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SUBSEQUENT EVENTS
9 Months Ended
Sep. 30, 2011
Subsequent Events [Abstract] 
Note 10.SUBSEQUENT EVENTS

In preparing these condensed consolidated financial statements, the Company has evaluated events and transactions for potential recognition or disclosure through November 18, 2011, the date the condensed consolidated financial statements were available to be issued.

 

Line of Credit Amendments and Series A Convertible Preferred Stock Designation and Issuances

 

On October 5, 2011, the Board of Directors of the Company approved and the Company executed the following:

 

(1)  The approval of the second credit limit amendment (the “Amendment #2) to increase the Company’s outstanding line of credit with a previously disclosed Lender from $200,000 to $300,000, originally executed on July 9, 2011, and Amendment #1 on September 11, 2011.

 

(2)  The approval of a Certificate of Designation of Series A Convertible Preferred Stock (the “Certificate of Designation”) with the Florida Secretary of State designating 50,000,000 shares of Series A Convertible Preferred Stock (the “Convertible Preferred Stock”), par value $0.0001 per share of the Company’s previously authorized 200,000,000 shares of preferred stock, par value $.0001 per share (the “Preferred Stock”) – (see Item 4. Submission of Matters to a Vote of Security Holders for a detailed description of the Certificate of Designation of Series A Convertible Preferred Stock).

 

(3)  The approval of the issuance of Series A Convertible Preferred Stock, in exchange for settlements on debts owed by the Company to the parties referenced below, in the total amount of $1,268,000, as follows:

 

(a) A total of 4,450,000 shares of Series A Convertible Preferred Stock at $0.0001 per share to Charles R. Cronin;

 

(b) A total of 2,025,000 shares of Series A Convertible Preferred Stock at $0.0001 per share to James Michael Whitfield;

 

(c) A total of 1,665,000 shares of Series A Convertible Preferred Stock at $0.0001 per share to Harvey Dale Cheek; and

 

(d) A total of 325,000 shares of Series A Convertible Preferred Stock at $0.0001 per share to Dr. Earl Beaver.

 

(4) The Company amended its Articles of Incorporation and changed its name to Dynamic Energy Alliance Corporation on September 1, 2011, and also filed to implement a 3 for 1 forward split of its common stock.  The 3 for 1 common stock split has not yet been completed, and the Company’s common stock currently continues to trade under its old name (Mammatech Corporation) and its old symbol (“MAMM.OB“), pending approval of a new symbol and implementation of the 3 for 1 forward split.  At September 30, 2011, the Company had 26,246,392 Common shares outstanding, but if the 3 for 1 forward split had been consummated as of that date, the Company would have had 78,739,176 Common shares outstanding.