSACTIONS WITH AFFILIATES.  So  long  as the Debenture is outstanding,
neither  the  Company nor any of its Subsidiaries shall, directly or indirectly,
enter  into any material transaction or agreement with any stockholder, officer,
director  or  Affiliate of the Company or family member of any officer, director
or Affiliate of the Company, unless the transaction or agreement is (i) reviewed
and  approved  by  a  majority  of  Disinterested  Directors  (as  such  term is
hereinafter  defined)  and (ii) on terms no less favorable to the Company or the
applicable  Subsidiary  than  those  obtainable  from  a nonaffiliated person. A
"DISINTERESTED DIRECTOR" shall mean a director of the Company who is not and has
not  been  an  officer or employee of the Company and who is not a member of the
family  of,  controlled  by  or  under  common control with, any such officer or
employee.

H.     CERTAIN  RESTRICTIONS.  So long as  the  Debenture  is  outstanding,  no
dividends shall be declared or paid or set apart for payment nor shall any other
distribution  be  declared  or  made  upon any capital stock of the Company, nor
shall  any  capital  stock  of  the  Company be redeemed, purchased or otherwise
acquired  (other  than  a redemption, purchase or other acquisition of shares of
Common  Stock  made  for  purposes  of  an  employee  incentive  or benefit plan
(including  a  stock  option  plan)  of  the  Company  or pursuant to any of the
security  agreements  listed  on  Schedule  III.A,  for any consideration by the
                                  ---------------
Company,  directly  or  indirectly,  nor  shall  any  moneys  be paid to or made
available  for a sinking fund for the redemption of any Common Stock of any such
stock.

I.     SHORT  SELLING.  So  long  as  the  Debenture  is  outstanding,  Buyer
agrees  and covenants on its behalf and on behalf of its affiliates that neither
Buyer  nor  its  affiliates  shall  at  any  time engage in any short sales with
respect  to  the  Company's  Common  Stock,  or  sell  put  options  or  similar
instruments  with  respect  to  the  Company's  Common  Stock.

V.     ISSUANCE  OF  COMMON  STOCK

A.     The  Company  undertakes  and  agrees  that no instruction other than the
instructions  referred  to  in  this  Article  V  and  customary  stop  transfer
instructions  prior to the registration and sale of the Common Stock pursuant to
an  effective  Securities  Act  registration  statement  shall  be  given to its
transfer  agent  for  the  Conversion Shares and the Warrant Shares and that the
Conversion  Shares and the Warrant Shares shall otherwise be freely transferable
on  the  books  and records of the Company as and to the extent provided in this
Agreement,  the  Registration  Rights  Agreement  and  applicable  law.  Nothing
contained  in  this Section V.A. shall affect in any way Buyer's obligations and
agreement  to  comply  with  all  applicable securities laws upon resale of such
Common  Stock.

B.     Buyer  shall  have  the  right  to convert the Debenture and exercise the
Warrant by telecopying an executed and completed Conversion Notice (as such term
is  defined  in  the  Debenture)  or Warrant Notice of Exercise (as such term is
defined  in  the Warrant) to the Company. Each date on which a Conversion Notice
or  Warrant  Notice  of Exercise is telecopied to and received by the Company in
accordance with the provisions hereof shall be deemed a Conversion Date (as such
term is defined in the Debenture). The Company shall cause the transfer agent to
transmit  the  certificates evidencing the Common Stock issuable upon conversion
of  the  Debenture  (together  with  a  new  debenture, if any, representing the
principal  amount  of  the  Debenture not being so converted) or exercise of the
Warrant  (together  with  a  new Warrant, if any, representing the amount of the
Warrant  not  being  so  exercised)  to  Buyer  via  express  courier,  or  if a
Registration  Statement covering the Common Stock has been declared effective by
the  SEC by electronic transfer, within three (3) business days after receipt by
the  Company  of  the  Conversion  Notice  or  Warrant  Notice  of Exercise (the
"DELIVERY  DATE").

C.     Upon the conversion of the Debenture or exercise of the Warrant  or  part
thereof,  the  Company  shall,  at  its own cost and expense, take all necessary
action  (including  the  issuance  of  an opinion of counsel) to assure that the
Company's transfer agent shall issue stock certificates in the name of Buyer (or
its  nominee)  or  such  other  persons  as  designated  by  Buyer  and  in such
denominations to be specified at conversion representing the number of shares of
common  stock  issuable  upon  such conversion or exercise. The Company warrants
that  the Conversion Shares and Warrant Shares will be unlegended, free-trading,
and freely transferable, and will not contain a legend restricting the resale or
transferability  of  the Company Common Stock provided the Conversion Shares and
Warrant  Shares  are  being sold pursuant to an effective registration statement
covering  the  Common  Stock to be sold or is otherwise exempt from registration
when  sold.

D.     The Company understands that a delay in the delivery of the Common  Stock
in  the  form  required  pursuant  to  this section, or the Mandatory Redemption
Amount  described  in  Section  E  hereof, beyond the Delivery Date or Mandatory
Redemption  Payment  Date (as hereinafter defined) could result in economic loss
to  the Buyer. As compensation to the Buyer for such loss, the Company agrees to
pay  late  payments  to  the Buyer for late issuance of Common Stock in the form
required  pursuant  to Section C hereof upon Conversion of the Debenture or late
payment  of  the Mandatory Redemption Amount, in the amount of $100 per business
day  after  the  Delivery Date or Mandatory Redemption Payment Date, as the case
may  be,  for  each  $10,000  of  Debenture  principal amount being converted or
redeemed.  The  Company  shall  pay  any payments incurred under this Section in
immediately  available  funds upon demand. Furthermore, in addition to any other
remedies  which  may  be  available  to the Buyer, in the event that the Company
fails for any reason to effect delivery of the Common Stock by the Delivery Date
or  make  payment  by  the  Mandatory Redemption Payment Date, the Buyer will be
entitled  to  revoke all or part of the relevant Notice of Conversion or rescind
all  or  part  of  the notice of Mandatory Redemption by delivery of a notice to
such  effect  to  the  Company whereupon the Company and the Buyer shall each be
restored to their respective positions immediately prior to the delivery of such
notice,  except  that  late  payment  charges  described  above shall be payable
through  the  date  notice  of revocation or rescission is given to the Company.

E.     Mandatory Redemption. In the event the Company is prohibited from issuing
Common  Stock,  or  fails  to timely deliver Common Stock on a Delivery Date, or
upon  the occurrence of an Event of Default (as defined in the Debenture) or for
any  reason other than pursuant to the limitations set forth herein, or upon the
occurrence  of  an  Event  of  Default  as defined in the Debenture, then at the
Buyer's election, the Company must pay to the Buyer ten (10) business days after
request  by  the Buyer or on the Delivery Date (if requested by the Buyer) a sum
of money determined by multiplying up to the outstanding principal amount of the
Debenture  designated  by  the  Buyer  by 130%, together with accrued but unpaid
interest  thereon  ("Mandatory  Redemption  Payment").  The Mandatory Redemption
Payment  must  be  received  by the Buyer on the same date as the Company Common
Stock  otherwise  deliverable  or  within  ten (10) business days after request,
whichever  is  sooner ("Mandatory Redemption Payment Date"). Upon receipt of the
Mandatory Redemption Payment, the corresponding Debenture principal and interest
will  be  deemed  paid  and  no  longer  outstanding.

F.     Buy-In.  In  addition  to  any other rights  available  to  the Buyer, if
the  Company  fails  to  deliver  to  the  Buyer such Common Stock issuable upon
conversion  of  a Debenture or exercise of a Warrant by the Delivery Date and if
ten  (10)  days  after  the Delivery Date the Buyer purchases (in an open market
transaction or otherwise) shares of Common Stock to deliver in satisfaction of a
sale by the Buyer of the Common Stock which the Buyer anticipated receiving upon
such  conversion  (a  "Buy-In"), then the Company shall pay in cash to the Buyer
(in addition to any remedies available to or elected by the Buyer) the amount by
which  (A) the Buyer's total purchase price (including brokerage commissions, if
any)  for  the  shares  of  Common  Stock so purchased exceeds (B) the aggregate
principal  and/or  interest  amount  of  the Debenture or Warrant for which such
conversion or exercise was not timely honored, together with interest thereon at
a  rate  of  15%  per annum, accruing until such amount and any accrued interest
thereon  is  paid  in full (which amount shall be paid as liquidated damages and
not  as  a  penalty). For example, if the Buyer purchases shares of Common Stock
having  a  total  purchase price of $11,000 to cover a Buy-In with respect to an
attempted  conversion  of  $10,000  of  Debenture  or  Warrant  principal and/or
interest,  the Company shall be required to pay the Buyer $1,000, plus interest.
The  Buyer  shall  provide  the  Company  written  notice indicating the amounts
payable  to  the  Buyer  in  respect  of  the  Buy-In.

G.     The Securities shall be delivered by the Company to the Buyer pursuant to
Section  I.B.  hereof  on  a  "delivery-against-payment  basis"  at the Closing.

VI.    CLOSING  DATE

     The  Closing  shall  occur  by  the  delivery:  (i)  to  the  Buyer  of the
certificate  evidencing  the Debenture and all other Agreements, and (ii) to the
Company  the  Purchase  Price.

VII.   CONDITIONS  TO  THE  COMPANY'S  OBLIGATIONS

     Buyer  understands  that  the Company's obligation to sell the Debenture on
the  Closing  Date  to  Buyer  pursuant  to  this Agreement is conditioned upon:

A.     Delivery  by  Buyer  to  the  Company  of  the  Initial  Purchase  Price;

B.     The accuracy on the Closing Date of the representations and warranties of
Buyer  contained  in  this  Agreement as if made on the Closing Date (except for
representations  and  warranties  which, by their express terms, speak as of and
relate  to a specified date, in which case such accuracy shall be measured as of
such specified date) and the performance by Buyer in all material respects on or
before  the Closing Date of all covenants and agreements of Buyer required to be
performed  by  it  pursuant to this Agreement on or before the Closing Date; and

C.     There shall not  be  in effect any Law or order, ruling, judgment or writ
of  any  court  or  public  or  governmental authority restraining, enjoining or
otherwise  prohibiting  any  of the transactions contemplated by this Agreement.

VIII.  CONDITIONS  TO  BUYER'S  OBLIGATIONS

     The  Company understands that Buyer's obligation to purchase the Securities
on  the  Closing  Date  pursuant  to  this  Agreement  is  conditioned  upon:

A.     Delivery  by the Company of the Debenture, the Conversion Warrant and the
other  Agreements  (I/N/O  Buyer  or  I/N/O  Buyer's  nominee);

B.     The accuracy on the Closing Date of the representations and warranties of
the  Company  contained in this Agreement as if made on the Closing Date (except
for  representations  and  warranties which, by their express terms, speak as of
and relate to a specified date, in which case such accuracy shall be measured as
of such specified date) and the performance by the Company in all respects on or
before  the Closing Date of all covenants and agreements of the Company required
to  be performed by it pursuant to this Agreement on or before the Closing Date,
all  of  which shall be confirmed to Buyer by delivery of the certificate of the
chief  executive  officer  of  the  Company  to  that  effect;

C.     There  not  having  occurred (i) any general suspension of trading in, or
limitation  on prices listed for, the Common Stock on the OTCBB/Pink Sheet, (ii)
the declaration of a banking moratorium or any suspension of payments in respect
of  banks  in  the  United  States,  (iii)  the  commencement  of  a  war, armed
hostilities  or  other international or national calamity directly or indirectly
involving  the  United  States  or  any  of  its  territories,  protectorates or
possessions  or  (iv)  in the case of the foregoing existing at the date of this
Agreement,  a  material  acceleration  or  worsening  thereof;

D.     There not having  occurred  any  event or development, and there being in
existence  no condition, having or which reasonably and foreseeably could have a
Material  Adverse  Effect;

E.     The  Company  shall  have  delivered  to  Buyer  reimbursement of Buyer's
reasonable  out-of-pocket  costs  and  expenses  incurred in connection with the
transactions  contemplated  by  this  Agreement;

F.     There  shall not be in effect any Law, order, ruling, judgment or writ of
any  court  or  public  or  governmental  authority  restraining,  enjoining  or
otherwise  prohibiting  any  of the transactions contemplated by this Agreement;

G.     The Company shall  have  obtained  all  consents,  approvals  or  waivers
from  governmental  authorities  and  third persons necessary for the execution,
delivery  and  performance  of  the  Documents and the transactions contemplated
thereby,  all  without  material  cost  to  the  Company;

H.     Buyer  shall  have  received  such  additional  documents,  certificates,
payment,  assignments, transfers and other deliveries as it or its legal counsel
may  reasonably  request and as are customary to effect a closing of the matters
herein  contemplated;

I.     Delivery  by  the  Company  of  an  enforceability  opinion  from  its
outside  counsel  in  form  and  substance  satisfactory  to  Buyer

J.     Reimbursement  of  Buyer's  legal  fees  in  the  amount  of  $5,000.

IX.    SURVIVAL;  INDEMNIFICATION

A.     The representations, warranties and covenants made by each of the Company
and  Buyer  in this Agreement, the annexes, schedules and exhibits hereto and in
each  instrument,  agreement  and certificate entered into and delivered by them
pursuant to this Agreement shall survive the Closing and the consummation of the
transactions  contemplated  hereby. In the event of a breach or violation of any
of  such  representations,  warranties  or  covenants,  the  party  to whom such
representations,  warranties  or  covenants have been made shall have all rights
and  remedies  for such breach or violation available to it under the provisions
of this Agreement or otherwise, whether at law or in equity, irrespective of any
investigation  made  by  or  on  behalf of such party on or prior to the Closing
Date.

B.     The  Company  hereby  agrees  to  indemnify  and hold harmless Buyer, its
affiliates  and  their  respective  officers,  directors,  partners  and members
(collectively,  the  "BUYER  INDEMNITEES")  from and against any and all losses,
claims,  damages,  judgments,  penalties,  liabilities  and  deficiencies
(collectively,  "LOSSES")  and  agrees  to  reimburse  Buyer Indemnitees for all
out-of-pocket  expenses  (including  the fees and expenses of legal counsel), in
each  case  promptly  as incurred by Buyer Indemnitees and to the extent arising
out  of  or  in  connection  with:

1.   any  misrepresentation,  omission of fact or breach of any of the Company's
     representations  or  warranties  contained  in  this Agreement or the other
     Documents,  or  the annexes, schedules or exhibits hereto or thereto or any
     instrument,  agreement  or  certificate  entered  into  or delivered by the
     Company  pursuant  to  this  Agreement  or  the  other  Documents;
2.   any  failure  by  the  Company to perform any of its covenants, agreements,
     undertakings  or  obligations  set  forth  in  this  Agreement or the other
     Documents  or  any  instrument,  certificate  or  agreement entered into or
     delivered by the Company pursuant to this Agreement or the other Documents;
3.   the purchase of the Debenture, the conversion of the Debenture, the payment
     of  interest  on  the  Debenture,  the  issuance of the Warrant Shares, the
     consummation  of  the  transactions  contemplated by this Agreement and the
     other  Documents,  the  use of any of the proceeds of the Purchase Price by
     the Company, the purchase or ownership of any or all of the Securities, the
     performance by the parties hereto of their respective obligations hereunder
     and  under  the  Documents  or  any  claim,  litigation,  investigation,
     proceedings  or  governmental  action  relating  to  any  of the foregoing,
     whether  or  not  Buyer  is  a  party  thereto;  or
4.   resales  of  the Common Stock by Buyer in the manner and as contemplated by
     this  Agreement  and  the  Registration  Rights  Agreement.

C.     Buyer  hereby  agrees  to  indemnify  and  hold harmless the Company, its
Affiliates  and  their  respective  officers,  directors,  partners  and members
(collectively,  the  "COMPANY INDEMNITEES") from and against any and all Losses,
and  agrees  to reimburse the Company Indemnitees for all out-of-pocket expenses
(including  the  fees  and  expenses of legal counsel), in each case promptly as
incurred  by  the  Company  Indemnitees  and  to the extent arising out of or in
connection  with:

1.   any  misrepresentation,  omission  of  fact  or  breach  of  any of Buyer's
     representations  or  warranties  contained  in  this Agreement or the other
     Documents,  or  the annexes, schedules or exhibits hereto or thereto or any
     instrument,  agreement  or  certificate  entered into or delivered by Buyer
     pursuant  to  this  Agreement  or  the  other  Documents;  or
2.   any  failure  by  Buyer  to  perform  in  any  material  respect any of its
     covenants,  agreements,  undertakings  or  obligations  set  forth  in this
     Agreement  or  the  other  Documents  or  any  instrument,  certificate  or
     agreement  entered into or delivered by Buyer pursuant to this Agreement or
     the  other  Documents.

D.     Promptly  after  receipt  by  either party hereto seeking indemnification
pursuant  to  this  Article IX (an "INDEMNIFIED PARTY") of written notice of any
investigation,  claim,  proceeding  or  other  action  in  respect  of  which
indemnification  is  being  sought  (each,  a  "CLAIM"),  the  Indemnified Party
promptly  shall  notify  the party against whom indemnification pursuant to this
Article  IX  is  being  sought  (the  "INDEMNIFYING  PARTY") of the commencement
thereof,  but the omission so to notify the Indemnifying Party shall not relieve
it from any liability that it otherwise may have to the Indemnified Party except
to  the extent that the Indemnifying Party is materially prejudiced and forfeits
substantive rights or defenses by reason of such failure. In connection with any
Claim  as  to  which  both  the Indemnifying Party and the Indemnified Party are
parties, the Indemnifying Party shall be entitled to assume the defense thereof.
Notwithstanding  the  assumption of the defense of any Claim by the Indemnifying
Party,  the  Indemnified  Party  shall  have  the right to employ separate legal
counsel  and  to  participate in the defense of such Claim, and the Indemnifying
Party  shall  bear the reasonable fees, out-of-pocket costs and expenses of such
separate  legal  counsel  to  the  Indemnified  Party  if (and only if): (x) the
Indemnifying  Party  shall have agreed to pay such fees, out-of-pocket costs and
expenses,  (y) the Indemnified Party and the Indemnifying Party reasonably shall
have concluded that representation of the Indemnified Party and the Indemnifying
Party  by  the  same legal counsel would not be appropriate due to actual or, as
reasonably  determined  by  legal  counsel to the Indemnified Party, potentially
differing  interests  between such parties in the conduct of the defense of such
Claim, or if there may be legal defenses available to the Indemnified Party that
are  in  addition to or disparate from those available to the Indemnifying Party
or  (z)  the  Indemnifying  Party  shall  have  failed  to  employ legal counsel
reasonably  satisfactory  to the Indemnified Party within a reasonable period of
time  after  notice  of the commencement of such Claim. If the Indemnified Party
employs  separate  legal  counsel  in  circumstances  other than as described in
clauses  (x),  (y)  or  (z)  above,  the  fees, costs and expenses of such legal
counsel  shall be borne exclusively by the Indemnified Party. Except as provided
above,  the  Indemnifying  Party  shall not, in connection with any Claim in the
same  jurisdiction, be liable for the fees and expenses of more than one firm of
legal  counsel  for  the  Indemnified  Party  (together  with  appropriate local
counsel). The Indemnifying Party shall not, without the prior written consent of
the Indemnified Party (which consent shall not unreasonably be withheld), settle
or  compromise  any  Claim or consent to the entry of any judgment that does not
include  an  unconditional release of the Indemnified Party from all liabilities
with  respect  to  such  Claim  or  judgment.

E.     In  the event one party hereunder should have a claim for indemnification
that  does  not  involve  a claim or demand being asserted by a third party, the
Indemnified  Party  promptly  shall  deliver  notice  of  such  claim  to  the
Indemnifying  Party.  If  the Indemnified Party disputes the claim, such dispute
shall  be  resolved  by  mutual  agreement  of  the  Indemnified  Party  and the
Indemnifying  Party  or  by binding arbitration conducted in accordance with the
procedures  and rules of the American Arbitration Association. Judgment upon any
award  rendered  by any arbitrators may be entered in any court having competent
jurisdiction  thereof.

X.     GOVERNING  LAW

     This  Agreement shall be governed by and interpreted in accordance with the
laws  of  the  State  of  California,  without  regard  to  the conflicts of law
principles  of  such  state.

XI.    SUBMISSION  TO  JURISDICTION

     Each  of  the  parties hereto consents to the exclusive jurisdiction of the
federal  courts  whose  districts encompass any part of the City of San Diego or
the  state courts of the State of California sitting in the City of San Diego in
connection  with  any  dispute  arising  under  this  Agreement  and  the  other
Documents.  Each  party hereto hereby irrevocably and unconditionally waives, to
the  fullest  extent  it  may  effectively do so, any defense of an inconvenient
forum  or  improper venue to the maintenance of such action or proceeding in any
such court and any right of jurisdiction on account of its place of residence or
domicile.  Each  party  hereto  irrevocably  and unconditionally consents to the
service  of  any and all process in any such action or proceeding in such courts
by the mailing of copies of such process by registered or certified mail (return
receipt  requested),  postage prepaid, at its address specified in Article XVII.
Each  party hereto agrees that a final judgment in any such action or proceeding
shall  be  conclusive  and may be enforced in other jurisdictions by suit on the
judgment  or  in  any  other  manner  provided  by  law.

XII.   WAIVER  OF  JURY  TRIAL

     TO  THE  FULLEST EXTENT PERMITTED BY LAW, EACH OF THE PARTIES HERETO HEREBY
KNOWINGLY,  VOLUNTARILY AND INTENTIONALLY WAIVES ITS RESPECTIVE RIGHTS TO A JURY
TRIAL  OF  ANY  CLAIM  OR  CAUSE  OF  ACTION  BASED  UPON OR ARISING OUT OF THIS
AGREEMENT  OR  ANY  OTHER  DOCUMENT OR ANY DEALINGS BETWEEN THEM RELATING TO THE
SUBJECT  MATTER  OF  THIS  AGREEMENT AND OTHER DOCUMENTS.  EACH PARTY HERETO (I)
CERTIFIES  THAT NEITHER OF THEIR RESPECTIVE REPRESENTATIVES, AGENTS OR ATTORNEYS
HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH PARTY WOULD NOT, IN THE EVENT
OF  LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVERS AND (II) ACKNOWLEDGES THAT
IT  HAS  BEEN  INDUCED  TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE
MUTUAL  WAIVERS  AND  CERTIFICATIONS  HEREIN.

XIII.  COUNTERPARTS;  EXECUTION

     This  Agreement  may  be  executed  in  counterparts, each of which when so
executed  and  delivered  shall  be  an original, but both of which counterparts
shall together constitute one and the same instrument.  A facsimile transmission
of  this  signed  Agreement  shall  be legal and binding on both parties hereto.

XIV.   HEADINGS

     The  headings  of this Agreement are for convenience of reference and shall
not  form  part  of,  or  affect  the  interpretation  of,  this  Agreement.

XV.    SEVERABILITY

     In  the event any one or more of the provisions contained in this Agreement
or  in  the  other Documents should be held invalid, illegal or unenforceable in
any  respect,  the  validity,  legality  and  enforceability  of  the  remaining
provisions  contained  herein  or  therein  shall  not in any way be affected or
impaired  thereby.  The  parties  shall  endeavor  in good-faith negotiations to
replace  the invalid, illegal or unenforceable provisions with valid provisions,
the  economic effect of which comes as close as possible to that of the invalid,
illegal  or  unenforceable  provisions.

XVI.   ENTIRE  AGREEMENT;  REMEDIES,  AMENDMENTS  AND  WAIVERS

     This  Agreement  and  the Documents constitute the entire agreement between
the  parties  hereto  pertaining  to the subject matter hereof and supersede all
prior  agreements, understandings, negotiations and discussions, whether oral or
written,  of  such  parties.  No  supplement,  modification  or  waiver  of this
Agreement  shall  be  binding  unless  executed  in writing by both parties.  No
waiver  of  any  of  the  provisions  of this Agreement shall be deemed or shall
constitute  a waiver of any other provision hereof (whether or not similar), nor
shall  such  waiver  constitute  a  continuing waiver unless otherwise expressly
provided.

XVII.  NOTICES

     Except  as  may  be  otherwise  provided  herein,  any  notice  or  other
communication  or  delivery  required or permitted hereunder shall be in writing
and  shall  be  delivered  personally,  or  sent  by  telecopier machine or by a
nationally  recognized overnight courier service, and shall be deemed given when
so  delivered  personally, or by telecopier machine or overnight courier service
as  follows:

A.     if  to  the  Company,  to:

Invicta  Group  Inc.
9553  Harding  Avenue,  Suite  301
Miami,  FL  33154
Telephone:     305-866-6525
Facsimile:

B.     if  to  Buyer,  to:

Golden Gate Investors, Inc.
7817 Herschel Avenue, Suite 200
La Jolla, California 92037
Telephone:     858-551-8789
Facsimile:     858-551-8779

     The  Company  or  Buyer  may  change  the foregoing address by notice given
pursuant  to  this  Article  XVII.

XVIII. CONFIDENTIALITY

     Each  of  the  Company  and  Buyer  agrees  to keep confidential and not to
disclose  to  or  use  for  the  benefit  of  any  third party the terms of this
Agreement  or  any  other  information  which at any time is communicated by the
other  party  as  being  confidential  without the prior written approval of the
other  party;  provide,  however,  that  this  provision  shall  not  apply  to
information  which,  at  the  time  of disclosure, is already part of the public
domain (except by breach of this Agreement) and information which is required to
be  disclosed by law (including, without limitation, pursuant to Item 601(b)(10)
of  Regulation  S-K  under  the  Securities  Act  and  the  Exchange  Act).

XIX.   ASSIGNMENT

     This  Agreement  shall  not  be  assignable by either of the parties hereto
prior  to  the Closing without the prior written consent of the other party, and
any  attempted  assignment  contrary  to the provisions hereby shall be null and
void;  provided,  however,  that  Buyer  may  assign  its rights and obligations
hereunder,  in  whole  or  in  part,  to  any  affiliate  of  Buyer.

IN  WITNESS  WHEREOF,  the  parties hereto have duly caused this Agreement to be
executed  and  delivered  on  the  date  first  above  written.

Invicta Group Inc.                              Golden Gate Investors, Inc.

By:    _______________________                  By:    _________________________

Title: _______________________                  Title: _________________________

<PAGE>

                                 SCHEDULE III.L.
                               REGISTRATION RIGHTS
     NameTHIS  SECURITY  HAS  NOT  BEEN  REGISTERED  UNDER THE SECURITIES ACT OF 1933, AS
AMENDED  (THE  "SECURITIES  ACT"),  OR  THE SECURITIES LAWS OF ANY STATE, AND IS
BEING  OFFERED  AND  SOLD  PURSUANT  TO  AN  EXEMPTION  FROM  THE  REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND SUCH LAWS.  THIS SECURITY MAY NOT BE SOLD
OR  TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
SECURITIES  ACT  OR  PURSUANT  TO  AN  AVAILABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS  OF  THE  SECURITIES  ACT  OR  SUCH  OTHER  LAWS.

                            7 % CONVERTIBLE DEBENTURE

COMPANY:  Invicta  Group  Inc.
COMPANY  ADDRESS:  9553  Harding  Avenue,  Suite  301,  Miami  Beach,  FL  33154
CLOSING  DATE:  April  27,  2004
MATURITY  DATE:  April  27,  2006
PRINCIPAL  AMOUNT:  $300,000
FIRST  PAYMENT  DUE  DATE:  June  15,  2004

     Invicta  Group  Inc.,  a Nevada corporation, and any successor or resulting
corporation  by  way  of  merger,  consolidation,  sale  or  exchange  of all or
substantially  all  of  the  assets  or  otherwise  (the  "COMPANY"),  for value
received,  hereby  promises  to  pay  to the Holder (as such term is hereinafter
defined),  or such other Person (as such term is hereinafter defined) upon order
of  the  Holder,  on  the  Maturity  Date, the Principal Amount (as such term is
hereinafter  defined), as such sum may be adjusted pursuant to Article 3, and to
pay  interest thereon from the Closing Date, monthly in arrears, on the 15th day
of  each  month  (each  an  "INTEREST  PAYMENT  DUE  DATE" and collectively, the
"INTEREST  PAYMENT DUE DATES"), commencing on the First Payment Due Date, at the
rate  of  seven  and  three-quarter  percent  (7   %)  per annum (the "DEBENTURE
INTEREST  RATE"),  until the Principal Amount of this Debenture has been paid in
full.  All  interest  payable on the Principal Amount of this Debenture shall be
calculated on the basis of a 360-day year for the actual number of days elapsed.
Payment  of interest on this Debenture shall be in cash or, at the option of the
Holder,  in  shares of Common Stock of the Company valued at the then applicable
Conversion  Price (as defined herein). This Debenture may not be prepaid without
the  written  consent  of  the  Holder.

                                    ARTICLE 1
                                  DEFINITIONS

SECTION  1.1     Definitions. The terms defined in this Article whenever used in
                 -----------
this  Debenture  have  the  following  respective  meanings:

(I)  "AFFILIATE"  has  the meaning ascribed to such term in Rule 12b-2 under the
     Securities  Exchange  Act  of  1934,  as  amended.
(II) "BANKRUPTCY  CODE"  means  the  United  States  Bankruptcy Code of 1986, as
     amended  (11  U.S.C.  101  et.  seq.).
                                --   ---
(III)"BUSINESS DAY"  means a day other than Saturday, Sunday or any day on which
     banks  located  in  the  State of California are authorized or obligated to
     close.
(IV) "CAPITAL  SHARES"  means the Common Stock and any other shares of any other
     class  or  series of capital stock, whether now or hereafter authorized and
     however designated, which have the right to participate in the distribution
     of earnings and assets (upon dissolution, liquidation or winding-up) of the
     Company.
(V)  "COMMON  SHARES"  or  "COMMON  STOCK"  means shares of the Company's Common
     Stock.
(VI) "COMMON  STOCK  ISSUED  AT  CONVERSION",  when  used  with reference to the
     securities  deliverable upon conversion of this Debenture, means all Common
     Shares  now  or  hereafter Outstanding and securities of any other class or
     series  into  which  this  Debenture  hereafter  shall have been changed or
     substituted,  whether  now  or  hereafter  created  and however designated.
(VII)"CONVERSION"  or  "CONVERSION"  means the  repayment  by the Company of the
     Principal Amount of this Debenture (and, to the extent the Holder elects as
     permitted  by  Section  3.1,  accrued  and  unpaid interest thereon) by the
     delivery  of  Common  Stock  on  the  terms  provided  in  Section 3.2, and
     "CONVERT,"  "CONVERTED,"  "CONVERTIBLE"  and  like  words  shall  have  a
     corresponding  meaning.
(VIII)  "CONVERSION  DATE"  means  any  day  on  which all or any portion of the
     Principal  Amount  of  this  Debenture  is converted in accordance with the
     provisions  hereof.
(IX) "CONVERSION  NOTICE"  means a written notice of conversion substantially in
     the  form  annexed  hereto  as  Exhibit  A.
                                     ----------
(X)  "CONVERSION  PRICE" on any date of determination means the applicable price
     for  the conversion of this Debenture into Common Shares on such day as set
     forth  in  Section  3.1(a).
(XI) "CURRENT MARKET PRICE" on any date of determination means the closing price
     of  a  Common  Share  on such day as reported on the NASDAQ OTCBB Exchange;
     provided that, if such security is not listed or admitted to trading on the
     --------
     NASDAQ  OTCBB,  as  reported on the principal national security exchange or
     quotation  system on which such security is quoted or listed or admitted to
     trading, or, if not quoted or listed or admitted to trading on any national
     securities  exchange  or  quotation  system,  the closing bid price of such
     security  on the over-the-counter market on the day in question as reported
     by  Bloomberg  LP or a similar generally accepted reporting service, as the
     case  may  be.
(XII)"DEADLINE"  means  the  date  that  is  the 90th day from the Closing Date.
(XIII)  "DEBENTURE"  or  "DEBENTURES"  means  this  Convertible Debenture of the
     Company  or  such  other  convertible  debenture(s)  exchanged  therefor as
     provided  in  Section  2.1.
(XIV)"DISCOUNT  MULTIPLIER"  has  the  meaning  set  forth  in  Section  3.1(a).
(XV) "EVENT  OF  DEFAULT"  has  the  meaning  set  forth  in  Section  6.1.
(XVI)"HOLDER" means Golden  Gate  Investors, Inc., any successor thereto, or any
     Person  to  whom  this  Debenture is subsequently transferred in accordance
     with  the  provisions  hereof.
(XVII)  "INTEREST  PAYMENT  DUE  DATE"  has the meaning set forth in the opening
     paragraph  of  this  Debenture.
(XVIII)  "MARKET  DISRUPTION  EVENT"  means any event that results in a material
     suspension  or  limitation  of  trading  of  the  Common  Shares.
(XIX)  "MARKET  PRICE"  per  Common  Share  means the lowest price of the Common
     Shares  during  any  Trading  Day as reported on the NASDAQ OTCBB; provided
                                                                        --------
     that,  if  such security is not listed or admitted to trading on the NASDAQ
     OTCBB, as reported on the principal national security exchange or quotation
     system  on  which such security is quoted or listed or admitted to trading,
     or,  if  not  quoted  or  listed  or  admitted  to  trading on any national
     securities  exchange  or  quotation  system, the lowest price of the Common
     Shares during any Trading Day on the over-the-counter market as reported by
     Bloomberg LP or a similar generally accepted reporting service, as the case
     may  be.
(XX) "MAXIMUM  RATE"  has  the  meaning  set  forth  in  Section  6.4.
(XXI)"OUTSTANDING" when used with reference  to  Common Shares or Capital Shares
     (collectively,  "SHARES")  means,  on any date of determination, all issued
     and outstanding Shares, and includes all such Shares issuable in respect of
     outstanding  scrip or any certificates representing fractional interests in
     such Shares; provided, however, that any such Shares directly or indirectly
                  --------  -------
     owned or held by or for the account of the Company or any Subsidiary of the
     Company  shall  not  be  deemed  "OUTSTANDING"  for  purposes  hereof.
(XXII)  "PERSON"  means  an  individual,  a  corporation,  a  partnership,  an
     association,  a  limited  liability  company,  an  unincorporated  business
     organization,  a  trust or other entity or organization, and any government
     or  political  subdivision  or  any  agency  or  instrumentality  thereof.
(XXIII) "PRINCIPAL AMOUNT" means, for any date of calculation, the principal sum
     set forth in the first paragraph of this Debenture (but only such principal
     amount  as  to  which  the Holder has (a) actually advanced pursuant to the
     Securities  Purchase  Agreement,  and  (b)  not  theretofore  furnished  a
     Conversion  Notice  in  compliance  with  Section  3.2).
(XXIV)  "REGISTRATION  RIGHTS  AGREEMENT" means that certain Registration Rights
     Agreement  of  even date herewith by and between the Company and Holder, as
     the  same  may  be  amended  from  time  to  time.
(XXV)  "SEC"  means  the  United  States  Securities  and  Exchange  Commission.
(XXVI)  "SECURITIES  ACT"  means the Securities Act of 1933, as amended, and the
     rules  and regulations of the SEC thereunder, all as in effect at the time.
(XXVII)  "SECURITIES  PURCHASE AGREEMENT" means that certain Securities Purchase
     Agreement of even date herewith by and among the Company and Holder, as the
     same  may  be  amended  from  time  to  time.
(XXVIII)  "SUBSIDIARY"  means  any entity of which securities or other ownership
     interests  having ordinary voting power to elect a majority of the board of
     directors  or other persons performing similar functions are owned directly
     or  indirectly  by  the  Company.
(XXIX)  "TRADING  DAY"  means  any  day  on  which  (i)  purchases  and sales of
     securities  on the principal national security exchange or quotation system
     on  which  the  Common  Shares  are traded are reported thereon, or, if not
     quoted or listed or admitted to trading on any national securities exchange
     or  quotation  system,  as  reported by Bloomberg LP or a similar generally
     accepted  reporting  service, as the case may be, (ii) at least one bid for
     the  trading  of  Common  Shares is reported and (iii) no Market Disruption
     Event  occurs.

     All  references to "cash" or "$" herein means currency of the United States
of  America.

                                    ARTICLE 2
                        EXCHANGES, TRANSFER AND REPAYMENT

SECTION  2.1     Registration  of  Transfer  of Debentures. This Debenture, when
                 -----------------------------------------
presented for registration of transfer, shall (if so required by the Company) be
duly  endorsed,  or  be  accompanied by a written instrument of transfer in form
reasonably  satisfactory  to  the  Company  duly  executed,  by  the Holder duly
authorized  in  writing.

SECTION  2.2     Loss, Theft, Destruction of Debenture. Upon receipt of evidence
                 -------------------------------------
     satisfactory  to  the Company of the loss, theft, destruction or mutilation
of  this Debenture and, in the case of any such loss, theft or destruction, upon
receipt  of indemnity or security reasonably satisfactory to the Company, or, in
the  case  of  any  such  mutilation,  upon  surrender  and cancellation of this
Debenture,  the  Company  shall  make,  issue and deliver, in lieu of such lost,
stolen,  destroyed  or  mutilated  Debenture,  a new Debenture of like tenor and
unpaid Principal Amount dated as of the date hereof (which shall accrue interest
from  the most recent Interest Payment Due Date on which an interest payment was
made  in  full).  This  Debenture  shall  be  held  and  owned  upon the express
condition  that the provisions of this Section 2.2 are exclusive with respect to
the  replacement  of  a mutilated, destroyed, lost or stolen Debenture and shall
preclude  any  and  all  other  rights  and  remedies notwithstanding any law or
statute  existing  or  hereafter  enacted  to  the  contrary with respect to the
replacement  of negotiable instruments or other securities without the surrender
thereof.

SECTION  2.3     Who Deemed Absolute Owner.  The Company may deem the Person  in
                 -------------------------
whose  name  this  Debenture  shall be registered upon the registry books of the
Company  to  be,  and  may  treat  it  as,  the absolute owner of this Debenture
(whether  or  not  this Debenture shall be overdue) for the purpose of receiving
payment  of  or  on  account  of the Principal Amount of this Debenture, for the
conversion  of  this Debenture and for all other purposes, and the Company shall
not  be  affected  by  any  notice  to  the contrary. All such payments and such
conversions  shall be valid and effectual to satisfy and discharge the liability
upon  this  Debenture to the extent of the sum or sums so paid or the conversion
or  conversions  so  made.

SECTION  2.4     Repayment at Maturity.  At the Maturity Date, the Company shall
                 ---------------------
repay  the  outstanding  Principal  Amount  of  this Debenture in whole in cash,
together  with all accrued and unpaid interest thereon, in cash, to the Maturity
Date.

                                    ARTICLE 3
                            CONVERSION OF DEBENTURE

SECTION  3.1     Conversion;  Conversion  Price;  Valuation  Event.
                 -------------------------------------------------
(a)  At  the  option  of  the Holder, this Debenture may be converted, either in
     whole  or in part, up to the full Principal Amount hereof (in increments of
     $1,000  in Principal Amount) into Common Shares (calculated as to each such
     conversion to the nearest 1/100th of a share), at any time and from time to
     time  on  any  Business  Day,  subject  to compliance with Section 3.2. The
     number of Common Shares into which this Debenture may be converted is equal
     to the dollar amount of the Debenture being converted multiplied by eleven,
     minus  the  product  of  the  Conversion  Price multiplied by ten times the
     dollar  amount  of  the Debenture being converted, and the entire foregoing
     result  shall  be divided by the Conversion Price. In addition, the Company
     shall  pay  to  the Holder on the Conversion Date, in cash, any accrued and
     unpaid interest on the Debenture being converted not included at the option
     of  the  Holder  in  clause  (i) of the immediately preceding sentence. The
     "CONVERSION  PRICE"  shall  be  equal  to  the lesser of (i) $0.25, or (ii)
     eighty percent (80%) of the average of the 3 lowest Volume Weighted Average
     Prices  during  the  twenty (20) Trading Days prior to Holder's election to
     convert  (a  "DISCOUNT  MULTIPLIER");  provided,  that  in  the
                                            --------
     event the Registration Statement has not been declared effective by the SEC
     by  the  Deadline  or,  if  the Registration Statement has theretofore been
     declared  effective  but  is  not thereafter effective, then the applicable
     Discount Multiplier shall decrease by three percentage points (3%) for each
     month  or  partial month occurring after the Deadline that the Registration
     Statement  is  not  effective.

     Beginning in the first full calendar month after the Registration Statement
     is  declared  effective, Holder shall convert at least 5%, but no more than
     15%  (such  15%  maximum amount to be cumulative from the Deadline), of the
     face  value  of  the Debenture per calendar month into Common Shares of the
     Company,  provided  that  the  Common  Shares are available, registered and
     freely  tradable.  If Holder converts more than 5% of the face value of the
     Debenture  in  any  calendar  month,  the  excess over 5% shall be credited
     against the next month's minimum conversion amount. The 15% monthly maximum
     amount  shall  not  be applicable if the Current Market Price of the Common
     Stock  at  anytime  during  the applicable month is higher than the Current
     Market  Price  of the Common Stock on the Closing Date. In the event Holder
     does  not  convert  at least 5% of the Debenture in any particular calendar
     month,  Holder  shall  not be entitled to collect interest on the Debenture
     for  that  month  if  the  Company  gives Holder written notice, at least 5
     business days prior to the end of the month, of Holder's failure to convert
     the  minimum  required  amount  for  that  month.

     If  the Holder elects to convert a portion of the Debenture and, on the day
     that  the  election  is  made,  the  Volume Weighted Average Price is below
     $0.10,  the  Company  shall  have  the  right to prepay that portion of the
     Debenture  that  Holder  elected  to  convert,  plus any accrued and unpaid
     interest,  at  150% of such amount. In the event that the Company elects to
     prepay  that  portion  of  the  Debenture,  Holder  shall have the right to
     withdraw its Conversion Notice. If, at anytime during the month, the Volume
     Weighted  Average  Price  is  below $0.10, Holder shall not be obligated to
     convert  any  portion  of  the  Debenture  during  that  month.

(b)  Notwithstanding  the  provisions  of  Section  3.1(a),  in  the  event  the
     Company's  Registration  Statement  has  not been declared effective by the
     Deadline  or,  if  the Registration Statement has theretofore been declared
     effective but is not thereafter effective, the following will also apply in
     addition  to  any  damages  incurred  by  the  Holder  as a result thereof:

     (i)     The  Holder  may  demand repayment of one hundred and fifty percent
(150%)  of  the Principal Amount of the Debenture, together with all accrued and
unpaid  interest  thereon,  in  cash,  at  any  time  prior  to  the  Company's
Registration  Statement being declared effective by the SEC or during the period
that the Company's Registration Statement is not effective, such repayment to be
made  within  three  (3)  business  days  of such demand.  In the event that the
Debenture  is  so  accelerated,  in addition to the repayment of one hundred and
fifty  percent  (150%) of the Principal Amount together with accrued interest as
aforesaid,  the  Company shall immediately issue and pay, as the case may be, to
the  Holder  50,000  Shares of Common Stock and $15,000 for each thirty (30) day
period,  or  portion  thereof,  during  which  the  Principal  Amount, including
interest thereon, remains unpaid, with the monthly payment amount to increase to
$20,000  for  each  thirty  (30) day period, or portion thereof, after the first
ninety  (90)  day  period;

     (ii)    If  the  Holder  does  not  elect to accelerate the Debenture,  the
Company  shall  immediately  issue  or pay, as the case may be, to Holder 50,000
Shares  of  Common Stock and $15,000 for each thirty (30) day period, or portion
thereof,  that  the  Registration  Statement  is not effective, with the monthly
payment  amount  to  increase  to  $20,000  for  each thirty (30) day period, or
portion  thereof,  after  the  first  ninety  (90)  day  period.

     (iii)   If  the  SEC  indicates that the Company's  Registration  Statement
will  be  declared  effective  upon request by the Company, and the Company does
not, within 3 business days of the SEC indication, request that the Registration
Statement  become effective, the amounts set forth in subsections (ii) and (iii)
above  shall  double.

SECTION  3.2     Exercise  of  Conversion  Privilege.  (a)  Conversion  of  this
                 -----------------------------------
Debenture  may  be exercised on any Business Day by the Holder by telecopying an
executed  and  completed  Conversion Notice to the Company. Each date on which a
Conversion Notice is telecopied to the Company in accordance with the provisions
of  this  Section  3.2  shall  constitute  a  Conversion Date. The Company shall
convert  this  Debenture  and issue the Common Stock Issued at Conversion in the
manner  provided  below  in  this  Section  3.2, and all voting and other rights
associated  with  the  beneficial  ownership  of  the  Common  Stock  Issued  at
Conversion  shall  vest  with the Holder, effective as of the Conversion Date at
the  time  specified  in the Conversion Notice. The Conversion Notice also shall
state  the  name  or names (with addresses) of the persons who are to become the
holders  of  the  Common  Stock  Issued  at  Conversion  in connection with such
conversion.  As  promptly  as  practicable  after  the receipt of the Conversion
Notice  as  aforesaid,  but  in  any event not more than three (3) Business Days
after  the  Company's  receipt  of such Conversion Notice, the Company shall (i)
issue the Common Stock Issued at Conversion in accordance with the provisions of
this Article 3 and (ii) cause to be mailed for delivery by overnight courier, or
if  a  Registration  Statement  covering  the  Common  Stock  has  been declared
effective  by  the  SEC  cause to be electronically transferred, to Holder (x) a
certificate  or certificate(s) representing the number of Common Shares to which
the  Holder  is  entitled by virtue of such conversion, (y) cash, as provided in
Section  3.3, in respect of any fraction of a Common Share deliverable upon such
conversion  and  (z) cash or shares of Common Stock, as applicable, representing
the amount of accrued and unpaid interest on this Debenture as of the Conversion
Date. Such conversion shall be deemed to have been effected at the time at which
the  Conversion  Notice  indicates, and at such time the rights of the Holder of
this  Debenture,  as such (except if and to the extent that any Principal Amount
thereof  remains  unconverted),  shall cease and the Person and Persons in whose
name  or  names the Common Stock Issued at Conversion shall be issuable shall be
deemed  to  have  become  the  holder  or holders of record of the Common Shares
represented  thereby,  and  all  voting  and  other  rights  associated with the
beneficial  ownership  of  such  Common Shares shall at such time vest with such
Person or Persons. The Conversion Notice shall constitute a contract between the
Holder  and the Company, whereby the Holder shall be deemed to subscribe for the
number  of  Common  Shares  which  it  will  be  entitled  to  receive upon such
conversion  and,  in  payment and satisfaction of such subscription (and for any
cash  adjustment  to which it is entitled pursuant to Section 3.4), to surrender
this  Debenture and to release the Company from all liability thereon (except if
and  to  the  extent  that any Principal Amount thereof remains unconverted). No
cash  payment  aggregating  less than $1.00 shall be required to be given unless
specifically  requested  by  the  Holder.

(b)  If,  at  any  time  after  the  date  of  this  Debenture,  (i) the Company
     challenges, disputes or denies the right of the Holder hereof to effect the
     conversion  of  this Debenture into Common Shares or otherwise dishonors or
     rejects any Conversion Notice delivered in accordance with this Section 3.2
     or  (ii)  any third party who is not and has never been an Affiliate of the
     Holder  commences  any lawsuit or legal proceeding or otherwise asserts any
     claim  before  any court or public or governmental authority which seeks to
     challenge,  deny,  enjoin, limit, modify, delay or dispute the right of the
     Holder  hereof  to  effect  the  conversion  of  this Debenture into Common
     Shares,  then  the  Holder  shall  have the right, by written notice to the
     Company,  to require the Company to promptly redeem this Debenture for cash
     at  one  hundred and fifty (150%) of the Principal Amount thereof, together
     with  all  accrued  and  unpaid interest thereon to the date of redemption.
     Under  any  of  the  circumstances  set  forth  above, the Company shall be
     responsible  for  the  payment  of  all  costs  and expenses of the Holder,
     including  reasonable  legal  fees  and  expenses,  as and when incurred in
     defending  itself  in  any such action or pursuing its rights hereunder (in
     addition  to  any  other  rights  of  the  Holder).

(c)  The  Holder  shall  be  entitled  to  exercise  its  conversion  privilege
     notwithstanding  the commencement of any case under the Bankruptcy Code. In
     the  event  the  Company is a debtor under the Bankruptcy Code, the Company
     hereby  waives  to the fullest extent permitted any rights to relief it may
     have  under  11 U.S.C. 362 in respect of the Holder's conversion privilege.
     The  Company  hereby  waives  to the fullest extent permitted any rights to
     relief it may have under 11 U.S.C. 362 in respect of the conversion of this
     Debenture.  The  Company  agrees, without cost or expense to the Holder, to
     take  or consent to any and all action necessary to effectuate relief under
     11  U.S.C.  362.

SECTION  3.3     Fractional  Shares.  No  fractional  Common  Shares  or  scrip
                 ------------------
representing fractional Common Shares shall be delivered upon conversion of this
     Debenture.  Instead  of  any fractional Common Shares which otherwise would
be  delivered  upon  conversion  of this Debenture, the Company shall pay a cash
adjustment  in  respect of such fraction in an amount equal to the same fraction
multiplied  by the Current Market Price on the Conversion Date.  No cash payment
of  less  than $1.00 shall be required to be given unless specifically requested
by  the  Holder.

SECTION  3.4     Adjustments.  The  Conversion  Price  and  the number of shares
                 -----------
deliverable  upon  conversion  of  this Debenture are subject to adjustment from
time  to  time  as  follows:

(i)     Reclassification,  Etc.  In  case  the  Company  shall  reorganize  its
        ----------------------
capital, reclassify its capital stock, consolidate or merge with or into another
     Person (where the Company is not the survivor or where there is a change in
or  distribution with respect to the Common Stock of the Company), sell, convey,
transfer  or  otherwise dispose of all or substantially all its property, assets
or  business to another Person, or effectuate a transaction or series of related
transactions  in  which more than fifty percent (50%) of the voting power of the
Company is disposed of (each, a "FUNDAMENTAL CORPORATE CHANGE") and, pursuant to
the  terms  of  such Fundamental Corporate Change, shares of common stock of the
successor  or  acquiring  corporation,  or  any  cash,  shares of stock or other
securities  or  property  of  any nature whatsoever (including warrants or other
subscription  or  purchase  rights) in addition to or in lieu of common stock of
the  successor or acquiring corporation ("OTHER PROPERTY") are to be received by
or distributed to the holders of Common Stock of the Company, then the Holder of
this  Debenture  shall  have  the  right  thereafter, at its sole option, to (x)
require  the  Company to prepay this Debenture for cash at one hundred and fifty
percent  (150%)  of  the Principal Amount thereof, together with all accrued and
unpaid  interest  thereon  to  the date of prepayment, (y) receive the number of
shares  of  common  stock  of  the  successor or acquiring corporation or of the
Company, if it is the surviving corporation, and Other Property as is receivable
upon  or  as  a  result  of such Fundamental Corporate Change by a holder of the
number  of  shares  of  Common  Stock into which the outstanding portion of this
Debenture  may be converted at the Conversion Price applicable immediately prior
to  such  Fundamental  Corporate  Change  or  (z)  require  the Company, or such
successor,  resulting or purchasing corporation, as the case may be, to, without
benefit  of  any  additional  consideration therefor, execute and deliver to the
Holder  a  debenture  with  substantial  identical  rights,  privileges, powers,
restrictions  and other terms as this Debenture in an amount equal to the amount
outstanding under this Debenture immediately prior to such Fundamental Corporate
Change.  For  purposes  hereof,  "COMMON  STOCK  OF  THE  SUCCESSOR OR ACQUIRING
CORPORATION"  shall  include stock of such corporation of any class which is not
preferred  as  to  dividends  or  assets  over  any other class of stock of such
corporation  and  which  is not subject to prepayment and shall also include any
evidences  of  indebtedness,  shares  of  stock  or  other  securities which are
convertible  into or exchangeable for any such stock, either immediately or upon
the  arrival  of  a specified date or the happening of a specified event and any
warrants  or  other  rights  to  subscribe  for or purchase any such stock.  The
foregoing  provisions  shall similarly apply to successive Fundamental Corporate
Changes.

SECTION  3.5     Certain  Conversion  Limits.
                 ---------------------------
     Notwithstanding anything herein to the contrary, if and to the extent that,
on  any  date,  the  holding by the Holder of this Debenture would result in the
Holder's  being  deemed  the  beneficial  owner  of  more than 4.99% of the then
Outstanding  shares  of  Common Stock, then the Holder shall not have the right,
and  the  Company  shall not have the obligation, to convert any portion of this
Debenture  as  shall cause such Holder to be deemed the beneficial owner of more
than  4.99%  of  the  then  Outstanding shares of Common Stock.  If any court of
competent  jurisdiction  shall  determine  that  the  foregoing  limitation  is
ineffective  to  prevent a Holder from being deemed the beneficial owner of more
than  4.99%  of  the  then  Outstanding shares of Common Stock, then the Company
shall prepay such portion of this Debenture as shall cause such Holder not to be
deemed the beneficial owner of more than 4.99% of the then Outstanding shares of
Common Stock.  Upon such determination by a court of competent jurisdiction, the
Holder  shall have no interest in or rights under such portion of the Debenture.
Any and all interest paid on or prior to the date of such determination shall be
deemed  interest  paid  on  the  remaining portion of this Debenture held by the
Holder.  Such  prepayment shall be for cash at a prepayment price of one hundred
and  fifty  percent  (150%)  of  the Principal Amount thereof, together with all
accrued  and  unpaid  interest  thereon  to  the  date  of  prepayment.

SECTION  3.6     Surrender of Debentures.  Upon any redemption of this Debenture
                 -----------------------
pursuant  to Sections 3.2, 3.5 or 6.2, or upon maturity pursuant to Section 2.4,
the  Holder  shall  either  deliver this Debenture by hand to the Company at its
principal executive offices or surrender the same to the Company at such address
by  nationally  recognized overnight courier. Payment of the redemption price or
the  amount  due  on  maturity  specified  in  Section 2.4, shall be made by the
Company  to  the  Holder  against receipt of this Debenture (as provided in this
Section  3.5) by wire transfer of immediately available funds to such account(s)
as the Holder shall specify by written notice to the Company. If payment of such
redemption  price  is not made in full by the redemption date, or the amount due
on  maturity  is  not  paid in full by the Maturity Date, the Holder shall again
have  the  right to convert this Debenture as provided in Article 3 hereof or to
declare  an  Event  of  Default.

                                    ARTICLE 4
                        STATUS; RESTRICTIONS ON TRANSFER

SECTION  4.1     Status of Debenture.  This Debenture constitutes a legal, valid
                 -------------------
and  binding obligation of the Company, enforceable in accordance with its terms
subject, as to enforceability, to general principles of equity and to principles
of  bankruptcy,  insolvency,  reorganization  and  other similar laws of general
applicability relating to or affecting creditors' rights and remedies generally.

SECTION  4.2     Restrictions on Transfer. This Debenture, and any Common Shares
                 ------------------------
deliverable  upon  the  conversion  hereof,  have  not been registered under the
Securities  Act.  The  Holder  by  accepting  this  Debenture  agrees  that this
Debenture  and the shares of Common Stock to be acquired as interest on and upon
conversion of this Debenture may not be assigned or otherwise transferred unless
and  until  (i)  the  Company has received the opinion of counsel for the Holder
that  this  Debenture  or  such shares may be sold pursuant to an exemption from
registration  under the Securities Act or (ii) a registration statement relating
to  this  Debenture  or  such  shares has been filed by the Company and declared
effective  by  the  SEC.

     Each  certificate  for  shares  of Common Stock deliverable hereunder shall
bear  a  legend  as  follows  unless  and  until  such securities have been sold
pursuant  to  an  effective  registration  statement  under  the Securities Act:
"The  securities  represented by this certificate have not been registered under
the  Securities  Act of 1933, as amended (the "Securities Act").  The securities
may  not  be offered for sale, sold or otherwise transferred except (i) pursuant
to an effective registration statement under the Securities Act or (ii) pursuant
to  an  exemption from registration under the Securities Act in respect of which
the  issuer  of this certificate has received an opinion of counsel satisfactory
to  the  issuer  of  this  certificate  to such effect.  Copies of the agreement
covering  both the purchase of the securities and restrictions on their transfer
may  be  obtained  at no cost by written request made by the holder of record of
this  certificate  to  the  Secretary  of  the issuer of this certificate at the
principal  executive  offices  of  the  issuer  of  this  certificate."

                                    ARTICLE 5
                                    COVENANTS

SECTION  5.1     Conversion.  The  Company  shall  cause the transfer agent, not
                 ----------
later  than  three (3) Business Days after the Company's receipt of a Conversion
Notice,  to issue and deliver to the Holder the requisite shares of Common Stock
Issued  at  Conversion.  Such  delivery  shall  be  by  electronic transfer if a
Registration  Statement covering the Common Stock has been declared effective by
the  SEC.

SECTION  5.2     Notice  of  Default.  If  any  one  or  more events occur which
                 -------------------
constitute  or  which,  with notice, lapse of time, or both, would constitute an
Event  of  Default,  the  Company  shall  forthwith  give  notice to the Holder,
specifying the nature and status of the Event of Default or such other event(s),
as  the  case  may  be.

SECTION  5.3     Payment of Obligations.  So  long  as  this  Debenture shall be
                 ----------------------
outstanding,  the Company shall pay, extend, or discharge at or before maturity,
all  its  respective  material  obligations  and liabilities, including, without
limitation,  tax  liabilities,  except  where  the same may be contested in good
faith  by  appropriate  proceedings.

SECTION  5.4     Compliance  with  Laws.  So  long  as  this  Debenture shall be
                 ----------------------
outstanding,  the  Company  shall  comply  with all applicable laws, ordinances,
rules, regulations and requirements of governmental authorities, except for such
     noncompliance  which  would  not  have  a  material  adverse  effect on the
business,  properties,  prospects, condition (financial or otherwise) or results
of  operations  of  the  Company  and  the  Subsidiaries.

SECTION  5.5     Inspection  of  Property,  Books  and Records.  So long as this
                 ---------------------------------------------
Debenture  shall  be  outstanding, the Company shall keep proper books of record
and  account  in  which  full,  true  and  correct  entries shall be made of all
material  dealings  and  transactions in relation to its business and activities
and  shall permit representatives of the Holder at the Holder's expense to visit
and inspect any of its respective properties, to examine and make abstracts from
     any of its respective books and records, not reasonably deemed confidential
by  the  Company,  and  to discuss its respective affairs, finances and accounts
with  its  respective  officers  and independent public accountants, all at such
reasonable  times  and  as  often  as  may  reasonably  be  desired.

SECTION  5.6     Right of First Refusal on Other Financing.  In  the event  that
                 -----------------------------------------
the  Company  obtains any other financing (either debt, equity, or a combination
thereof)  which  is  to close during the term of this Debenture, Holder shall be
entitled  to  a  right  of  first  refusal  to enable it to, at Holder's option,
either:  (i)  match  the  terms  of  the other financing, or (ii) add additional
principal  to this Debenture, in the amount of such other financing, on the same
terms  and conditions as this Debenture. The Company shall deliver to Holder, at
least  10  days  prior to the proposed closing date of such transaction, written
notice  describing  the proposed transaction, including the terms and conditions
thereof,  and  providing  Holder  an  option  during the 10 day period following
delivery  of  such  notice to either provide the financing being offered in such
transaction  on  the  same  terms as contemplated by such transaction, or to add
additional  principal  to this Debenture, in the amount of such other financing,
on  the  same  terms  and  conditions  as  this  Debenture.

                                    ARTICLE 6
                          EVENTS OF DEFAULT; REMEDIES

SECTION  6.1     Events  of  Default.  "EVENT  OF  DEFAULT" wherever used herein
                 -------------------
means  any  one  of  the  following  events:

(i)  the  Company  shall  default  in the payment of principal of or interest on
     this  Debenture  as  and when the same shall be due and payable and, in the
     case  of  an interest payment default, such default shall continue for five
     (5)  Business  Days  after  the  date such interest payment was due, or the
     Company  shall  fail  to  perform or observe any other covenant, agreement,
     term,  provision,  undertaking  or  commitment  under  this  Debenture, the
     Conversion  Warrants (as defined in the Securities Purchase Agreement), the
     Securities Purchase Agreement or the Registration Rights Agreement and such
     default  shall  continue  for  a period of ten (10) Business Days after the
     delivery  to  the  Company of written notice that the Company is in default
     hereunder  or  thereunder;
(ii) any of the representations or warranties made by the Company herein, in the
     Securities  Purchase Agreement, the Registration Rights Agreement or in any
     certificate  or  financial  or  other  written  statements  heretofore  or
     hereafter  furnished  by or on behalf of the Company in connection with the
     execution  and  delivery  of  this  Debenture, the Warrants, the Securities
     Purchase  Agreement  or the Registration Rights Agreement shall be false or
     misleading  in  a  material  respect  on  the  Closing  Date;
(iii)under  the laws  of  any jurisdiction not otherwise covered by clauses (iv)
     and  (v)  below,  the  Company  or  any Subsidiary (A) becomes insolvent or
     generally  not  able  to  pay  its  debts as they become due, (B) admits in
     writing  its  inability  to  pay  its  debts  generally  or makes a general
     assignment  for  the benefit of creditors, (C) institutes or has instituted
     against  it  any  proceeding  seeking  (x)  to  adjudicate it a bankrupt or
     insolvent,  (y)  liquidation,  winding-up,  reorganization,  arrangement,
     adjustment,  protection, relief or composition of it or its debts under any
     law relating to bankruptcy, insolvency, reorganization or relief of debtors
     including  any  plan  of  compromise  or  arrangement  or  other  corporate
     proceeding  involving  or  affecting  its  creditors or (z) the entry of an
     order for relief or the appointment of a receiver, trustee or other similar
     person for it or for any substantial part of its properties and assets, and
     in  the case of any such official proceeding instituted against it (but not
     instituted  by  it),  either the proceeding remains undismissed or unstayed
     for  a  period of sixty (60) calendar days, or any of the actions sought in
     such  proceeding  (including the entry of an order for relief against it or
     the appointment of a receiver, trustee, custodian or other similar official
     for  it or for any substantial part of its properties and assets) occurs or
     (D)  takes  any  corporate  action  to  authorize any of the above actions;
(iv) the  entry  of  a  decree  or  order  by a court having jurisdiction in the
     premises  adjudging  the Company or any Subsidiary a bankrupt or insolvent,
     or  approving  as  properly  filed  a  petition  seeking  reorganization,
     arrangement,  adjustment  or  composition  of  or in respect of the Company
     under  the Bankruptcy Code or any other applicable Federal or state law, or
     appointing  a  receiver,  liquidator, assignee, trustee or sequestrator (or
     other  similar  official)  of the Company or of any substantial part of its
     property, or ordering the winding-up or liquidation of its affairs, and any
     such  decree  or order continues and is unstayed and in effect for a period
     of  sixty  (60)  calendar  days;
(v)  the  institution  by  the  Company  or  any Subsidiary of proceedings to be
     adjudicated  a  bankrupt  or  insolvent,  or  the  consent  by  it  to  the
     institution  of  bankruptcy  or  insolvency  proceedings against it, or the
     filing  by  it of a petition or answer or consent seeking reorganization or
     relief  under  the Bankruptcy Code or any other applicable federal or state
     law,  or  the  consent  by  it to the filing of any such petition or to the
     appointment  of  a  receiver, liquidator, assignee, trustee or sequestrator
     (or  other  similar  official) of the Company or of any substantial part of
     its  property,  or  the  making  by  it of an assignment for the benefit of
     creditors,  or  the  admission by it in writing of its inability to pay its
     debts  generally  as  and  when they become due, or the taking of corporate
     action  by  the  Company  in  furtherance  of  any  such  action;
(vi) a  final  judgment  or  final judgments for the payment of money shall have
     been  entered  by any court or courts of competent jurisdiction against the
     Company and remains undischarged for a period (during which execution shall
     be  effectively  stayed)  of  thirty (30) days, provided that the aggregate
                                                     --------
     amount  of  all  such  judgments at any time outstanding (to the extent not
     paid  or to be paid, as evidenced by a written communication to that effect
     from  the  applicable  insurer,  by insurance) exceeds One Hundred Thousand
     Dollars  ($100,000);
(vii)  it  becomes  unlawful  for  the  Company  to  perform  or comply with its
     obligations  under  this  Debenture, the Conversion Warrant, the Securities
     Purchase  Agreement  or  the  Registration Rights Agreement in any respect;
(viii)  the  Common Shares shall be delisted from the NASDAQ OTCBB (the "TRADING
     MARKET"  or,  to the extent the Company becomes eligible to list its Common
     Stock  on  any  other  national security exchange or quotation system, upon
     official  notice of listing on any such exchange or system, as the case may
     be,  it  shall  be  the  "TRADING MARKET") or suspended from trading on the
     Trading  Market,  and  shall not be reinstated, relisted or such suspension
     lifted,  as  the  case  may  be,  within  five  (5)  days  or;
(ix) the Company shall default (giving effect to any applicable grace period) in
     the  payment of principal or interest as and when the same shall become due
     and  payable,  under any indebtedness, individually or in the aggregate, of
     more  than  One  Hundred  Thousand  Dollars  ($100,000);

SECTION  6.2     Acceleration of Maturity; Rescission and Annulment. If an Event
                 --------------------------------------------------
of Default occurs and is continuing, then and in every such case the Holder may,
by a notice in writing to the Company, rescind any outstanding Conversion Notice
and declare that all amounts owing or otherwise outstanding under this Debenture
are  immediately  due  and  payable and upon any such declaration this Debenture
shall  become  immediately due and payable in cash at a price of one hundred and
fifty  percent (150%) of the Principal Amount thereof, together with all accrued
and  unpaid  interest  thereon to the date of payment; provided, however, in the
                                                       --------
case  of  any Event of Default described in clauses (iii), (iv), (v) or (vii) of
Section  6.1, such amount automatically shall become immediately due and payable
without  the  necessity  of  any  notice  or  declaration  as  aforesaid.

SECTION  6.3     Late  Payment  Penalty.  If  any portion of the principal of or
                 ----------------------
interest  on this Debenture shall not be paid within ten (10) days of when it is
due,  the  Discount  Multiplier  under  this  Debenture,  and under all warrants
granted  by  the  Company  to the Holder, shall decrease by one percentage point
(1%)  for  all  conversions  of this Debenture and warrant exercises thereafter.

SECTION  6.4     Maximum  Interest  Rate.  Notwithstanding  anything  herein  to
                 -----------------------
the contrary, if at any time the applicable interest rate as provided for herein
shall exceed the maximum lawful rate which may be contracted for, charged, taken
or  received  by  the Holder in accordance with any applicable law (the "MAXIMUM
RATE"),  the  rate  of interest applicable to this Debenture shall be limited to
the  Maximum  Rate.  To  the greatest extent permitted under applicable law, the
Company  hereby  waives and agrees not to allege or claim that any provisions of
this  Note  could give rise to or result in any actual or potential violation of
any  applicable  usury  laws.

SECTION  6.5     Remedies Not Waived.  No course  of dealing between the Company
                 -------------------
and  the Holder or any delay in exercising any rights hereunder shall operate as
a  waiver  by  the  Holder.

SECTION  6.6     Remedies.  The Company acknowledges that a breach by it  of its
                 --------
obligations  hereunder  will  cause irreparable harm to the Holder, by vitiating
the  intent and purpose of the transaction contemplated hereby. Accordingly, the
Company  acknowledges  that  the  remedy  at law for a breach of its obligations
under  this Debenture will be inadequate and agrees, in the event of a breach or
threatened  breach  by the Company of the provisions of this Debenture, that the
Holder  shall  be  entitled to all other available remedies at law or in equity,
and  in  addition  to  the  penalties  assessable  herein,  to  an injunction or
injunctions  restraining,  preventing or curing any breach of this Debenture and
to  enforce specifically the terms and provisions thereof, without the necessity
of  showing economic loss and without any bond or other security being required.

SECTION  6.7     Payment of Certain Amounts. Whenever pursuant to this Debenture
                 --------------------------
the  Company is required to pay an amount in excess of the Principal Amount plus
accrued  and  unpaid  interest, the Company and the Holder agree that the actual
damages  to the Holder from the receipt of cash payment on this Debenture may be
difficult  to  determine  and the amount to be so paid by the Company represents
stipulated damages and not a penalty and is intended to compensate the Holder in
part  for loss of the opportunity to convert this Debenture and to earn a return
from  the  sale  of  shares  of  Common  Stock  acquired upon conversion of this
Debenture  at  a  price in excess of that price paid for such shares pursuant to
this  Debenture.  The  Company  and  the Holder hereby agree that such amount of
stipulated  damages  is  not disproportionate to the possible loss to the Holder
from  the  receipt  of  a  cash  payment without the opportunity to convert this
Debenture  into  shares  of  Common  Stock.

                                    ARTICLE 7
                                  MISCELLANEOUS

SECTION  7.1     Notice of Certain Events.  In the case of the occurrence of any
                 ------------------------
event  described in Section 3.4 of this Debenture, the Company shall cause to be
mailed  to the Holder of this Debenture at its last address as it appears in the
Company's  security  registry, at least twenty (20) days prior to the applicable
record,  effective  or expiration date hereinafter specified (or, if such twenty
(20)  days'  notice  is not possible, at the earliest possible date prior to any
such  record,  effective  or  expiration  date), a notice thereof, including, if
applicable, a statement of (y) the date on which a record is to be taken for the
purpose  of such dividend, distribution, issuance or granting of rights, options
or warrants, or if a record is not to be taken, the date as of which the holders
of  record  of  Common  Stock  to  be  entitled  to such dividend, distribution,
issuance  or granting of rights, options or warrants are to be determined or (z)
the  date on which such reclassification, consolidation, merger, sale, transfer,
dissolution,  liquidation or winding-up is expected to become effective, and the
date  as  of which it is expected that holders of record of Common Stock will be
entitled  to  exchange  their  shares  for  securities,  cash  or other property
deliverable  upon  such  reclassification, consolidation, merger, sale transfer,
dissolution,  liquidation  or  winding-up.

SECTION  7.2     Register.  The  Company  shall  keep  at its principal office a
                 --------
register  in  which  the  Company  shall  provide  for  the registration of this
Debenture.  Upon  any  transfer  of this Debenture in accordance with Articles 2
and  4  hereof,  the  Company  shall  register  such  transfer  on the Debenture
register.

SECTION  7.3     Withholding.  To  the  extent  required  by applicable law, the
                 -----------
Company may withhold amounts for or on account of any taxes imposed or levied by
or  on  behalf  of any taxing authority in the United States having jurisdiction
over  the  Company  from  any  payments  made  pursuant  to  this  Debenture.

SECTION  7.4     Transmittal of Notices.  Except  as  may  be otherwise provided
                 ----------------------
herein,  any  notice  or  other  communication or delivery required or permitted
hereunder  shall  be  in  writing  and shall be delivered personally, or sent by
telecopier  machine or by a nationally recognized overnight courier service, and
shall  be deemed given when so delivered personally, or by telecopier machine or
overnight  courier  service  as  follows:

(1)     if  to  the  Company,  to:

     Invicta Group Inc.
     9553 Harding Avenue, Suite 301
     Miami, Florida 33154
     Telephone:     305-866-6525
     Facsimile:

(2)     if to the Holder, to:

Golden Gate Investors, Inc.
7817 Herschel Avenue, Suite 200
La Jolla, California 92037
Telephone:     858-551-8789
Facsimile:     858-551-8779

Each  of  the  Holder  or the Company may change the foregoing address by notice
given  pursuant  to  this  Section  7.4.

SECTION  7.5     Attorneys' Fees. Should any party hereto employ an attorney for
                 ----------------
the  purpose of enforcing or construing this Debenture, or any judgment based on
this  Debenture,  in  any  legal  proceeding  whatsoever,  including insolvency,
bankruptcy,  arbitration, declaratory relief or other litigation, the prevailing
party  shall  be  entitled  to  receive  from the other party or parties thereto
reimbursement  for  all  reasonable  attorneys'  fees  and all reasonable costs,
including  but  not  limited to service of process, filing fees, court and court
reporter  costs,  investigative  costs, expert witness fees, and the cost of any
bonds,  whether taxable or not, and that such reimbursement shall be included in
any  judgment  or  final order issued in that proceeding. The "prevailing party"
means  the  party  determined  by  the  court  to  most  nearly  prevail and not
necessarily  the  one  in  whose  favor  a  judgment  is  rendered.

SECTION  7.6     Governing  Law.  This  Debenture  shall  be  governed  by,  and
                 --------------
construed  in  accordance  with,  the  laws  of the State of California (without
giving effect to conflicts of laws principles). With respect to any suit, action
or  proceedings  relating  to this Debenture, the Company irrevocably submits to
the  exclusive  jurisdiction of the courts of the State of California sitting in
San  Diego and the United States District Court located in the City of San Diego
and  hereby waives, to the fullest extent permitted by applicable law, any claim
that  any  such  suit,  action or proceeding has been brought in an inconvenient
forum. Subject to applicable law, the Company agrees that final judgment against
it  in  any  legal  action  or  proceeding  arising  out  of or relating to this
Debenture  shall  be  conclusive  and  may be enforced in any other jurisdiction
within or outside the United States by suit on the judgment, a certified copy of
which  judgment  shall  be  conclusive  evidence  thereof  and the amount of its
indebtedness,  or  by  such  other  means  provided  by  law.

SECTION  7.7      Waiver  of Jury Trial. To the fullest extent permitted by law,
                  ---------------------
each  of  the  parties  hereto  hereby  knowingly, voluntarily and intentionally
waives  its  respective  rights  to a jury trial of any claim or cause of action
based  upon  or  arising  out  of  this  Debenture  or any other document or any
dealings between them relating to the subject matter of this Debenture and other
documents.  Each  party  hereto  (i)  certifies that neither of their respective
representatives,  agents  or  attorneys has represented, expressly or otherwise,
that  such  party  would  not,  in  the event of litigation, seek to enforce the
foregoing  waivers  and (ii) acknowledges that it has been induced to enter into
this  Debenture  by,  among  other things, the mutual waivers and certifications
herein.

SECTION  7.8     Headings.  The  headings  of  the Articles and Sections of this
                 --------
Debenture are inserted for convenience only and do not constitute a part of this
Debenture.

SECTION  7.9     Payment Dates.  Whenever any  payment  hereunder  shall  be due
                 -------------
on  a  day  other  than  a  Business Day, such payment shall be made on the next
succeeding  Business  Day.

SECTION 7.10     Binding Effect.  Each Holder by accepting this Debenture agrees
                 --------------
to  be  bound  by  and  comply  with the terms and provisions of this Debenture.

SECTION 7.11     No  Stockholder  Rights.  Except as otherwise provided herein,
                 -----------------------
this  Debenture  shall  not  entitle  the  Holder  to  any  of  the  rights of a
stockholder of the Company, including, without limitation, the right to vote, to
receive  dividends  and  other distributions, or to receive any notice of, or to
attend, meetings of stockholders or any other proceedings of the Company, unless
and  to  the extent converted into shares of Common Stock in accordance with the
terms  hereof.

SECTION 7.12     Facsimile  Execution.    Facsimile  execution  shall  be deemed
                 --------------------
originals.

     IN  WITNESS  WHEREOF, the Company has caused this Debenture to be signed by
its  duly  authorized  officer on the date of this Debenture. Invicta Group Inc.

By:

Title:  _____________________________________

<PAGE>

                                    EXHIBIT A
                          DEBENTURE CONVERSION NOTICE
                          ---------------------------

TO:  Invicta  Group  Inc.

     The  undersigned  owner  of  this Convertible Debenture due April ___, 2006
(the  "DEBENTURE")  issued  by  Invicta  Group  Inc.  (the  "COMPANY")  hereby
irrevocably  exercises its option to convert $__________ Principal Amount of the
Debenture  into  shares  of  Common  Stock  in  accordance with the terms of the
Debenture.  The  undersigned hereby instructs the Company to convert the portion
of  the  Debenture  specified  above  into  shares  of  Common  Stock  Issued at
Conversion in accordance with the provisions of Article 3 of the Debenture.  The
undersigned  directs that the Common Stock and certificates therefor deliverable
upon  conversion,  the  Debenture  reissued  in  the  Principal Amount not being
surrendered  for  conversion  hereby,  [the  check  or shares of Common Stock in
payment  of the accrued and unpaid interest thereon to the date of this Notice,]
together with any check in payment for fractional Common Stock, be registered in
the name of and/or delivered to the undersigned unless a different name has been
indicated  below.  All  capitalized  terms  used and not defined herein have the
respective  meanings assigned to them in the Debenture.  The conversion pursuant
hereto  shall  be  deemed  to  have been effected at the date and time specified
below,  and  at  such  time  the  rights  of  the undersigned as a Holder of the
Principal  Amount of the Debenture set forth above shall cease and the Person or
Persons  in  whose  name or names the Common Stock Issued at Conversion shall be
registered shall be deemed to have become the holder or holders of record of the
Common  Shares  represented  thereby  and all voting and other rights associated
with the beneficial ownership of such Common Shares shall at such time vest with
such  Person  or  Persons.

Date  and  time:  __________________

____________________________________

By:     ____________________________
Title:  ____________________________

Fill in for registration of Debenture:
Please print name and address
(including ZIP code number):
____________________________________

____________________________________

____________________________________

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