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10-Q/A - 10-Q/A - BioRestorative Therapies, Inc.v232728_10qa.htm
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v2.3.0.11
Subsequent Events
6 Months Ended
Jun. 30, 2011
Subsequent Events
Note 9 - Subsequent Events

Notes Payable

Subsequent to June 30, 2011, the Company issued an aggregate of $150,000 of additional notes payable. In connection with the financing, 3,000,000 shares of common stock, with a relative fair value of $20,553, were issued to the lenders. The debt is repayable three months from the date of issuance of the notes; however, the Company has the right to extend the maturity date for an additional three months. During the initial three month period, four notes totalling $100,000 in principal amount have a rate of interest of 10% per annum, and one note totalling $50,000 in principal amount has a rate of interest of 15% per annum; during any extension period, the interest rate would be 15% per annum for all notes.
 
Subsequent to June 30, 2011, the maturity date of certain notes payable with an aggregate principal balance of $1,100,000 were extended to January 2012 through February 2012 and the investors received an aggregate of 5,500,000 shares of common stock, with a relative fair value of $37,681. Also subsequent to June 30, 2011, the Company exercised its option to extend the maturity date of a note payable with a principal amount of $50,000 for an additional three month period.  The extended note bears interest at a rate of 15% per annum, payable monthly, and the maturity is now November 2011.

The Company has certain notes payable aggregating $125,000 which mature on August 16, 2011.  The Company is currently in the process of negotiating an extension with these note holders.  As of the date of this filing, the Company has not received any notices of default with respect to these notes.

Company Name Change

On July 20, 2011, the Company entered into an agreement and plan of merger (the “Merger Agreement”) with BioRestorative Therapies, Inc., a Nevada corporation that was formed concurrently as a wholly-owned subsidiary of the Company.  Pursuant to the Merger Agreement, effective August 15, 2011, BioRestorative Therapies, Inc. merged with and into the Company (the surviving corporation) solely to effect a name change of the Company to BioRestorative Therapies, Inc.