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SUBSEQUENT EVENTS
3 Months Ended
Mar. 31, 2013
Notes to Financial Statements  
NOTE 11 - SUBSEQUENT EVENTS

As disclosed in Form 8-K, dated April 22, 2013, the Company and a financial advisory firm and its affiliates (“Third Party”) are in a dispute over the status of  various draft agreements related to the Third Party’s providing access to funding for the Company to meet its obligations and fund its ventures.  The Third Party contributed $151,000 of working capital funds to the Company from August 2012 to February 2013 in contemplation of a letter of credit and other related agreements. 

 

As disclosed in Form 8-K, dated May 8, 2013, effective May 7, 2013, Charles R. Cronin, Jr. (“Cronin”), a Director of the Company,  accepted the Company’s offer to have Cronin deposit funds for fees due the Auditors, Anton & Chia, LLP, and for deferral of due dates for specific payments on the TCI Agreement, previously due in 2012. In exchange for the deferral of $1,015,362 to May 26, 2013 and the deposits for the Auditors fees, the Company assumes all of the TCI related debt under the TCI Agreement on a joint and several liability basis with its subsidiary DEDC.