Quarterly report pursuant to Section 13 or 15(d)

SUBSEQUENT EVENTS

v2.4.0.8
SUBSEQUENT EVENTS
6 Months Ended
Jun. 30, 2012
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