Annual report pursuant to Section 13 and 15(d)

Subsequent Events

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Subsequent Events
12 Months Ended
Dec. 31, 2011
Subsequent Events  
Subsequent Events [Text Block]

NOTE 12 - SUBSEQUENT EVENTS

 

The Company has evaluated subsequent events from the balance sheet date through May XX, 2012, the date the financial statements were available to be issued, and has determined that there are no other events to disclose other than the following:

 

Promissory notes issued:

 

Subsequent to December 31, 2011 the Company issued the following promissory notes as follows:

 

Promissory note, $150,000, bearing interest at 20% and repayable on the anniversary date of April 3, 2013 together with 1,000,000 common shares of the Company, secured by accounts receivable of the Company.

 

Promissory note, $11,325, bearing interest at 20% per annum and repayable at any time on or before June 5, 2012 together with100,000 common shares of the Company.

 

Promissory note, $11,325, bearing interest at 20% per annum and repayable anytime on or before June 5, 2012 together with 100,000 common shares of the Company.

 

Early repayment of the above notes is granted but the full annual amount of interest is due.

 

Repurchase of Company common stock:

 

On March 19, 2012, the Company entered into an agreement to re-purchase 27,000,000 shares of its common stock from a shareholder for $75,000.

 

Subsequent issuances of common stock:

 

In 2012, the Company issued an aggregate of 4,600,000 shares of its common stock for consulting services valued at $12,778.  In addition, the Company issued 2,700,000 shares of its common stock as payment of interest of $7,500.