Viaspace Inc (fka VSPC)

[tommy 9 fingers]

Are we surprised...LOL

NOTE 13 – SUBSEQUENT EVENTS



On October 31, 2012, DMFCC entered into an Acknowledgment and Mutual Release Agreement with the University of Southern California (USC) and California Institute of Technology (Caltech) whereby DFMCC agreed to terminate the license agreements it had in place with USC and Caltech in exchange for Caltech and USC agreeing to forgive any royalties, patent legal fees, or other amounts now due and owing from DMFCC under such license agreements. DMFCC has no further obligations under the license agreements as of October 31, 2012 and no longer has rights under the license agreements with USC and Caltech. As of September 30, 2012, DMFCC had accounts payable to USC of approximately $307,000 which was included in the Company’s consolidate balance sheets. This amount will be reversed in the fourth quarter of 2012. In addition, the Company will formally close DMFCC since it no longer has active operations.



On October 16, 2012, the Board of Directors of the Company approved a resolution to divest its ownership interests in Ionfinity. The Company expects to conclude this transaction in the fourth quarter.



On October 30, 2012, the Company issued 27,085,904 unregistered shares of its common stock to Dr. Schewe upon the conversion by Dr. Schewe of two convertible notes in the aggregate principal amount of $85,000 plus an aggregate accrued interest amount of $289. Dr. Schewe made a $50,000 loan to the Company on September 28, 2012 and a $35,000 loan to the Company on October 23, 2012

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