STRATEGIC ALLIANCE AGREEMENT

3 Months Ended

Mar. 31, 2014

Strategic Alliance Agreement [Abstract]

Strategic Alliance Agreement [Text Block]

21. STRATEGIC ALLIANCE AGREEMENT

On April 10, 2012, the Company entered into a strategic alliance agreement with Precision Paddleboards, Inc. The agreement provides for 12 month exclusivity granted for $24,000 in one year restricted stock, or 494 shares. Price per share was calculated as the weighted average per share for 30 days preceding the agreement or $.036 per share. The Company recognized the operating expense ratably over the twelve month vesting term with corresponding entry to shares payable. For the three months ended March 31, 2013 the Company recognized $6,000 operating expense under the agreement. As of March 31, 2014, none of the 494 shares have been paid out and are reflected in shares payable balance on the Statement of Stockholders’ Deficit and the Balance Sheet.