Micro Imaging Technology, Inc. (OTCBB: MMTC) entered into an equity line of credit of 125,000,000 common shares for gross proceeds of $5,000,000 on May 4, 2010. The round will include participation from new investor Dutchess Opportunity Fund II, L.P., a fund managed by Dutchess Capital Management, LLC. The company will issue common shares over a period of 36 months. The maximum amount that the company is entitled to put in any one notice is the greater of 200% of the average daily volume of the common stock for the three trading days prior to the date of delivery of the applicable put notice, multiplied by the average of the closing prices for such trading days or $100,000. The purchase price shall be set at 95% of the lowest daily VWAP of the company's common stock during the pricing period. In connection with the preparation of the investment agreement and the registration rights agreement, the company issued to the investor 750,000 shares of common stock as a document preparation fee in the amount of $15,000. On May 22, 2010, the company issued 10,250,000 shares in the transaction. On September 10, 2010, the company issued 60,000 shares at $0.0225 per share for gross proceeds of $1,350. The company paid $110 in fees. As of October 15, 2010, the company has received $32,932 through the issuance of 1,558,736 shares at prices ranging from $0.0175 and $0.0225 per share. The company incurred $440 as fees bringing the net proceeds to 32,492. Between November 5, 2010 and December 27, 2010, the company issued additional 2,251,211 shares at prices ranging from $0.0057 to $0.013 per share. As of January 31, 2011, the company has received $46,168 through the issuance of 8,386,774 shares. The company incurred $660 as transfer fees bringing the net proceeds to $45,508. As of April 30, 2011, the company has received $61,072 through the issuance of 10,966,774 shares in eight separate draw downs. The company incurred $880 as transfer fees bringing the net proceeds to $60,192. As of July 1, 2011, the company has issued 11,000,000 shares. On June 1, 2012, Micro Imaging Technology, Inc. closed the transaction. The company will not raise any further funding.