Equity

3 Months Ended

Jun. 30, 2011

Equity

Stockholders' Equity Note Disclosure [Text Block]

NOTE 11 – STOCK HOLDER EQUITY

Common Stock

At June 30, 2009 the Company had 5,545,000 shares of common stock, par value $0.001, outstanding.  On March 10, 2010, the Corporation’s Board of Directors approved a one hundred-for-one (100:1) forward split of the Corporation’s common stock, par value $0.001 per share. The forward split was for shareholders of record as of the close of business on Friday, April 30, 2010, and the market effective date for the forward stock split was May 3, 2010. As a result of the forward stock split, for every one share of the Corporation’s old common stock shareholders received ninety-nine additional shares of the Corporation’s new common stock.  Immediately following the forward split, the number of shares of the Corporation’s outstanding issued common stock was increased from 5,545,000 shares to approximately 554,500,000 shares, par value $0.001.

On May 26, 2010, the Company entered into an Asset Purchase Agreement (the “Agreement”) with Blu Vu Deep Oil & Gas Exploration, Inc., a Nevada corporation.  Under the terms of the Agreement, the Company purchased substantially all of the assets of Blue Vu, consisting of, but not limited to, all stock of BluVu’s subsidiary, Elasco, Inc., certain intellectual properties, computer programs and software, contracts, claims and accounts receivables associated with the operation of BluVu’s business of developing underwater deep breathing apparatus.  In consideration of the sale of the assets of Blu Vu, the shareholders of BluVu, received restricted common shares of the Company totaling 123,978,980.  No other consideration was exchanged in the transaction.

In November 2010, the Company issued 80,000,000 shares to Elasco’s president as a bonus of $10,000 and prepaid salary of $50,000 over the next six months under an Employee Stock Incentive Program (ESIP).  In April and May, the Company issued 40,000,000 shares to an employee of Elasco and 28,000,000 shares to Elasco’s president as prepaid salary of $16,000 and $16,800 through July 2011 under an Employee Stock Incentive Program (ESIP).  The unamortized amount of $6,154 is recorded under prepaid expenses on the June 30, 2011 balance sheet.

In total the Company has issued 80,000,000 shares in the quarter ending December 31, 2010, no shares in the quarter ending March 31, 2011 and 682,101,002 shares in the quarter ending June 30, 2011.

Preferred Stock

On June 30, 2011, the Company issued one share of Series A Preferred Stock to its president in exchange for $1,000 of accrued wages. The share is not convertible into common stock, does not accrue any dividends and is not transferable.  The only characteristic to the preferred share is that it has voting rights equal to 150% of all outstanding stock at all times.