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Note 12. Subsequent Events
3 Months Ended
Mar. 31, 2015
Notes  
Note 12. Subsequent Events

Note 12.          Subsequent Events

 

            In April 2015, one of the Company’s debenture holders converted a total of $10,016 in debt including accrued interest to 5,008 restricted shares of the Company’s common stock.  The transaction was exempt from the registration requirements under the Securities Act pursuant to section 4(a)(2) as a transaction by an issuer not involving a public offering.

 

            In April 2015, the Company entered into share purchase agreements with a total of two Purchasers pursuant to which the Company sold 15,000 shares of its common stock (the “Shares”) to the Purchasers for a total of $15,000, or a purchase price of $1.00 per share, to provide operating capital.  All the shares were restricted and have limited “piggy-back” registration rights in connection with certain registration statement filings of the Company under the Securities Act of 1933 as amended (the “Securities Act”).  All of the transactions were exempt from the registration requirements under the Securities Act pursuant to section 4(a)(2) as a transaction by an issuer not involving a public offering.