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SUBSEQUENT EVENTS
12 Months Ended
Dec. 31, 2011
Notes to Financial Statements  
SUBSEQUENT EVENTS

NOTE 11. SUBSEQUENT EVENTS

 

The Company has evaluated subsequent events through the date the financial statements were issued and up to the time of filing of the financial statements with the Securities and Exchange Commission.

In January 2012 the Company granted 20,000 stock options to a director. The Options have an exercise price of $0.03 per share and expire January 1, 2022.

 

 

 

 

 

In January 2012 the Company issued 100,000 shares of common stock to a former director.

 

On January 9, 2012 the Company sold 800,000 shares of common stock for $10,000 to a private investor.

 

 

In February 20, 2012 we sold a $100,000 convertible promissory note bearing interest at10% per annum and maturing December 31, 2015. The note is convertible at any time and the conversion price is initially $0.05 per share. After August 30, 2012, the conversion price will at the end of each month adjust to the lower of the current conversion price or 110% of that month’s volume weighted average price as reported by Bloomberg subject to being no lower than $0.005 per shares. The purchaser of the Note also received 600,000 warrants to acquire common shares. The warrants expire on December 31, 2017 and have an initial exercise price which is $0.05 per share and can adjust lower in the same manner as the accompanying convertible note.

 

In February 2012, the Company issued 181,250 common shares for payment of $5,437 in legal fees.