Quarterly report pursuant to Section 13 or 15(d)

Note 12 - STOCK OPTIONS

Note 12 - STOCK OPTIONS

3 Months Ended

Mar. 31, 2013

On December 13, 2012, the Company ratified, confirmed and approved the granting of 2012 stock options in aggregate of 9,000,000 to Jorge Andrade, Neil Muller and Lourdes Felix, officers and directors of the Company under the Company’s 2012 Stock Option Plan. The issued options are exercisable immediately at $0.015 per share for five years.

The following table summarizes the changes in options outstanding and the related prices for the shares of the Company’s common stock issued to employees of the Company under the 2012 Stock Option Plan:

Options Outstanding						Options Exercisable
Exercise Prices		Number Outstanding		Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price		Number Exercisable		Weighted Average Exercise Price
$	0.015		9,000,000		4.74	$	0.015		9,000,000	$	0.015

Transactions involving stock options issued to employees are summarized as follows:

	Number of Shares		Weighted Average Exercise Price Per Share
Outstanding at January 1, 2012		-	$	-
Granted		9,000,000		0.015
Exercised		-		-
Cancelled or expired		-		-
Outstanding at December 31, 2012		9,000,000	$	0.015
Granted		-		-
Exercised		-		-
Expired		-		-
Outstanding at March 31, 2013		9,000,000	$	0.015