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Note 14 - Financing Agreement
9 Months Ended
Sep. 30, 2013
Notes  
Note 14 - Financing Agreement

NOTE 14 – FINANCING AGREEMENT

 

On September 30, 2013 the Company entered into an Equity Purchase Agreement with Southridge Partners II, LP (“Southridge”)  Under the terms of this Agreement, the Company plans to issue an S-1 by the end of first quarter 2014 under which Southridge has committed to purchase up to $10 million on the Company’s stock periodically over a 24 month period at a rate equal to 90% of the Company’s trading price during the applicable period prior to drawdown. Management plans to use the net proceeds from this facility to make early retirement of convertible debt as well as to finance ongoing operations and new investments.