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13. SUBSEQUENT EVENTS
3 Months Ended
Mar. 31, 2015
Notes to Financial Statements  
NOTE 13. SUBSEQUENT EVENTS

The Company has evaluated subsequent events through the date the financial statements were issued and up to the time of filing of the financial statements with the Securities and Exchange Commission.

 

In April of 2015, the Company modified its agreement with Plascencia Universal with respect to the license fee included in the original agreement.  The original agreement provided for a $300,000 licensing fee that would be recognized based on the gross purchases made by Plascencia Universal from the Company.  Under the revised agreement, the terms of payment of the license fee will occur once Plascencia Universal sells the product acquired from the Company that generated the license fee.

 

In May of 2015, the Company deposited $102,000 or approximately 15% of the first quarter revenue into the bank sinking fund account.

 

In May of 2015, the Company directly sold 625,000 shares of common stock for gross proceeds of $225,000.