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Settlements of Accounts Payable
9 Months Ended
Sep. 30, 2011
Settlements Of Accounts Payable 
Settlements of Accounts Payable

During the nine months ended September 30, 2011, the Company settled an aggregate total of $332,258 of accounts payable and accrued expenses in consideration for the payment of $32,025 cash and the issuance of 900,000 shares of common stock with a fair value of $43,000.  The Company has recorded gains on settlement of accounts payable of $259,223 during the nine months ended September 30, 2011.

 

During the quarter ended September 30, 2011, in connection with the settlement of certain litigation related to QND, the Company settled its obligations to PRIA Diagnostics, LLC ("PRIA") in consideration for the payment to PRIA of $5,000, and the issuance of 500,000 shares of the Company's common stock with a deemed value of $15,000.