Quarterly report pursuant to sections 13 or 15(d)

Note 6 - Subsequent Events

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Note 6 - Subsequent Events
9 Months Ended
Sep. 30, 2012
Notes to Financial Statements  
Note 6 - Subsequent Events

Note 6 - Subsequent Events

 

In October 2012, the Company entered into verbal agreements to extend the maturity dates of the notes held by Shore and Cullinane for an additional year. The Company issued to Shore and Cullinane 25,000 and 150,000 shares of common stock as extension fees.

 

On October 4, 2012, the Company issued a promissory note for an aggregate principal amount of $25,000. In addition, the Company issued 125,000 shares of its common stock in connection with the issuance of the note as loan fees. The Note carries an interest rate of 12% per annum and a maturity date of the earlier of one year from the date of issuance or when the Company issues equity securities in the aggregate amount of $2,500,000.

 

On October 15, 2012, the Company purchased and financed a vehicle for $64,457 at an annual interest rate of 2.99% for 66 monthly payments of $1,060 replacing the previous vehicle originally purchased on July 1, 2012.

 

On October 15, 2012, the Company signed a Rescission Agreement with Personal 3D, Inc. cancelling the September 1, 2011 agreement between P3D and the Company. The remaining $990,000 owed on the note was canceled and the 3,559,797 shares of the Company’s common stock were returned to the treasury.

 

On November 15, 2012, the Company issued a promissory note for an aggregate principal amount of $25,000. In addition, the Company issued 125,000 shares of its common stock in connection with the issuance of the note as loan fees. The Note carries an interest rate of 12% per annum and a maturity date of the earlier of one year from the date of issuance or when the Company issues equity securities in the aggregate amount of $2,500,000.