Subsequent Events | 3 Months Ended |
|---|---|
Sep. 30, 2011 | |
| Subsequent Events | |
| Subsequent Events [Text Block] | NOTE 13 SUBSEQUENT EVENTS
As of the date of this quarterly report on Form 10-Q, certain closing matters in regards to the sale of the QuickVerse product line remain open and subject to completion and, as a consequence, in accordance with the terms of the Software Product Line Purchase Agreement, the transaction remains uncompleted .
Though it had been our reasoned hope and expectation to re-deploy into new business opportunities all or most of the net proceeds realized from the sale of the QuickVerse® product line, as it has turned out, interim and developing cash requirements associated with the mere exploration and pursuit of prospective new business opportunities have (i) been substantially higher than we had anticipated, (ii) become substantial on an aggregate, standalone basis and meaningfully depleted such net proceeds, (iii) increasingly imposed a significant strain on both our general liquidity, and (iv) led to a dramatic reduction in our cash currently available for both the exploration and pursuit of prospective new business opportunities and any capital investment therein.
On November 17, 2011, we resolved to issue a total of 4,500,000 restricted shares of common stock valued at $12,150 to our outside board of directors as compensation awards in lieu of cash for services from January 1, 2011 through September 30, 2011 valued at $45,000. Furthermore, the board of directors agreed that the difference between the value of the restricted shares of common stock and their services, which totals $32,850, would be recorded as contributed capital.
On November 17, 2011, we resolved to issue a total of 3,125,005 restricted shares of common stock valued at $8,438 to our Chief Executive Officer and Chief Technology Officer as compensation for their services in lieu of cash for half of the payroll accrued and unpaid from June 2010 through September 2011. Furthermore, both the Chief Executive Officer and Chief Technology Officer agreed that the difference between the value of the restricted shares of common stock and their services, which totals $22,812, would be recorded as contributed capital.
On November 17, 2011, we resolved to issue 1,000,000 restricted shares of common stock valued at $2,700 to our corporate controller for services rendered in connection with her employment.
On November 17, 2011, we resolved to issue a total of 500,000 restricted shares of common stock valued at $1,350 to two outside consultants for their services rendered in connection with their time now and in the future as consultants. |