NOTE 10. SUBSEQUENT EVENTS
Subsequent to November 30, 2012, the Company raised $700,000 of additional working capital pursuant to a loan from Niobe and issued to Niobe a secured promissory note in the principal amount of $700,000. The terms and conditions of the notes are the same as the ones that govern the October Secured Note.
Subsequent to November 30, 2012, the Company and Niobe agreed, without consideration, to extend the maturity date of the $2 Million Secured Note until December 31, 2013.
The Company has evaluated subsequent events and has determined that there were no other subsequent events to recognize or disclose in these financial statements.