4. PUT OPTION

3 Months Ended

Mar. 31, 2013

Business Combinations [Abstract]

4. PUT OPTION

Under the terms of the Put Option Agreement, Southern Bella acquired a put option (the “Put Option”) obligating the Purchasers to purchase Southern Bella’s holdings of 100 shares of common stock of Uptone, such shares constituting all of the issued and outstanding shares of Uptone (the “Uptone Shares”) for a total price of $100.

Below is the summary of the Put Option Agreement including fair value of assets disposed, liabilities disposed and consideration received as of June 29, 2012, when the option was exercised.

Below are the asset and liability values for Uptone Pictures, Inc. prior to exercise of Put Option Agreement:

Cash	$	1,988
Total assets		1,988
Accrued liabilities		12,798
Deferred revenue		9,525
Total liabilities		22,323
Net assets – discontinued operations	$	(20,335	)