|
SUBSEQUENT EVENTS
|
3 Months Ended |
|---|---|
|
Mar. 31, 2012
|
|
| Notes to Financial Statements | |
| NOTE 12 - SUBSEQUENT EVENTS | On April 5, 2012, 230,500 common shares of the Company that were received in settlement of a terminated consulting agreement were returned to the treasury and cancelled.
On April 10, 2012, we announced a Letter of Intent to acquire 100% of the outstanding and issued shares of Motion Pixel Corporation Holdings, Inc. The terms of the purchase have not been finalized but the acquisition is expected to be completed using only restricted common shares and no cash from the Company. Upon closing, the MPC management team has agreed to invest over $1.25M to purchase common shares of the Company and reserves the right to invest up to an additional $1M by May 30, 2012. A block of options will be reserved for key MPC staff members.
On April 25 2012, the Company completed a 1,800,000 Unit offering for gross proceeds of $450,000. The Units were priced at $0.25 each and included one common share and one warrant entitling the holder to purchase one common share for $0.50 at any time prior to April 26, 2013. $200,000 of the offering was received as stock subscriptions payable during the quarter ended March 31, 2012.
On May 8, 2012, we announced a Letter of Intent to acquire Knuckle Face, Inc., a U.K. based mobile game developer. The terms of the purchase have not been finalized but the acquisition is expected to be completed using only restricted common shares and no cash from the Company.
|