Quarterly report pursuant to Section 13 or 15(d)

6. Subsequent Events

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6. Subsequent Events
9 Months Ended
Sep. 30, 2013
Notes to Financial Statements  
6. Subsequent Events

We performed a review of events subsequent to the balance sheet date through the date the financial statements were issued and determined, except as disclosed herein, that there were no other such events requiring recognition or disclosure in the financial statements.

 

On October 7, 2013, we received $250,000 in a six-month note from an existing shareholder.  Terms of the note include 18% annual interest, a right to convert the note into the next equity transaction of the Company, at the conversion rate of the equity offering, and a three-year warrant to acquire 250,000 shares of common stock at $0.40 per share. 

 

On October 10, 2013, the April 11, 2013 note for $275,000 was amended to change the lenders right to convert and the borrower’s right to repay to December 10, 2013.