Note 10 - Stockholders' Deficit

9 Months Ended

Mar. 31, 2014

Notes

Note 10 - Stockholders' Deficit

NOTE 10 – STOCKHOLDERS’ DEFICIT

The Company conducted a private placement offering to a limited number of foreign investors under which the Company issued a total of 2,620,000 shares, of its common stock, at a price of fifty cents ($0.50) per share for the period from inception (July 5, 2011) through September 30, 2013.    

The Company issued 500,000 shares of common stock, at the then current market price of $1.25 per share, as part of its Shai Hills lease acquisition costs during the year ended June 30, 2013.  The Company expensed this payment in the amount of $625,000, which is included in Lease acquisition costs.

In June 2013, the Company issued 200,000 shares under a subscription agreement at $0.50 per share and received the cash during July 2013.

On November 4, 2013 the Company issued 182,933 shares of its common stock in full payment of the principal and accrued interest, totaling $58,800, of secured convertible notes payable to related parties.