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The Chapter 11 case is in good standing. The Company filed its Disclosure Statement and Plan of Reorganization and a continued hearing on the adequacy of the Disclosure Statement took place on October 17, 2012 at which time the judge preliminary approval of the plan of reorganization and schedule a hearing for December 19, 2012 which was subsequently rescheduled for February 28, 2013.


Debtor has negotiated a new Share Exchange Agreement with The Pulse Network (“TPN”). Debtor has filed its Disclosure Statement seeking to complete a reverse merger with TPN. A hearing on the adequacy of Debtor’s Disclosure Statement took before the United States Bankruptcy Court, Central District of California, Riverside Division on October 17, 2012 at which time the judge preliminary approval of the plan of reorganization and schedule a hearing for December 19, 2012 which was subsequently rescheduled for February 28, 2013.