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7. Discontinued Operations
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3 Months Ended |
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Mar. 31, 2014
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| Discontinued Operations and Disposal Groups [Abstract] | |
| 7. Discontinued Operations |
On March 5, 2014, the Company and Media Rhythm entered into the Agreement, whereby the Company sold, transferred and assigned to Media Rhythm all of the Assets. In consideration of the Company’s sale of the Assets, Media Rhythm executed and delivered to the Company the Note Cancellation, thereby relieving the Company of all obligations pursuant to the Promissory Note issued by the Company on July 11, 2013 in the principal amount of $420,000, as described above. The reversal of the transaction is reflected in the financial statements dated December 31, 2013. (Refer Note 6).
As a result of the reversal of the Asset and Business Acquisition Agreement there was a net gain to FreeButton of $3,818. |