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Subsequent Events
12 Months Ended
Sep. 30, 2011
Subsequent Events  
Subsequent Events

Note 10 — Subsequent Events

 

We evaluated subsequent events for potential recognition and/or disclosure subsequent to the date of the balance sheet. The following was noted for disclosure:

 

On October 6, 2011, John Bonner converted all of his shares of his Convertible Preferred Shares, Series C, into 2,024,284 shares of our common stock.

 

On October 24, 2011, we issued 100 Convertible Preferred Shares, Series C, to Fairmount Five for $100,000.  These shares are convertible into 1,666,667 shares of our common stock.

 

On November 3, 2011, we reached an agreement with Equity 11 and Nirta Enterprises to convert the outstanding principal and accrued interest of all notes owing to them into shares of our common stock at $.50 per share.  The principal totaled $56,832 and the accrued interest totaled $5,214.

 

On December 2, 2011, we entered into an amendment of our settlement agreement with Wilson Sonsini Goodrich & Rosati P.C. where we agreed to issue an additional 25,000 of our common shares and pay outstanding amounts owed in exchange for the elimination of payments to this firm of royalties we might receive under our BASF license agreement and a reduction in certain patent fees in the future.

 

On December 15, 2011, we reached an agreement to extend the due date on the $600,000 promissory note held by John M. Salpietra to December 4, 2012.