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STOCKHOLDERS' EQUITY (DEFICIT)
3 Months Ended
Mar. 31, 2012
Stockholders' Equity Note [Abstract]  
STOCKHOLDERS? EQUITY (DEFICIT)

 

NOTE D — STOCKHOLDERS’ EQUITY (DEFICIT)

 

At inception on September 2, 2005, the Company was authorized to have outstanding 10,000 shares of common stock at $0.10 par value per share. On October 24, 2007, the Company amended its Articles of Incorporation to increase the maximum number of authorized common shares to 100,000,000 and changed the par value to $0.001 per share, which has been retro-actively restated to $0.001 in the accompanying financial statements.

 

The Company has forty stockholders of record as of December 31, 2011. As of December 31, 2011, the outstanding shares were 5,899,250. Share transactions during the year ended December 31, 2010, resulted in an increase in shares outstanding of 2,333,750 shares as follows:

 

Shares issued for cash at $0.02 per share   267,500 
Shares issued for cash at $0.04 per share   566,250 
Shares issued for future services at $0.113 per share   1,500,000 
    2,333,750 

 

Additionally, ownership of 694,445 shares was transferred from a past officer/director to Cypress. This former officer/director is a member of Cypress. Another past officer/director who is deceased passed to his heirs 1,705,555 shares of which his heirs transferred 764,180 shares to Cypress. A total of 2,958,625 shares have been transferred to Cypress under a consulting management agreement with the Company. Upon completion of its services, Cypress is to be paid $200,000 by the Company at which time Cypress will return these shares. On November 9, 2011 Cypress forgive the liability of $200,000 as agreed between the directors and Cypress to make way for new management takeover. (Refer to Note F — Related Party Transactions)