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Note 12- Subsequent Events
6 Months Ended
Jun. 30, 2013
Notes  
Note 12- Subsequent Events

NOTE 12 – SUBSEQUENT EVENTS

 

In accordance with ASC 855-10 Company management reviewed all material events through the date of this report and there is one material subsequent event to report.

 

On July 2, 2013, the Company entered into a material transfer agreement with The University of Texas Medical Branch (UTMB) for consideration.

 

On July 17, 2013, the Company filed an Amended and Restated Certificate of Designation, Preferences and Rights of Series A Convertible Preferred Stock (the “Designation”).  The Designation provides for:  (A) the elimination of anti-dilution price protection for future issuance below the conversion price; (B) an increase in the trigger price at which the Company can convert the Series A Preferred Stock into Common Stock from 200% of the conversion price to 300%; (C) removal of the Company’s election to pay dividends in cash; and (D) an increase in the number of authorized shares of Series A Preferred Stock from 5,000 to 10,000, each with a stated value of $1,000 per share.