An extra 30 days was bought for a hefty price. Just gives management more time to dump shares before the plug is pulled. 62.6 million shares added to the O/S in just the last 6 weeks.
On August 2, 2013 the Company entered into a Second Forbearance Agreement with Grand View Ventures, LLC. In consideration for entering into the agreement the Company agreed to the following material terms; a default interest rate of 18%, compounded quarterly, on the February 16, 2012 note (“February Note”) and the May 3, 2012 note (“May Note”), pay certain attorney fees of Grand View, payment of an extension fee of $145,000, all accrued interest from the February Note and May Note up to July 15, 2013 is added to principal on both notes respectively, and a reset of the warrants associated with the February Note and May Note to $0.001. In consideration for entering into the agreement Grand View agreed to the following material terms; waiving all defaults and breaches of the Company specific to both the February Note and May Note, extension of the February Note and May Note maturity date to November 15, 2013
