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10.
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Subsequent Events
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In preparing these financial statements, the Company has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.
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During July of 2013, the Company received another tranche from ASYM in the amount of $60,766.
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During August of 2013, $10,000
of notes payable was converted into
1,250,000
shares of common stock. On August 20, 2013, $65,000
of the outstanding convertible debt was assigned to Magna Group, LLC.
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On August 27, 2013, Magna Group loaned an additional $25,000
to the Company.
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On September 5, 2013, ASYM granted an extension of the waiver of those covenants for all periods prior to September 10, 2013 in return for $25,000
waiver fee in the form of an additional tranche loan under the agreement and warrant stock associated with the tranche.
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