|
9) Common Stock
|
12 Months Ended |
|---|---|
|
Dec. 31, 2012
|
|
| Notes | |
| 9) Common Stock | 9) COMMON STOCK
On June 5, 2012, the company entered into twelve-month consulting agreements with two consulting firms to provide business advisory, strategic, and administrative services for a period of twelve months to build shareholder value. In return for these services, the Company issued 3,000,000 shares of restricted common stock. The per share value of the common stock was $0.47 on the date of the agreement. The company recognized prepaid consulting expense of $1,410,000 for these agreements, which is being amortized to consulting expense over the one year term of the agreements.
On June 14, 2012, the company issued 6,000,000 shares of common stock valued at $3,300,000 for settlement of debt Martin Honig of $6,000 and a recorded loss on debt conversion of $3,294,000.
On June 14, 2012, the company issued 310,000 shares of common stock valued at $164,300 for the Conversion of Convertible debenture.
On June 19, 2012, the company issued 11,500,000 shares of common stock valued at $4,025,000 to Moralva Holdings Inc. (“Moralva”) as a non-refundable deposit for a potential acquisition of mining assets. The Company was completing its due diligence and negotiating the terms of the acquisition at the time of the issuance of the stock. The Company initially recorded the fair value of the shares issued as a deposit on the balance sheet. The acquisition was never completed and the Company has expensed the amount of $4,025,000 as a loss on deposit to acquire property in the accompanying statement of operations.
On June 21, 2012, the company issued 4,000,000 shares of common stock valued at $1,440,000 for settlement of debt Brett Hamburger of $4,000 and recorded a loss on debt conversion of $1,436,000.
On July 19, 2012, the company issued 208,322 shares of common stock for the connection of convertible debenture.
On July 23, 2012 the company issued 250,000 shares of common stock valued at $47,500 for services.
On August 31, 2012, the company issued 200,000 shares of common stock valued at $12,000 for break up fees.
On August 31, 2012, the company issued 5,000,000 shares of common stock valued at $300,000 for contract fees.
On September 21, 2012, the company issued 1,000,000 shares of common stock valued at $45,000 for services.
On December 26, 2012, the company issued 11,947,766 shares of common stock valued at $370,381 for settlement of debt of $11,068 and a loss on debt conversion of $359,313.
On December 31, 2012, the company issued 350,000 shares of common stock valued at $14,000 for director’s fees. |