Quarterly report pursuant to Section 13 or 15(d)

SUBSEQUENT EVENTS

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SUBSEQUENT EVENTS
6 Months Ended
Jun. 30, 2014
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 11 – SUBSEQUENT EVENTS

 

Management has evaluated subsequent events pursuant to the requirements of ASC Topic 855 and has determined that no material subsequent events exist other than noted below.

 

On July 1, 2014, the Board of Directors approved a consulting agreement with Namford Enterprises. The terms of the agreement required the Company to issue 1,111,617 shares of common stock as compensation for the agreed upon services. The shares were valued at $0.37 for a total non-cash expense of $411,298 to be amortized over the six month term of the contract.

 

On July 10, 2014, the Company sold 135,140 shares to an investor for total cash proceeds of $50,000.