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SUBSEQUENT EVENT
6 Months Ended
Jun. 30, 2013
Subsequent Events [Abstract]  
SUBSEQUENT EVENT

NOTE 6 – SUBSEQUENT EVENT

 

On July 2, 2013, the company amended an unsecured, non-interest bearing promissory note payable on demand in the amount $12,500 issued to the Al Kau. Under the terms of the Side Letter Agreement, the Note has a fixed conversion price of $0.0001 per share of common stock. In additional, as a result of the modification the face value of the Note was increased from $12,500 to $18,000. The note bears interest at 20% per annum and allows for the lender to secure a portion of the Company assets up to 200% of the face value of the note and mature one year from the day of their respective issuance. On July 11, 15 and 16, 2013 the holder of the note converted $8,900 of principal plus accrued interest into 89,000,000 shares of the Company's common stock.

 

On July 8, 2013, Innovative received written notice that Cigar & Spirits will cancel the license agreement on August 1, 2013 (Note 1)

 

On August 6, 2013, the Company filed with State of Delaware a Certificate of Designation to amend the Certificate of Incorporation. The amendment increases the total number of shares of which the Company share has the authority to issue to 3,001,000,000 shares consisting of 3,000,000,000 shares of common stock, par value $0.0001 per share and 1,000,000 shares of preferred stock, par value $0.001 per share. All share information has been revised to reflect the increase in the total number of shares.