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SUBSEQUENT EVENTS
12 Months Ended
Oct. 31, 2015
Notes to Financial Statements  
NOTE 14 - SUBSEQUENT EVENTS

On January 6, 2016 the Company issued 509,500 options with a conversion price of $1.02 per share to 14 officers, directors, employees and consultants of the Company

 

On December 8, 2015 the Company entered into a settlement agreement with a vendor over a disputed claim by the vendor for contracted services that were not completed. The vendor had filed a suit in Marion County Superior court in Indiana, case # 49D13-1409-CC-030084. The Company was not adequately served by the vendor (plaintiff) and thus never responded to the filing.

 

Under the terms of the agreement the Company agreed to settle the suit by paying $20,000 in four monthly installments commencing November 10, 2015 with final payment on February 10, 2016. The company has met this obligation and paid $20,000 to the vendor with the final payment made on February 8, 2016.