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COMMITMENTS AND CONTRACTUAL OBLIGATIONS
6 Months Ended
Jun. 30, 2014
Commitments And Contractual Obligations  
NOTE 6 - COMMITMENTS AND CONTRACTUAL OBLIGATIONS

Birch First Capital Fund, LLC

 

On August 16, 2013 Birch First Capital Fund, LLC (“Birch First”) filed a complaint against the Company in the 15th judicial circuit of Florida (2013 CA 012838) alleging that the Company owes them $168,661. The Company filed a response and counterclaim. On November 18, 2013 the Company became aware of litigation by Birch First and Birch First Capital Management, LLC against Mr. Charles Cronin and Dr. Earl Beaver, naming the Company as a nominal defendant. A motion to dismiss was filed by the Company concerning this derivative lawsuit. As of June 30, 2014, the Company has entered into settlement negotiations with Birch First and hopes to resolve this matter by settlement, although there is no guarantee the Company will be able to settle this matter or if the settlement will be on terms deemed favorable to the Company. The disputed liability amount, including accrued interest, as of June 30, 2014 is $190,144.