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SUBSEQUENT EVENTS
3 Months Ended
Mar. 31, 2013
Notes  
SUBSEQUENT EVENTS

NOTE 9 - SUBSEQUENT EVENTS

 

On March 29, 2013, the Company entered into a definitive merger agreement with Cornerstone Program Advisors LLC, a Delaware limited liability company and Sustainable Energy Industries, Inc. a Delaware corporation (“Sustainable”). In connection with the proposed merger transaction between the Company, Cornerstone and Sustainable, the Company will enter into a voluntary share exchange transaction (the “Exchange”) whereby the Company would acquire all of the issued and outstanding membership units of Cornerstone and the issued and outstanding shares of Sustainable in exchange for the issuance to the members of Cornerstone  and issuance to the shareholders of Sustainable  an aggregate of approximately 176,400,000 shares of common stock of the Company.

 

In accordance with the terms of the Agreement, at the closing of the Exchange, the Company shall have no outstanding assets except $50,000 in cash and a certain default judgment awarded to the Company in The Matter of Receivable Acquisition & Management Corp. vs. Airbak Technologies, LLC & Philip Troy Christy, individually and as a member of Airbak Technologies, LLC (Civil No. 11-4330 (FSH) (PS) in the U.S. District Court of New Jersey, in the amount of $299,000 plus post-judgment interest and no outstanding liabilities. Of that amount, $100,000 is attributable to Mr. Ramesh Arora and that amount will have to be paid out to him upon recovery on the judgment. The consummation of the Merger is subject to various other terms and conditions, including but not limited to, shareholder approval.  The Company expects to close the merger in the month of May, 2013.