Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

Subsequent Events
3 Months Ended
Mar. 31, 2014
Notes to Financial Statements  
Note 10. Subsequent Events

Convertible Promissory Note


On April 8, 2014, the Company entered into a convertible promissory note agreement with a third party investor for a principal amount of $53,000 with 8% interest rate expiring on January 14, 2015 (the “Maturity Date”). The principal amount of the note and interest is payable on the maturity date. The note is convertible into common stock beginning 180 days after the issuance date, at the holder’s option, at a 42% discount to the average of the five lowest closing bid prices of the common stock during the twelve trading day period prior to conversion. The terms of the convertible note provide for certain redemption features which include features indexed to equity risks. In the event of default, the amount of principal and interest not paid when due bear interest at the rate of 22% per annum and the note becomes immediately due and payable. As of the date of the filing of this report (May 15, 2014), the investor has not yet funded the note.