Quarterly report pursuant to Section 13 or 15(d)

Note 8 - SETTLEMENT PAYABLE

v2.4.0.8
Note 8 - SETTLEMENT PAYABLE
6 Months Ended
Jun. 30, 2014
Notes to Financial Statements  
Note 8 - SETTLEMENT PAYABLE

On June 13, 2013, Fresh Start Private Florida, LLC (“FSPF”) filed a complaint against the Company alleging breach of a License Agreement whereby FSPF was to receive, implant, use, sell and otherwise commercialize the Naltrexone implant product and the Fresh Start Alcohol Rehabilitation Program throughout the state of Florida. The complaint alleged that the Company made certain misrepresentations and failed to provide certain operational documentation pursuant to the License Agreement. (Fresh Start Private Florida, LLC v. Fresh Start Private Management, Inc., Case No. 13-CA 1850, Circuit Court of the Twentieth Judicial Circuit in and for Collier County, Florida).

 

On June 3, 2014, the Company entered into a settlement agreement to pay the plaintiff  in increments  through October 31, 2015 in exchange for dismissal of all pending litigation and termination of all prior and current agreements.