 | Trombly Business Law 1320 Centre Street, Suite 202 Newton, MA 02429 Telephone (617) 243-0060 Facsimile (617) 243-0066 |
Amy M. Trombly, Esq. | amy@tromblybusinesslaw.com |
June 12, 2007
Delivered by electronic submission via EDGAR
United States Securities and Exchange Commission
Division of Corporation Finance
100 F Street, N.E., Mail Stop 7010
Washington, DC 20549
| Attn: | Ms. Kathleen Krebs | ||
| Re: | CommercePlanet, Inc. | ||
| Registration Statement on Form SB-2 | |||
| File Number: 333-141375 |
I am securities counsel for CommercePlanet, Inc. (the “Company”). The Company is providing revisions to a table included in Amendment 3 of the Registration Statement on Form SB-2 pursuant to a conversation with a member of the staff on June 11, 2007.
If you have any further questions or comments, please feel free to contact us. We are happy to cooperate in any way we can.
| Regards, | |
| /s/ Amy M. Trombly | |
| Amy M. Trombly | |
| Counsel for CommercePlanet, Inc. |
cc: CommercePlanet, Inc.
Name of eFund entity or affliate with whom financing instrument was entered into | Date of issuance | Face value | Cash the Company received from the financing instrument | Amount paid by the Company to eFund | Interest paid (discount amount on face of the note, if any) | Date of payment | Shares issued as payment | Market price of common stock at day of issue | Amount ($) of each payment (1) | Date warrant issued, if any | Value of warrant, if any (6) | Amount of interest payments, if any (9) ($) | Percentage calculated by dividing the total potential profit eFund could have gotten by the funds the Company received | |||||||||||||||||||||||||||
| eFund Capital Partners, LLC | 1/19/2004 | $ | 305,000 | $ | 305,000 | 1/13/2006 | 100,000 | $ | 0.319 | $ | 12,000 | $ | 36,600 | |||||||||||||||||||||||||||
| eFund Capital Partners, LLC | 1/19/2004 | 1/19/2006 | 150,000 | $ | 0.280 | $ | 18,000 | |||||||||||||||||||||||||||||||||
| eFund Capital Partners, LLC | 1/19/2004 | 2/3/2006 | 32,000 | $ | 0.250 | $ | 5,528 | |||||||||||||||||||||||||||||||||
| eFund Capital Partners, LLC | 1/19/2004 | 3/31/2006 | $ | 48,500 | ||||||||||||||||||||||||||||||||||||
| eFund Capital Partners, LLC | 1/19/2004 | 4/13/2006 | 619,118 | $ | 0.330 | $ | 79,433 | |||||||||||||||||||||||||||||||||
| eFund Capital Partners, LLC | 1/19/2004 | 6/30/2006 | $ | 141,539 | ||||||||||||||||||||||||||||||||||||
Subtotal for 1/19/2004 instrument | $ | 305,000 | $ | 305,000 | $ | 341,600 (10 | ) | $ | 305,000 | $ | 36,600 | 112.00 | % | |||||||||||||||||||||||||||
| eFund Capital Partners, LLC | 1/25/2004 | $ | 50,000 | $ | 50,000 | 2/2/2006 | $ | 10,433 | $ | 6,000 | ||||||||||||||||||||||||||||||
| eFund Capital Partners, LLC | 1/25/2004 | 3/7/2006 | 68,000 | $ | 0.265 | $ | 39,567 | |||||||||||||||||||||||||||||||||
Subtotal for 1/25/2004 instrument | $ | 50,000 | $ | 50,000 | $ | 56,000 (10 | ) | $ | 50,000 | $ | 6,000 | 112.00 | % | |||||||||||||||||||||||||||
| eFund Capital Partners, LLC | 4/2/2004 | $ | 90,000 | $ | 75,000 | 3/7/2006 | 330,000 | $ | 0.265 | $ | 23,000 | 4/2/2004 | $ | 0(7 | ) | |||||||||||||||||||||||||
| eFund Capital Partners, LLC | 4/2/2004 | $ | 15,000 | 6/30/2006 | 170,000 | $ | 0.550 | $ | 67,000 | |||||||||||||||||||||||||||||||
Subtotal for 4/2/2004 instrument | $ | 90,000 | $ | 75,000 | $ | 90,000 | $ | 15,000 | $ | 90,000 | 120.00 | % | ||||||||||||||||||||||||||||
| eFund Capital Partners, LLC | 5/5/2004 | $ | 90,000 | $ | 75,000 | $ | 15,000 | 6/8/2006 | $ | 90,000 | 5/5/2004 | $ | 0(8 | ) | ||||||||||||||||||||||||||
Subtotal for 5/5/2004 instrument | $ | 90,000 | $ | 75,000 | $ | 90,000 | $ | 15,000 | $ | 90,000 | 120.00 | % | ||||||||||||||||||||||||||||
| eFund Capital Partners, LP | 8/15/2004 | $ | 60,000 | $ | 50,000 | $ | 10,000 | 3/31/2006 | 439,794 | $ | 0.235 | $ | 60,000 | 8/18/2004 | $ | 3,000(4 | ) | |||||||||||||||||||||||
Subtotal for 8/15/2004 instrument | $ | 60,000 | $ | 50,000 | $ | 60,000 | $ | 10,000 | $ | 60,000 | 120.00 | % | ||||||||||||||||||||||||||||
| eFund Capital Partners, LP | 9/25/2004 | $ | 60,000 | $ | 50,000 | $ | 10,000 | 4/13/2006 | 467,654 | $ | 0.330 | $ | 60,000 | 9/25/2004 | $ | 0(5 | ) | $ | 4,950 | |||||||||||||||||||||
Subtotal for 9/25/2004 instrument | $ | 60,000 | $ | 50,000 | $ | 64,950 (10 | ) | $ | 10,000 | $ | 60,000 | $ | 4,950 | 129.90 | % | |||||||||||||||||||||||||
| eFund Capital Partners, LLC | 4/18/2005 | $ | 132,000 | $ | 110,000 | $ | 22,000 | 6/30/2005 | $ | 13,812 | ||||||||||||||||||||||||||||||
| eFund Capital Partners, LLC | 4/18/2005 | 9/30/2005 | $ | 118,188 | ||||||||||||||||||||||||||||||||||||
Subtotal for 4/18/2005 instrument | $ | 132,000 | $ | 110,000 | $ | 132,000 | $ | 22,000 | $ | 132,000 | 120.00 | % | ||||||||||||||||||||||||||||
| eFund Capital Partners, LLC | 8/18/2005 | $ | 48,000 | $ | 40,000 | $ | 8,000 | 9/30/2005 | $ | 5,000 | ||||||||||||||||||||||||||||||
| eFund Capital Partners, LLC | 8/18/2005 | 12/31/2005 | $ | 13,211 | ||||||||||||||||||||||||||||||||||||
| eFund Capital Partners, LLC | 8/18/2005 | 12/31/2005 | $ | 29,789 | (2 | ) | ||||||||||||||||||||||||||||||||||
| eFund Capital Partners, LLC | 8/18/2005 | $ | 125,000 | $ | 104,000 | $ | 21,000 | 12/31/2005 | $ | 125,000 | (2 | ) | ||||||||||||||||||||||||||||
| eFund Capital Partners, LLC | 8/18/2005 | $ | 48,000 | $ | 40,000 | $ | 8,000 | 12/31/2005 | $ | 48,000 | (2 | ) | ||||||||||||||||||||||||||||
Subtotal for 8/18/2005 instruments | $ | 221,000 | $ | 184,000 | $ | 18,211 | $ | 37,000(3 | ) | $ | 221,000 | 120.11 | % | |||||||||||||||||||||||||||
| Barrett Evans | 8/18/2005 | $ | 84,000 | $ | 70,000 | $ | 14,000 | 12/31/2005 | $ | 84,000 | (2 | ) | ||||||||||||||||||||||||||||
Subtotal for 8/18/2005 instrument | $ | 84,000 | $ | 70,000 | $ | - | $ | 14,000 | $ | 84,000 | 120.00 | % | ||||||||||||||||||||||||||||
| eFund Capital Partners, LLC | 11/1/2005 | $ | 180,000 | $ | 176,200 | $ | 3,800 | 3/31/2006 | $ | 132,400 | ||||||||||||||||||||||||||||||
| eFund Capital Partners, LLC | 11/1/2005 | 6/30/2006 | $ | 47,600 | ||||||||||||||||||||||||||||||||||||
Subtotal for 11/1/2005 instrument | $ | 180,000 | $ | 176,200 | $ | 180,000 | $ | 3,800 | $ | 180,000 | 102.16 | % | ||||||||||||||||||||||||||||
| eFund Capital Partners, LLC | 12/18/2005 | $ | 286,789 | None. | 9/30/2006 | $ | 286,789 | |||||||||||||||||||||||||||||||||
Subtotal for 12/18/2005 instrument | $ | 286,789 | $ | 286,789 | $ | - | $ | 286,789 | ||||||||||||||||||||||||||||||||
TOTAL OF ALL EFUND | ||||||||||||||||||||||||||||||||||||||||
AND AFFILIATE INSTRUMENTS: | $ | 1,558,789 | $ | 1,145,200 | $ | 1,319,550 | $ | 126,800 | $ | 1,398,789 | $ | 47,550 | ||||||||||||||||||||||||||||
| (1) | Payments made in common stock have been given a value based on a contractual formula in the instrument to which the payments relate, generally a percentage of market price. The aggregate of all payments total the face value of the instrument including interest in the form of discounts. |
| (2) | New note issued on December 18, 2005 in the amount $286,789 restructured existing notes issued on August 18, 2005 with face values of $48,000, $125,000, $48,000, and $84,000. The note balances of $29,789, $125,000, $48,000, and $84,000 totalling $286,789 constituted the face value of the new note. The restructure of existing debt issued with the new note included interest in the form of discounts of $8,000, $21,000, $8,000, and $14,000 respectively. |
| (3) | The total discout amount for all Notes issued on August 18, 2005 is $37,000. |
| (4) | On August 18, 2004, we issued a warrant to eFund Capital Partners to purchase 150,000 of our common shares at an exercise price of $1.03 per share. The closing price of our stock on August 18, 2004 was $1.05 per share. |
| (5) | On September 25, 2004, we issued a warrant to eFund Capital Partners to purchase 150,000 of our common shares at an exercise price of $1.25 per share. The closing price of our stock on September 25, 2004 was $1.283 per share. |
| (6) | Caluculated by subtracting the total exercise price on the date of the issuance of the warrants from the combined market price of the total number of shares underlying the warrants on that date. |
| (7) | On April 2, 2004, we issued a warrant to eFund Capital Partners to purchase 225,000 of our common shares at an exercise price of $1.53. The market price of our stock on April 2, 2004 was $1.38. |
| (8) | On May 5, 2004, we issued a warrant to eFund Capital Partners to purchase 225,000 of our common shares at an exercise price of $1.53. The market price of our stock on May 5, 2004 was $1.47. |
| (9) | Unless indicated in this column, interest amounts are included in the face value of the instrument and listed in the column titled "Interest Paid." |
| (10) | Includes interest payments not included in the face amount of the instrument. |