NOTE 9 – SUBSEQUENT EVENTS
On October 12, 2014 GEL Properties, LLC and Union Capital, LLC did not purchase their third tranches under the TCA Settlement Agreement (See Note 3) as there were not sufficient authorized unissued shares in the Company's treasury to meet the reserve requirements under the Settlement Agreement. No assurance can be made that the Company will be able to increase the authorized shares to the necessary amount, or if we were able to, that the settlement could be reinstituted or brought back what terms would be worked out. Accordingly, the TCA settlement is in default.
On November 5, 2014, the Company signed a consulting contract with West Coast Capital Consultants, Inc. (“Green Giant”) whereby Green Giant would represent it in search of funding under the United States Citizenship and Immigration Services Immigrant Investor Program known as EB-5. Under our arrangement, the Company paid an initial payment of $5,000 and issued 20,583 Series D Preferred Shares which are convertible into 100 shares of common stock each to the two principals of Green Giant.