8. Loss on Settlement of Debt
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3 Months Ended |
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Mar. 31, 2013
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Notes to Financial Statements | |
Note 8. Loss on Settlement of Debt |
In March 2013, the Company settled a debt incurred in prior year amounting to $147,328 for $85,000 plus a warrant to purchase 150,000 shares of common stock with a fair value of $129,622 (see Note 5). As a result, the Company also recognized a loss of $67,294 on the settlement. |
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