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SUBSEQUENT EVENTS
12 Months Ended
Dec. 31, 2011
Notes to Financial Statements  
SUBSEQUENT EVENTS

 

NOTE 13 – SUBSEQUENT EVENTS

 

Litigation Matters

In October 2010, the Company filed suit in the Western District of Pennsylvania against WS Packaging Group, Inc. (“WS”) alleging that WS infringed on one of the Company’s patents in the manufacture of MONOPOLY game pieces on behalf of McDonald’s Corp. On June 4, 2012, both WS and the Company filed a stipulation to dismiss the action without prejudice and enter into settlement negotiations.

 

Notes Payable Issuance

In April 2012, the Company raised $200,000 from a Company shareholder through the issuance unsecured notes payable. The note accrues interest at 10% per annum. All principal and accrued interest are due to maturity in one year from the date of issuance.

 

Agreements

On July 5, 2012, the Company entered into an agreement with a financial advisory company to raise $2 million for the Company. The financial advisory company will receive 5% of gross proceeds received by the Company from the sale of securities to new investors and at the closing of an equity transaction 8 year warrants to purchase a number of shares of the Company’s common stock equal to 1% for every $1 million of capital raised up top a maximum of 5%.