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10. SUBSEQUENT EVENTS
6 Months Ended
Jun. 30, 2012
Notes to Financial Statements  
NOTE 10. SUBSEQUENT EVENTS

In July 2012 the convertible promissory note dated February 20, 2012 in the amount of $100,000 was repaid in cash.  In connection with this repayment an unamortized debt discount of $90,709 will be recognized as expense in the third quarter of 2012.

 

In July 2012 the convertible promissory note dated November 21, 2011 in the amount of $75,000 was converted into 1,500,000 shares of the Company's common stock. In connection with this conversion an unamortized debt discount of $66,082 will be recognized as expense in the third quarter of 2012.

 

In July 2012, 145,000 shares of the Company's common stock valued at $6,000 was issued to an officer for legal services.

 

In July 2012, the Company sold 2,187,500 shares of the Company's common stock for $175,000.

 

In July 2012, 5,000 shares of the Company's common stock valued at $750 were issued for services.