XML 27 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6
Subsequent Events
3 Months Ended
Mar. 31, 2012
Subsequent Events  
Subsequent Events [Text Block]

NOTE 8 – SUBSEQUENT EVENTS

On April 1, 2012, the Company signed an employment contract with an employee to serve as a sales person at a monthly salary of $5,000 to be payable in options to purchase shares of common stock at $0.50 per share exercisable for five (5) years. Upon sufficient increase in capital resources and/or sales, the employee may begin to receive all or part of the compensation in cash. Upon such occurrence, the option amount for the month will be reduced by the cash amount paid. In addition, upon closing any new sales deals personally, the employee will be entitled to 10% commission.

On April 5, 2012, a Board of Directors resolution authorized the issuance of 443,201 shares of S-8 common stock to three independent contractors for payment of accounts payable valued at $66,479. These shares were issued on April 17, 2012.

On April 17, 2012, the Company issued the following shares of common stock:

· 1,000,000 shares of common stock as reimbursement to an executive officer for having transferred personal shares to a former executive officer of the Company to settle a liability at $2,000,000

· 100,000 shares to a related party as payment for accounts payable valued at $23,000

· 195,000 shares of common stock to an executive officer in lieu of payment for unpaid compensation valued at $23,400.

· 600,000 shares of common stock to a board member for services rendered as a member of the board valued at $54,000

· 533,333 shares of common stock for cash received of $80,000 during the period ended March 31, 2012.

· 75,000 shares of common stock to a financial advisory firm per a contract valued at $6,750.

· 50,000 shares of common stock to general counsel per a contract valued at $4,500.

On April 23, 2012, the Company issued 40,000 shares of common stock per an option exercised by an investment relations firm for cash of $400. The options were granted in July, 2011.

On April 30, 2012, the Company granted an option to purchase 30,000 shares of common stock at $0.50 per share exercisable for five (5) years to an employee per an employment agreement signed on March 1, 2012.

On April 30, 2012, the Company granted an option to purchase 10,000 shares of common stock at $0.50 per share exercisable for five (5) years to an employee per an employment agreement signed on April 1, 2012.

On May 9, 2012, the Company issued 288,846 shares of S-8 registered common stock to an independent contractor in payment for payables valued at $37,550.

From May 3 through May 16, 2012, the Company received funds totaling $745,000 from twelve (12) accredited investors for the purchase of 4,966,667 units which consist of one (1) share of common stock at $0.15 per share and one (1) callable warrant to purchase one (1) share of common stock at $0.50 per share for up to five (5) years. These shares have yet to be issued.