NOTE 14 - SUBSEQUENT EVENTS
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9 Months Ended |
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Sep. 30, 2014
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Subsequent Events [Abstract] | |
NOTE 14 - SUBSEQUENT EVENTS |
NOTE 14 - SUBSEQUENT EVENTS
On October 30, 2014 the Company entered into an arrangement with two companies to assign approximately $80k of the Companys high-cost debt to them in exchange for 16.9 million shares. The deal is expected to close concurrently with the release of this report.
On October 31, 2014, the Company vacated its Stuart offices at 2114 Rays Way. The original decision to move to these premises was for reduction in costs since ISAs staff was becoming increasingly distributed. After the move, one of the local staff members elected to resign their position and management made the decision to move its HQ to the newly opened Coral Springs, FL office with remaining local staff becoming home office based. The Company was successful in cancelling its lease in exchange for relinquishing the security deposit.
On November 12, 2014 the Company announced that it had entered into an agreement with a local startup venture and had agreed terms to take a 3% position in that entity as well as securing an option to purchase the technology and IP assets for $3.23 million in cash or stock. At this time, the Company has also entered into preliminary discussions with another, more established, technology company as an alternative. At this time there are no definitive agreements signed for a larger engagement with either entity and the Company will brief shareholders if further developments occur.
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