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10. Subsequent Events
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12 Months Ended |
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Dec. 31, 2013
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| Subsequent Events [Abstract] | |
| SUBSEQUENT EVENTS |
Convertible Promissory Note On February 28 the Company signed a Convertible Promissory Note for $22,026, with an interest rate of 8% with a maturity date of August 28, 2014. The issuer of the Convertible Promissory Note has the option to convert all or portion of the Promissory Note into common shares of the Company. The Conversion price share would be $0.10, unless the Company has, between the issue date of the Promissory Note and its Maturity date, sold its capital stock in financing in which the Company received gross proceeds of an excess of $198,234 at a differing price.
On March 11, 2013 the Company signed a consolidated and extension of the Companys Promissory Notes. The New total amount of the combined Promissory Note is $307,266.26 ($285,240.26 dated November 4, 2013 and Promissory Note of $22,026 dated February 28, 2014) with an interest rate of 8% and maturity date of August 28, 2014. . The Conversion price share would be $0.10, unless the Company has, between the issue date of the Promissory Note and its Maturity date, sold its capital stock in financing in which the Company received gross proceeds of an excess of $1,000,000 at a differing price. In the event the Company does not pay the outstanding balance by August 28, 2014, the interest rate of the Promissory Note increases to 12% per annum.
Private Placement Memorandum Subsequent to the period, on March 4, 2014, the Company not having met the minimum $500,000 net proceeds under the terms of the Private Placement Memorandum the Company returned the total funds of $71,750 to the investors. The 100,000 shares that had been issued were returned to the Company. (Refer Note 3)
Asset and Business Acquisition Subsequent to the period on March 5, 2014, under the consent of both parties the Asset and Business Acquisition Agreement signed on July 11, 2013 was reversed. The reversal of the transaction is reflected in the financial statements dated December 31, 2013. (Refer Note 6 and Note 7)
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