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SUBSEQUENT EVENTS
19 Months Ended
Dec. 31, 2011
SUBSEQUENT EVENTS

9.    SUBSEQUENT EVENTS

 

On January 9, 2012, the holder of the $661,683 Convertible Note Payable elected to convert the entire principal in the amount of $661,683 into 22,056,100 shares of common stock. On that date, the unamortized discount related to this principal was $618,583. The net amount of $43,100 was recognized as an increase in stockholders’ equity as a result of this conversion.

 

On January 9, 2012, the Company issued 22,056,100 shares of common stock upon conversion of the $661,683 Convertible Note Payable. This issuance of common stock resulted in a change in control of the Company.

 

On January 12, 2012, the holder of the $517,673 Convertible Note Payable assigned principal in the amount of $270,000 to six entities ($45,000 each). The new holders of the $517,673 Convertible Note Payable elected to convert principal in the amount of $270,000 into 9,000,000 shares of common stock. On that date, the unamortized discount related to this principal was $253,872. The net amount of $16,128 was recognized as an increase in stockholders’ equity as a result of this conversion.

 

On January 12, 2012, the Company issued 9,000,000 shares of common stock upon conversion of a portion of the $517,673 Convertible Note Payable in the amount of $270,000.\\