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COMMON STOCK | 9 Months Ended
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Mar. 31, 2015
COMMON STOCK: |
COMMON STOCK | 7. COMMON STOCK Our common stock is listed on the OTCBB and trades under the symbol ACLP. On September 4, 2014, there was a 1:250 reverse split. During the nine months ended March 31, 2015, the Company issued the following shares: 608,833,551 shares pursuant to the conversion of debt, accrued interest and related expenses; 59,697,000 shares pursuant to the 3a10 program; 3,763 fractional shares associated with the reverse split of September 4, 2014. On March 7, 2011, the Company entered into an Equity Purchase Agreement. Pursuant to the Equity Purchase Agreement, a third party committed to purchase up to $5,000,000 of common stock over the course of 24 months commencing on the effective date of the registration statement pursuant to the registration rights agreement. The registration statement was declared effective on February 9, 2012. The purchase price of the common stock to be sold pursuant to the Equity Purchase Agreement will be 95% of the average of the lowest three closing bid prices, consecutive or inconsecutive, during the five trading day period commencing on the date a put notice requesting that a third party purchase. On July 19, 2012, the Company received proceeds of $6,000 for the sale of 2,807 (701,754 pre-split) shares of common stock pursuant to the Equity Purchase Agreement with a third party. The registration statement is no longer effective.

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