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8. SUBSEQUENT EVENTS
9 Months Ended
Sep. 30, 2013
Subsequent Events [Abstract]  
8. SUBSEQUENT EVENTS

Subsequent to September 30, 2013, the Company sold four Notes totaling $840,000 to UBP on the same terms as previously sold Notes.  The Notes will mature on November 14, 2016.

 

Effective November 1, 2013 Atlas transferred all of its interest in the Notes to Grasford Investments, Ltd. (“Grasford”).  Grasford is an entity controlled by Avy Lugassy, beneficial owner of both Company equity and the Notes interests formerly held by Atlas. As a result of the transaction, Avy Lugassy continues to control those interests through control of Grasford in the same manner that he used to control the same interests through control of Atlas.