Quarterly report pursuant to sections 13 or 15(d)

8. SUBSEQUENT EVENTS

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8. SUBSEQUENT EVENTS
6 Months Ended
Jun. 30, 2013
Notes to Financial Statements  
NOTE 8 - SUBSEQUENT EVENTS

8.           SUBSEQUENT EVENTS

 

The Company has evaluated events and transactions that occurred from June 30, 2013 through the date of filing, for possible disclosure and recognition in the financial statements. Except as discussed below, the Company did not have any material subsequent events that impact its financial statements or disclosures.

 

On July 23, 2013, the Company conducted an initial closing of its private placement of securities with an accredited investor pursuant to which the Investor purchased 6,666,660 shares of the Company’s common stock and warrants to purchase 3,333,320 shares of common stock at an exercise price of $0.50 per share for total gross proceeds of $2,000,000. On August 6, 2013, the Company conducted a second closing of its private placement of securities with accredited investors pursuant to which the Investors purchased a total of 2,828,226 shares of the Company’s common stock and warrants to purchase 1,414,113 shares of common stock at an exercise price of $0.50 per share for a gross total of approximately $848,000. 

 

On August 2, 2013, the Company's outstanding related party notes, previously discussed in Note 5, were amended to extend the maturity dates to June 29, 2015.