Great Tang Bid Technology Inc (GTBT)

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In April, 2014 the Company reached preliminary agreement with the former owner of Turf Chemistry. As part of the agreement the company agreed to consideration of $150,000 of which $75,000 will be paid on or before April 25, 2014, the remaining payment will be $7,500 per month starting on May 1, 2014 through February 1, 2015. In addition the Company agreed to pay the remaining amount of a loan on one of the Turf assets, net of proceeds from the eventual sale of that same asset and up to $5,000 for closure costs of the Turf entity. The Company estimates the net contingent payable of $181,437 and had recorded a settlement of lawsuit cost of $150,000 for the period ended December 31, 2013.