XML 25 R16.htm IDEA: XBRL DOCUMENT v3.3.1.900
J. SUBSEQUENT EVENTS
3 Months Ended
Dec. 31, 2015
Subsequent Events [Abstract]  
J. SUBSEQUENT EVENTS

On January 12, 2016, the Company owed the de Clara Trust $1,105,989, which amount included accrued and unpaid interest.  On January 13, 2016, the de Clara Trust demanded payment on the note payable.  At the same time the Company sold 3,000,000 shares of its common stock and 3,000,000 common stock warrants to the de Clara Trust for $1,110,000.  The de Clara Trust is controlled by Geert Kersten, the Company's Chief Executive Officer and a director.  Each  warrant  allows the de Clara Trust to purchase one share of the Company's  common  stock at a price of $0.37 per share at any time on or before January 13, 2021.

 

The Company has evaluated subsequent events through the date these financial statements were filed and determined there are no other subsequent events that require disclosure.