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Wednesday, January 09, 2013 4:05:17 PM
NOTE 8 – SUBSEQUENT EVENTS
The Company was engaged in legal proceedings with Rousay Holdings Ltd. (“Rousay”) in the United States District Court of New York wherein Rousay asserted various claims against the defendant. The Company denied liability and asserted defenses. The parties agreed to settle the controversies between them.
On October 8, 2012, the Company reached a Stipulation and Order of Settlement with Rousay in the United States District Court of New York. In terms of this Stipulation and Order of Settlement with Rousay, the Company agreed to repay $900,337 of the $2 million convertible promissory note dated April 25, 2012 (See note 3). The Company also agreed to issue 10% of the then outstanding and issued common stock of the Company to Rousay. On October 13, 2012, the Company issued 101,864,848 restricted shares of common stock to Rousay equaling 10% of the then outstanding and issued common stock.
Subsequent to September 30, 2012, Asher converted $43,000 of the Second Asher Note and the Third Asher Note into 142,006,269 shares of common stock.
Our cash used in investing activities for the nine months ended September 30, 2012 was $900,337, compared to $0 for the nine months ended September 30, 2011. The increase is due to restricted cash of $900,337 held in escrow during the settlement process with Rousay Holdings, Ltd. related to a promissory note.
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