Annual report pursuant to Section 13 and 15(d)

Subsequent Events

Subsequent Events
12 Months Ended
Dec. 31, 2012
Subsequent Events

Note 13 - Subsequent Events


On March 12, 2013, the Company entered into an Asset Purchase Agreement to purchase certain assets, patents, and other intellectual property and rights related to the development of Camelina sativa as a biofuels feedstock.  Also on March 12, 2013, the Company entered into an LLC Interest Purchase Agreement to purchase all of the issued and outstanding limited liability company interests of Sustainable Oils, LLC, a Delaware limited liability company.  On March 13, 2013, the Company completed the purchase of the Camelina assets under the Asset Purchase Agreement and the purchase of the membership interests under the LLC Purchase Agreement.  The purchase price paid under the Asset Purchase Agreement was 40,000,000 shares of the Company’s common stock, and a $1,300,000 18-month, secured promissory note issued by the Company.  The purchase price for the membership interests was $100.  Sustainable Oils has certain outstanding liabilities, including an approximately $2.3 million liability that is secured by a lien on the three patents we acquired as part of the Camelina assets.  Sustainable Oils’ debts will remain a direct obligations of Sustainable Oils and none of Sustainable Oils’ debts have been assumed by the Company.