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

NOTE 13:   SUBSEQUENT EVENTS

 

On March 15 2012, the Company issued 400,000 shares of restricted common stock in settlement of $72,000 of debt accumulated to consultants. In addition, the Company settled $50,000 in management compensation owing to officers and directors for 333,334 restricted common shares.

 

On March 15 2012, the Company issued a total of 733,334 restricted common shares, at $0.15 per share, for proceeds of $110,000 in a private placement.

 

On March 15 2012, the Company settled an aggregate of $118,466 in accrued interest payments on the February 2011 Notes for 789,778 restricted common shares.