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11. Subsequent Events:
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12 Months Ended |
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Dec. 31, 2012
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| Subsequent Events [Text Block] |
On
January 1, 2013, the Company granted the option to acquire
1,000,000 shares of our common stock at an exercise price
of $0.03 per share, to expire on December 31, 2017. The
option was exercised on January 2, 2013.
On
January 28, 2013, the Company granted the option to acquire
2,300,000 shares of our common stock at an exercise price
of $0.05 per share to expire on January 27, 2018:
On
January 29, 2013, Mr. Sidney Chan and the Company executed an
amending agreement, effective January 8, 2013, whereby Mr.
Chan increased the borrowing limit of the line of credit he
has provided to the Company from $2,500,000 to $4,000,000.
All other terms and conditions of the amended credit
agreement remain in force and unaltered. Mr. Chan and the
Company had previously entered into an agreement on March 6,
2011, which was subsequently amended by further agreements
dated October 24, 2011 and June 15, 2012, whereby Mr. Chan
agreed to make available to the Company a credit line equal
to $2,500,000 for the Company’s corporate purposes.
Under the terms of the arrangement, the amount borrowed by
the Company bears simple interest at a rate of 1% per month.
The amount borrowed is secured by a general security
agreement over the assets of the Company and is due on
demand.
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