Financial Statement Restatement

12 Months Ended

Sep. 30, 2012

Financial Statement Restatement

Financial Statement Restatement

NOTE 9: FINANICIAL STATEMENT RESTATEMENT

As a result of the Company engaging a third party to perform a valuation analysis of its derivative instruments in the current quarter it became necessary to restate the financial statements for the year ended September 30, 2011. The results of that restatement are as follows.

1) Increase of $2 due to rounding/balancing of financials.

2) All changes are a result of the independent valuation analysis of the Company’s derivative instruments.

3) It was subsequently determined that this receivable was deemed uncollectable as of September 30, 2011.

4) Change due to restatement of the Year Ended September 30, 2011.

		September 30, 2011
		As Reported		Adjustment			As Restated
Cash	$	5,222	$	-		$	5,222
Website property, net of accumulated amortization		350,000		-			350,000
Total Assets		355,222		-			355,222
Current Liabilities
Accounts payable	$	20,228	$	-		$	20,228
Accounts payable, related party		23,270		-			23,270
Accrued expenses		8,822		2	1		8,824
Accrued officer compensation		218,450		-			218,450
Advances from officers		7,837		-			7,837
Due to a related party		790		-			790
Derivative liability		-		116,504	2		116,504
Convertible debentures , net of discount		88,225		220,777	2		309,002
Total Liabilities		367,622		337,283			704,905
Stockholders' Equity (Deficit)
Common stock , $.0001 par value, 485,000,000 shares authorized, 24,570,991 and 24,120,991  issued and outstanding, respectively		2,412		-			2,412
Additional paid in capital		3,191,660		(365,000)	2		2,826,660
Common stock subscribed		779,000		-			779,000
Stock subscription receivable		(70,365)		70,365	3		-
Deficit accumulated during development stage		(3,915,107)		(42,648)	4		(3,957,755)
Total Stockholders' Equity (Deficit)		(12,400)		(337,283)			(349,683)
Total Liabilities and Stockholders' Equity (Deficit)	$	355,222	$	-		$	355,222

		For the Year Ended September 30, 2011
		As Reported		Adjustment			As Restated
Investment income	$	-	$	-		$	-
Total income		-		-			-
Expenses
Officer compensation		810,100		-			810,100
Professional fees		429,657		-			429,657
Director fees		38,000		-			38,000
Bad debt expense				70,365	3		70,365
General and administrative		30,698		-			30,698
Total operating expenses		1,308,455		70,365			1,378,820
Net loss from operations	$	(1,308,455)	$	(70,365)		$	(1,378,820)
Other income and (expense)
Gain on derivative liability		-		(50,990)	2		(50,990)
Interest expense		(97,047)		78,707	2		(18,340)
Total other expense		(97,047)		27,717			(69,330)
Net loss	$	(1,405,502)	$	(42,648)	4	$	(1,448,150)
Loss per share
Basic and diluted	$	(0.06)	$			$	(0.06)
Weighted average shares outstanding basic and  diluted		23,344,668					23,344,668