Item 1.01 Entry Into A Material Definitive Agreement
On January 13, 2014, we obtained funding in the amount of $55,000 under a Convertible Promissory Note issued to Eckart Keil (the "Note"). The Note bears interest at an annual rate of one percent (1%), with all principal and interest due on or before July 13, 2014. The Note is convertible at the option of the holder to shares of our common stock. The Note is convertible at between 65% and 80% of the market price for our common stock, with the discount to market lessening gradually over the course of the first 180 days. Market price is defined as the average closing price for our common stock over the twenty trading days preceding the conversion.
The foregoing is a summary of the material terms of the Note, which also contains various representations, warranties, and other terms. The Note should be reviewed in its entirety for additional information.