ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

10 Months Ended

Aug. 31, 2011

Payables and Accruals

Accounts Payable and Accrued Liabilities Disclosure [Text Block]

NOTE 4 – ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

Accounts payable and accrued liabilities as of August 31, 2011 are comprised of the following:

Accounts payable	$	39,921
Accrued interest		5,236
Accrued compensation		103,826
Total accounts payable and accrued liabilities	$	148,983

Upon the completion of the reverse merger transaction, the Company determined certain liabilities have been forgiven by the creditors/shareholders, which is deemed as extinguished as of August 31, 2011. Accordingly, the Company has recorded a gain on forgiveness of debt of $261,793 that related to the write-off of these extinguished liabilities.