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10. SUBSEQUENT EVENTS
9 Months Ended
Sep. 30, 2012
Notes to Financial Statements  
NOTE 10. SUBSEQUENT EVENTS

In October 2012, the Company issued an aggregate of 80,461 shares of common stock valued at $7,390 as consideration for payment of accounts payable and services rendered.

 

In October 2012, the Company issued 1,440,000 shares of common stock valued at $216,000 to the Company’s CEO as consideration for payment of loans payable to the CEO in the amount of $144,000.  In connection with this transaction, the Company will recognize finance charges of $72,000.

 

In October 2012, the Company issued 350,000 shares of common stock valued at $52,500 to the Company’s CEO as consideration for payment of accrued compensation in the amount of $35,000.  In connection with this transaction, the Company will recognize compensation expense of $17,500.

 

In October 2012, the Company sold 125,000 shares of common stock to a private investor for $25,000.