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Subsequent Events
3 Months Ended
Nov. 30, 2011
Notes to Financial Statements  
Subsequent Events

 

NOTE 11 — SUBSEQUENT EVENTS

 

In accordance with ASC 855-10, Company management reviewed all material events through the date of this report and there are no other material subsequent events to report except the following:

 

On January 5, 2012, the Company’s CEO and President, Anthony Silverman, agreed to extend his $10,000 convertible promissory note to April 4, 2012.

 

On December 26, 2011, the Company issued a 90-day convertible promissory note in the principal amount of $10,000 to our President, Anthony Silverman, who is also a member of the Board of Directors. This note, which was issued for operating capital, bears interest at 6% per annum and is convertible into the Company’s common stock at $0.04 per share. There was no beneficial conversion feature recognized upon the issuance of this note.