• Filing Date: 2014-08-14
  • Form Type: 10-Q
  • Description: Quarterly report
v2.4.0.8
Note 4 - Secured Convertible Note Receivable
3 Months Ended
Jun. 30, 2014
Receivables [Abstract]  
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

NOTE 4 – SECURED CONVERTIBLE NOTE RECEIVABLE


On June 4, 2009 the Company invested in Wellington Scientific, LLC (“Wellington”) which has rights to an electronic uroflowmetry diagnostic medical device technology. The Company invested a total of $50,000, with $10,000 provided in cash, and $40,000 in services to Wellington. Wellington issued a convertible note to the Company for a principal amount of $50,000 with an interest rate of 10% due at various dates through July 15, 2012. The total of the note receivable and accrued interest at June 30, 2014 and March 31, 2014 was $63,947 and $62,900, respectively. At the option of the Company, the Note is convertible in whole or in part, into equity of Wellington. The conversion price, and resulting equity ownership percentage in Wellington, is determined by dividing the cash value of principal and accrued interest by $2,000,000. (See Legal Proceedings).


As of August 14, 2014, the loan has not yet been repaid.