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Subsequent Events
9 Months Ended
Sep. 30, 2013
Notes to Financial Statements  
Note 12. Subsequent Events

 

On October 29, 2013, the holder of certain outstanding Notes totaling approximately $228,000 in principal and accrued interest agreed to cancel such notes in exchange for a new note with a face amount of $228,000 maturing on March 31, 2014 and 100,000 FPMI Warrants. Separately, our financial advisor agreed to exchange $362,500 of  fees accrued from May 15, 2012 to October 15, 2013 that are payable in cash on December 31, 2013 for a note with a face amount of $362,500 maturing on March 31, 2014 and 100,000 FPMI warrants.  These notes accrue 8% interest per annum, and are due and payable on March 31, 2014.

 

In accordance with the Subsequent Events Topic of the FASB ASC 855, we have evaluated subsequent events through the date of this filing, and have determined, other than those events disclosed in herein, that no subsequent events are reasonably likely to impact the financial statements.