Quarterly report pursuant to Section 13 or 15(d)

SUBSEQUENT EVENTS

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SUBSEQUENT EVENTS
6 Months Ended
Jun. 30, 2015
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 13 – 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 22, 2015, the Company repaid in its entirety the KBM Worldwide, Inc.convertible promissory note,dated January 16, 2015, totaling $69,000.

 

Subsequent to June 30, 2015, the Company received short term loans from twocreditorstotaling $194,000. The loansare uncollateralized, non-interest bearing and due on demand.

 

On August 13, 2015, the Company signed a Letter of Intent with a third partywhereby the Companywill acquire the license rights to a series of products. Per the terms of the Letter of Intent the Company will issue 35 million warrants to purchase common stock. The warrants will have an exercise price of $0.23 and a term of ten years.