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4. Litigation | 12 Months Ended
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Dec. 31, 2012
Litigation |
NOTE 4 - Litigation | In March 2011, four of the Company’s shareholders filed a securities action in Superior Court of California, in Santa Barbara County, against the Company and its former Chief Executive Officer, Chief Financial Officer, and outside directors. Pursuant to a November 6, 2012 settlement agreement, this matter has been resolved to the mutual satisfaction of the parties. In November of 2011, twelve additional shareholders of the Company filed a securities action in Santa Barbara Superior Court, against the Company and its former Chief Executive Officer, Chief Financial Officer, and outside directors. Pursuant to a November 6, 2012 settlement agreement, this matter has been resolved to the mutual satisfaction of the parties. In September of 2011, Maier & Company, Inc., filed a lawsuit in the Santa Barbara Superior Court against the Company and PSEI for alleged breach of a consulting agreement. On or about March 20, 2013, the plaintiff sought entry of judgment in the amount of $45,830. The parties entered into a settlement agreement allowing for a stipulation for entry of judgment. On February 24, 2012, Maverick Apparel Printing, LLC, filed a complaint in the Santa Barbara Superior Court against the Company for collection on an alleged $25,695 debt. Pursuant to a September 14, 2012 settlement agreement, this matter has been resolved to the parties’ mutual satisfaction. On April 19, 2012, Ned Sands filed a wrongful termination lawsuit in the Los Angeles Superior Court against the Company. On or about March 11, 2013, the plaintiff sought and obtained entry of judgment in the amount of $22,500. The parties entered into a settlement agreement allowing for a stipulation for entry of judgment.

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