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9) Common Stock
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6 Months Ended |
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Jun. 30, 2012
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| 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 agreed to issue 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.
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 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 Cornell Funding, LLC.
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. In addition, the Company entered into a consulting agreement with the principals of Moralva to assist the Company in identifying potential acquisition targets. As a result the Company recorded a prepaid of $4,025,000 for this agreement. On June 19, 2012, the company issued 1,250,000 shares of common stock valued at $437,500, which $60,000 was used to pay accounts payable and $377,500 recognized mine relate costs. 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 a loss on debt conversion of $1,436,000.
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