Attached files
file | filename |
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EX-31 - Gold Hill Resources, Inc. | gsae093009qa1exh312.htm |
EX-31 - Gold Hill Resources, Inc. | gsae093009qa1exh311.htm |
EX-32 - Gold Hill Resources, Inc. | gsae093009qa1exh322.htm |
EX-32 - Gold Hill Resources, Inc. | gsae093009qa1exh321.htm |
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q/A
Amendment No. 1
(Mark One)
For the quarterly period ended September 30, 2009
or
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____________________________to_______________________________
Commission File Number: 000-53627
Green Star Alternative Energy, Inc.
(Exact name of Registrant as specified in its charter)
Nevada |
88-0441307 |
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1660 Hotel Circle North, Suite 207, San Diego, CA 92108-2808 |
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(866) 955-4723 |
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___________________________________________________________________________ |
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. |
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Yes [X] No [ ] |
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Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act. |
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Large accelerated filer |
[ ] |
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Accelerated filer |
[ ] |
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Non-accelerated filer |
[ ] |
(Do not check if a smaller reporting company) |
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Smaller reporting company |
[X] |
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Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). |
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Yes [ ] No [X] |
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APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY |
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Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. |
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Yes [X] No [ ] |
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EXPLANATORY NOTE |
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This Amendment No. 1 is the first amendment to the Form 10-Q that we filed for the third quarter ending September 30, 2009. The purpose of this amendment is to correct the balance sheet for the year ending December 31, 2008 since the balance sheet did not correctly disclose our assets and the total amounts shown as Total Assets for the year ending December 31, 2008. The attached financial statements in this Amendment No. 1 correctly disclose our assets on our balance sheet as of December 31, 2008. |
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APPLICABLE ONLY TO CORPORATE ISSUERS: |
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Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. |
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On September 30, 2009, there were 26,250,000 shares of the issuer's common stock were outstanding. |
Part 1. Financial Information
Green Star Alternative Energy, Inc. |
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|
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As of |
As of |
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ASSETS |
(Unaudited) |
(Audited) |
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|
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Current Assets |
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Cash |
$ |
22,784 |
$ |
3,310 |
||
Pre-paid accounting fees |
$ |
1,680 |
$ |
- |
||
Other receivable |
75,000 |
- |
||||
Total Current Assets |
$ |
99,464 |
$ |
3,310 |
||
|
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Equipment, net |
94,077 |
95,691 |
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Total Assets |
$ |
193,541 |
$ |
99,001 |
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|
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LIABILITIES & STOCKHOLDERS' EQUITY |
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|
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Current Liabilities |
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Accrued Expenses |
$ |
12,240 |
$ |
2,555 |
||
Accounts payable |
22,172 |
2,775 |
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Loan from related party |
236,000 |
51,975 |
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Other loan payable |
94,063 |
94,063 |
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Total Liabilities |
364,475 |
151,368 |
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|
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Stockholders' Equity |
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Common Stock, (Authorized, 200,000,000 shares, |
26,250 |
26,250 |
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Additional Paid-in Capital |
33,750 |
33,750 |
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Deficit accumulated during the development stage |
(230,934) |
(112,367) |
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Total Stockholders' Equity |
(170,934) |
(52,367) |
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|
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ |
193,541 |
$ |
99,001 |
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|
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The accompanying notes are an integral part of these financial statements. |
F - 1
Green Star Alternative Energy, Inc. |
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From Inception |
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September 30, |
September 30, |
September 30, |
September 30, |
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REVENUES |
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Revenues |
$ |
- |
$ |
- |
$ |
- |
$ |
- |
$ |
68,029 |
|||||
Total Revenues |
- |
- |
- |
- |
68,029 |
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|
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Operating Expense |
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Administrative Expense |
37,401 |
56,346 |
108,883 |
78,412 |
286,724 |
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Total Operating Expenses |
37,401 |
56,346 |
108,883 |
78,412 |
286,724 |
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|
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Other income (loss) |
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Interest Expense |
(3,660) |
(209) |
(9,684) |
(209) |
(12,239) |
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Total other income (loss) |
(3,660) |
(209) |
(9,684) |
(209) |
(12,239) |
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|
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Net (Loss) |
$ |
(41,061) |
$ |
(56,555) |
$ |
(118,567) |
$ |
(78,621) |
$ |
(230,934) |
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|
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Basic earnings per share |
$ |
(0.00) |
$ |
(0.00) |
$ |
(0.00) |
$ |
(0.00) |
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|
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Weighted average number of common shares outstanding |
26,250,000 |
26,250,000 |
26,250,000 |
21,505,474 |
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The accompanying notes are an integral part of these financial statements. |
F - 2
Green Star Alternative Energy Inc. |
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Common |
Common |
Additional |
Deficit |
Total |
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On March 5, 2001, |
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6,250,000 shares issued for services |
6,250,000 |
$ |
6,250 |
$ |
(5,000) |
$ |
$ |
1,250 |
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|
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On April 5, 2001, |
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6,250,000 shares issued for services |
6,250,000 |
6,250 |
(5,000) |
1,250 |
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August to December 2001 |
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3,750 shares issued for cash |
3,750,000 |
3,750 |
3,750 |
7,500 |
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Net loss, December 31, 2001 |
(2,066) |
(2,066) |
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Balance, December 31, 2001 |
16,250,000 |
16,250 |
(6,250) |
(2,066) |
7,934 |
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|
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Net loss, December 31, 2002 |
(2,204) |
(2,204) |
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Balance, December 31, 2002 |
16,250,000 |
16,250 |
(6,250) |
(4,270) |
5,730 |
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Net loss, December 31, 2003 |
(11,024) |
(11,024) |
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Balance, December 31, 2003 |
16,250,000 |
16,250 |
(6,250) |
(15,294) |
(5,294) |
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Net loss, December 31, 2004 |
(1,475) |
(1,475) |
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Balance, December 31, 2004 |
16,250,000 |
16,250 |
(6,250) |
(16,769) |
(6,769) |
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Net income, December 31, 2005 |
9,781 |
9,781 |
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Balance, December 31, 2005 |
16,250,000 |
16,250 |
(6,250) |
(6,988) |
3,012 |
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Net income, December 31, 2006 |
1,808 |
1,808 |
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Balance, December 31, 2006 |
16,250,000 |
16,250 |
(6,250) |
(5,180) |
4,820 |
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Net income, December 31, 2007 |
(4,820) |
(4,820) |
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Balance, December 31, 2007 |
16,250,000 |
16,250 |
(6,250) |
(10,000) |
- |
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May 9, 2008, |
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10,000,000 shares issued for cash |
10,000,000 |
10,000 |
40,000 |
50,000 |
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Net loss, December 31, 2008 |
(102,367) |
(102,367) |
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Balance December 31, 2008 |
26,250,000 |
$ |
26,250 |
$ |
33,750 |
$ |
(112,367) |
$ |
(52,367) |
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|
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Net loss, September 30, 2009 |
(118,567) |
(118,567) |
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|
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Balance, |
26,250,000 |
$ |
26,250 |
$ |
33,750 |
$ |
(230,934) |
$ |
(170,934) |
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* All outstanding share amounts have been retroactively restated to reflect the Company's 5 to 1 stock split. |
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The accompanying notes are an integral part of these financial statements. |
F - 3
GREEN STAR ALTERNATIVE ENERGY INC. |
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Nine Months |
From Inception |
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September30, 2009 |
September 30, 2008 |
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Operating Activities |
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Net income (Loss) |
$ |
(118,567) |
$ |
(78,621) |
$ |
(230,934) |
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Adjustments to reconcile net income to net cash provided by operations: |
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Depreciation expenses |
1,614 |
- |
1,760 |
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Share issued for services |
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Changes in operating assets and liabilities: |
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Pre-paid accounting fees |
(1,680) |
- |
(1,680) |
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Increase (decrease) in accounts payable |
19,397 |
10,260 |
22,172 |
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Increase (decrease) in accrued expenses |
9,685 |
209 |
12,240 |
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Net Cash Provided (used) by Operating Activities |
(89,551) |
(68,152) |
(196,442) |
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Investing activities |
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Purchase Equipment |
- |
95,811 |
(95,837) |
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Net Cash Provided (used) by Investing Activities |
- |
(95,811) |
(95,837) |
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Financing Activities |
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Increase in loan from related party |
109,025 |
20,000 |
161,000 |
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Increase in other loan payable |
- |
94,063 |
94,063 |
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Cash received from issuance of stock |
- |
50,000 |
60,000 |
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Net Cash Provided (used) by Financing Activities |
109,025 |
164,063 |
315,063 |
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|
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Increase (decrease) in cash from continuing operations |
19,474 |
100 |
22,784 |
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Cash and cash equivalents at beginning of period |
3,310 |
- |
- |
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Cash and Cash Equivalents at End of Period |
$ |
22,784 |
$ |
100 |
$ |
22,784 |
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Non-cash investing and financing activities: |
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Increase other receivable due to issue note |
75,000 |
75,000 |
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Supplemental cash flow disclosure: |
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Cash Paid for Interest |
$ |
- |
$ |
- |
$ |
- |
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Cash Paid for Income Taxes |
$ |
- |
$ |
- |
$ |
- |
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The accompanying notes are an integral part of these financial statements. |
F - 4
GREEN STAR ALTERNATIVE ENERGY INC. |
NOTE 1 ORGANIZATION AND DESCRIPTION OF BUSINESS
Green Star Alternative Energy, Inc. (the Company) (Formerly R&R Travel Inc.) was incorporated under the laws of the State of Nevada on March 2, 2001 and originally in the travel business, where the Company provided travel packages to financial services professionals in connection with seminars and other professional education events.
On June 6, 2008, the Company, by amendment to its articles of incorporation, changed its name to Green Star Alternative Energy, Inc. and changed its business operations to become a provider of clean restorative and profitable energy from wind, water and sunlight; whereas the world's current method of supplying the majority of its energy needs is with fossil fuels.
The Company has minimal operations at this time and is considered a development stage company.
NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
a. Basis of Presentation
The Company's financial statements are prepared using the accrual method of accounting and have been prepared in accordance with accounting principles generally accepted in the United State. The Company has elected a December 31, year-end.
b. Basic and Diluted Earnings per Share
In February 1997, the FASB issued SFAS No. 128, "Earnings per Share", which specifies the computation, presentation and disclosure requirements for earnings (loss) per share for entities with publicly held common stock. SFAS No. 128 supersedes the provisions of APB No. 15, and requires the presentation of basic earnings (loss) per share and diluted earnings (loss) per share. The Company has adopted the provisions of SFAS No. 128 effective March 2, 2001 (inception).
Basic net loss per share amounts is computed by dividing the net loss by the weighted average number of common shares outstanding. Diluted earnings per share are the same as basic earnings per share due to the lack of dilutive items in the Company.
c. Cash Equivalents
The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents.
d. Equipment
Equipment is carried at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the depreciable property (Wind Sensor: 20 year, Computer: 3 year). Management evaluates useful lives regularly in order to determine recoverability taking into consideration current technological conditions. Maintenance and repairs are charged to expense as incurred; additions and betterments are capitalized.
F - 5
GREEN STAR ALTERNATIVE ENERGY INC. |
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Fully depreciated assets are retained in equipment and accumulated depreciation accounts until retirement or disposal. Upon retirement or disposal of an asset, the cost and related accumulated depreciation are removed, and any resulting gain or loss, net of proceeds, is credited or charged to operations.
e. Use of Estimates and Assumptions
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
f. Income Taxes
Deferred income taxes are reported for timing differences between items of income and expense reported in the financial statements and those reported for income tax purposes in accordance with SFAS 109, "ACCOUNTING FOR INCOME TAXES," which requires the use of the asset/liability method of accounting for income taxes. Deferred income taxes and tax benefits are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and for tax loss and credit carry-forwards.
Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.
g. Concentration of Credit Risk
Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash deposits. This cash is on deposit with a large federally insured bank. The Company has not experienced any losses in cash balances and does not believe it is exposed to any significant credit risk on cash and cash equivalents.
h. Recent Accounting Pronouncements
The Company does not expect any recent accounting pronouncements to have a material impact on its financial statements.
F - 6
GREEN STAR ALTERNATIVE ENERGY INC. |
NOTE 3. GOING CONCERN
The accompanying financial statements are presented on a going concern basis. The Company operated as R&R Travel from inception (March 2, 2001) until June 6, 2008 when the Company voted to change it's name to Greenstar Alternative Energy Inc. and modified it's business plan to operate as a provider of clean energy. The deficit accumulated during the development stage as of September 30, 2009 is $230,934. Available cash at September, 2009 is $22,784. The future of this Company is dependent upon its ability to obtain financing and upon profitable operations from the development of its business opportunities.
NOTE 4. EQUIPMENT
Equipment consists of the following:
|
September 30, 2009 |
December 31, 2008 |
||
Wind Sensor |
$ 94,088 |
$ 94,088 |
||
Computer |
1,749 |
1,749 |
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Total Fixed Assets |
95,837 |
95,837 |
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Less: Accumulated Depreciation |
(1,760) |
(146) |
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Net Fixed Assets |
$ 94,077 |
$ 95,691 |
||
Depreciation expenses for the nine months ended September 30, 2009 and 2008 were $1,614 and zero, respectively.
NOTE 5 INCOME TAXES
The company has incurred operating losses of $230,934, which, if utilized, will begin to expire in 2021. Future tax benefits, which may arise as a result of these losses, have not been recognized in these financial statements and have been offset by a valuation allowance.
Details of deferred tax assets are as follows;
As of September 30, 2009 |
|
Deferred tax assets: |
|
Net operating loss |
$ 230,934 |
Statutory tax rate(combined federal and state) |
34% |
Deferred tax assets |
78,518 |
Valuation allowance |
(78,518) |
Net deferred tax assets |
-0- |
F - 7
GREEN STAR ALTERNATIVE ENERGY INC. |
NOTE 5 INCOME TAXES (Continued)
The potential future tax benefits of these losses have not been recognized in these financial statements due to the uncertainty of their utilization. When the future utilization of some portion of the carry-forwards is determined not to be "more likely than not" a valuation allowance is provided to reduce the recorded tax benefits from such assets.
NOTE 6 STOCKHOLDERS' EQUITY
On June 6, 2008, the Company voted, to amend its Articles of Incorporation to increase the total number of authorized shares of common stock at par value of $0.001 to 200,000,000 (two hundred million). Holders of shares of common stock are entitled to one vote for each share on all matters to be voted on by the stockholders. Holders of common stock do not have cumulative voting rights and are entitled to share rateably in dividends, if any. In the event of a liquidation, dissolution or winding up the Company, the holders of common stock are entitled to share pro rata all assets remaining after payment in full of all liabilities.
All outstanding shares of common stock are fully paid and non-assessable. Holders of common stock have no pre emptive rights to purchase our common stock. There are no conversion or redemption rights or sinking fund provisions with respect to the common stock.
In March, 2001, the Company issued 6,250,000 shares of its common stock to various officers and consultants for services ($1,250) rendered to the Company.
In April, 2001, the Company issued 6,250,000 shares of its common stock to various officers and consultants for services ($1,250) rendered to the Company.
In the fourth quarter of 2001, the Company issued an offering of 3,750,000 shares of its common stock to various shareholders in exchange for cash proceeds realized in the amount of $7,500.
On May 9, 2008, the Company issued 10,000,000 shares of common stock at a price of $0.005 per share to its new CFO/Director for a total cash consideration of $50,000.
The stockholders' equity section of the Company contains the following class of capital stock as of September 30, 2009:
- Common stock, $ 0.001 par value: 200,000,000 authorized 26,250,000 shares issued and outstanding
On June 6, 2008, the Company voted, via amendment to their Articles of Incorporation, to approve a forward share split of the Corporation's outstanding and issued shares of common stock of five (5) shares for each one (1) issued by the Corporation. All share amounts have been retroactively adjusted for all periods presented.
F - 8
GREEN STAR ALTERNATIVE ENERGY INC. |
NOTE 7 LOANS PAYABLE
The Company issued a secured Promissory Note to Seal Commercial S.A. dated September 25, 2008 (the "Note") in connection with the purchase of Wind Sensors which act as "collateral" for the said loan. The loan is for $94,063 and the terms and conditions of such Note allow for prepayment of principle and accrued interest at anytime without penalty. The interest rate is 7% per annum and the maturity date is September 25, 2010. The total accrued interest as of September 30, 2009 is $6,675.
NOTE 8
LOANS FROM RELATED PARTYThe Company issued an unsecured Promissory Note dated August 30, 2008 (the "Note") to Jesse de Castro, a director of the Company, in connection with a $20,000 working capital loan to the Corporation. The terms and conditions of such Note allow for the prepayment of principle and accrued interest at anytime without penalty. The interest rate is 7% per annum and the maturity date is August 30, 2010. On December 15, 2008, the Company repaid $13,025. The total accrued interest as of September 30, 2009 is $801.
The Company issued an unsecured Promissory Note dated November 10, 2008 (the "Note") to Jesse de Castro, a director of the Company, in connection with a $15,000 working capital loan to the Corporation. The terms and conditions of such note allow for the prepayment of principle and accrued interest at anytime without penalty. The interest rate is 7% per annum and the maturity date is November 10, 2010. The total accrued interest as of September 30, 2009 is $933.
The Company issued an unsecured Promissory Note dated November 25, 2008 (the "Note") to Jesse de Castro, a director of the Company, in connection with a $30,000 working capital loan to the Corporation. The terms and conditions of such Note allow for the prepayment of principle and accrued interest at anytime without penalty. The interest rate is 7% per annum and the maturity date is November 25, 2010. The total accrued interest as of September 30, 2009 is $1,788.
The Company issued an unsecured Promissory Note dated February 12, 2009 (the "Note") to Jesse de Castro, a director of the Company, in connection with an $8,000 working capital loan to the Corporation. The terms and conditions of such Note allow for the prepayment of principle and accrued interest at anytime without penalty. The interest rate is 7% per annum and the maturity date is February 12, 2010. The total accrued interest as of September 30, 2009 is $353.
The Company issued an unsecured Promissory note dated February 17, 2009 (the "Note") to Jesse de Castro, a director of the Company, in connection with a $5,000 working capital loan to the Corporation. The terms and conditions of such Note allow for the prepayment of principle and accrued interest at anytime without penalty. The interest rate is 7% per annum and the maturity date is February 17, 2010. The total accrued interest as of September 30, 2009 is $214.
The Company issued an unsecured Promissory Note dated March 6, 2009 (the "Note") to Jesse de Castro, a director of the Company, in connection with a $25,000 working capital loan to the Corporation. The terms and conditions of such Note allow for the prepayment of principle and accrued interest at anytime without penalty. The interest rate is 7% per annum and the maturity date is March 6, 2010. The total accrued interest as of September 30, 2009 is $997.
F - 9
GREEN STAR ALTERNATIVE ENERGY INC. |
NOTE 8
LOAN FROM RELATED PARTY (Continued)The Company issued an unsecured Promissory Note dated May 15, 2009 (the "Note") to Jesse de Castro, a director of the Company, in connection with a $20,000 working capital loan to the Corporation. The terms and conditions of such Note allow for the prepayment of principle and accrued interest at anytime without penalty. The interest rate is 7% per annum and the maturity date is May 15, 2010. The total accrued interest as of September 30, 2009 is $413.
The Company issued an unsecured Promissory Note dated September 25, 2009 (the "Note") to Jesse de Castro, a director of the Company in connection with a $43,000 working capital loan to the Corporation. The terms and conditions of such Note allow for the prepayment of principle and accrued interest at anytime without penalty. The interest rate is 7% per annum and the maturity date is September 25, 2010. The total accrued interest as of September 30, 2009 is $49.
The Company issued an unsecured Promissory Note dated September 30, 2009 (the "Note") to Jesse de Castro, a director of the Company in connection with a $75,000 working capital loan to the Corporation. The terms and conditions of such Note allow for the prepayment of principle and accrued interest at anytime without penalty. The interest rate is 7% per annum and the maturity date is September 30, 2010. The total accrued interest as of September 30, 2009 is $14. The Company received this amounts on October 1, 2009. Therefore the Company recorded this amount as other receivable as of September 30. 2009.
In addition to the Notes, Jesse de Castro, a director of the company, advanced the company funds in the amount of $8,000 as of September 30, 2009. The balance is unsecured and interest free with no specified terms of repayment. These amounts are paid to Jesse de Castro on October 30, 2009.
NOTE 9 RELATED PARTY TRANSACTIONS
On September 1, 2009, the Board of Directors approved a salary increase to Jesse de Castro, a director of the Company, from $3,500 to $4,000 per month. This will be paid to De Castro Investments Inc. a corporation owned and managed by Mr. Jesse de Castro commencing September 1, 2009. This is to acknowledge the valuable contributions made by Mr. De Castro to the Company. As of September 30, 2009, there is unpaid salary amounting to $11,000 and total officer salary is $32,000 for nine months ended September 30, 2009.
On September 9, 2009 Mr. Jesse de Castro extended a short term interest -free loan of $5,000 to the Company to pay for professional fees.
On September 25, 2009 Mr. Jesse de Castro extended a short term interest-free loan of $3,000 to the Company to pay for professional fees.
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Item 6. Exhibits.
Number |
Exhibit |
31.1 |
Rule 13a-14(a) Certification of Chief Executive Officer |
31.2 |
Rule 13a-14(a) Certification of Chief Financial Officer |
32.1 |
Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of Chief Executive Officer |
32.2 |
Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of Chief Financial Officer |
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SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
GREEN STAR ALTERNATIVE ENERGY, INC.
Date: February 4, 2010 |
BY: /s/ Jesse M. De Castro |
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