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Note 8 - Subsequent Events
6 Months Ended
Jun. 30, 2013
Notes  
Note 8 - Subsequent Events

NOTE 8 – SUBSEQUENT EVENTS

 

The Company secured an irrevocable stand-by letter of credit in the amount of $277,000 on July 3, 2013 with a financial institution for the benefit of a wholesale energy provider.  On July 15, 2013, the irrevocable letter of credit for the benefit of the wholesale provider was increased from $277,000 to $826,000.   The stand-by letter of credit expires on July 15, 2014.

 

Effective July 31, 2013, the Company and Cambria Capital, LLC (“Cambria”) acknowledged and agreed that a Warrant dated January 17, 2012, issued by the Company to Cambria to purchase 400,000 common shares of stock of the Company at $0.60 per share would be exercised in a cash-less transaction at a mutually agreed upon price of $4.00 per share, and therefore, the Company will issue 340,000common stock shares to Cambria. The Warrantwill be terminated and cancelled upon the completion of the issuance of such shares.