XML 28 R11.htm IDEA: XBRL DOCUMENT

COMMITMENTS AND CONTRACTUAL OBLIGATIONS	9 Months Ended
Sep. 30, 2014
Commitments And Contractual Obligations
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 original balance of the line of credit agreement between Birch First and the Company was for $151,000. 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 September 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 September 30, 2014 is $195,806. The litigation is pending as the parties reach a settlement agreement.

COMMITMENTS AND CONTRACTUAL OBLIGATIONS

9 Months Ended

Sep. 30, 2014

Commitments And Contractual Obligations

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 original balance of the line of credit agreement between Birch First and the Company was for $151,000. 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 September 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 September 30, 2014 is $195,806. The litigation is pending as the parties reach a settlement agreement.

- Definition

The entire disclosure for significant arrangements with third parties, which includes operating lease arrangements and arrangements in which the entity has agreed to expend funds to procure goods or services, or has agreed to commit resources to supply goods or services, and operating lease arrangements. Descriptions may include identification of the specific goods and services, period of time covered, minimum quantities and amounts, and cancellation rights.

+ References+ Details