XML 35 R17.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note 9 - Subsequent Events
3 Months Ended
Mar. 31, 2013
Notes  
Note 9 - Subsequent Events

NOTE 9 - SUBSEQUENT EVENTS

 

During April 2013, the Company raised gross proceeds of $22,000 through the sale of 55,000 shares of its common stock to accredited investors in private placement transactions at a price of $.40 per share.  Each investor also received a two-year warrant to purchase one share of common stock at an exercise price of $1.00 per share for each $1.00 invested.  No stock issuance costs were incurred with these transactions.

 

On March 20, 2013 the Company executed a licensing agreement with the Ukraine Government’s Open World National Project to use the Trunity Platform in exchange for a license fee of $400,000. Upon signing, the initial payment of $100,000 was paid and is reflected in the Company’s financial statements for the first quarter of 2013 as deferred revenue. In April 2013, the Company received the remaining payment of $300,000, representing the balance of the $400,000 Ukrainian joint venture license fee. The $300,000 payment is not reflected in these financial statements since, under the license agreement, it was due 14 days after the Trunity Platform became accessible to the Ukrainian government.  Access to the Trunity Platform was not given until April 2013 and accordingly this condition was not satisfied during the first quarter ended March 31, 2013.  Consequently, the impact of this transaction representing the $300,000 payment will be reflected in the Company’s second quarter financial statements for the period ended June 30, 2013.