SUBSEQUENT EVENTS
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6 Months Ended |
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Jun. 30, 2012
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Notes to Financial Statements | |
Note 16. SUBSEQUENT EVENTS |
On July 9, 2012 the Company entered into a two year lease for certain office and warehouse space in Lake Forest, California. The monthly rent is $3,025 for the first year and will increase to $3,300 for the second year.
On July 11, 2012 the Company issued an unsecured promissory demand note in the amount of $15,000 to an accredited investor, bearing interest at a rate of 4% per annum. Holder may elect to convert into common stock at $0.75 per share
On July 15, 2012 the Company issued an unsecured promissory note due July 15, 2013 in the amount of $150,000 to an accredited investor, bearing interest at a rate of 12% per annum. Holder may elect to convert accrued interest into common stock.
On July 23, 2012, Steven J. Ross joined the Board of Directors.
On August 13, 2012 the Company issued an unsecured promissory demand note in the amount of $10,000 to an accredited investor, bearing interest at a rate of 4% per annum. Holder may elect to convert into common stock at $0.75 per share |