NOTE 7. SUBSEQUENT
On June 5, 2012 (the "Closing
Date"), we closed an asset acquisition pursuant to the terms of the Asset Acquisition Agreement (the "Acquisition Agreement") by
and between us and Innovative Sales, a Nevada corporation ("Innovative"), whereby we purchased certain assets of Innovative consisting
of a cultured diamond technology patent and related intellectual property (the "Assets") in exchange for: (a) 43,850,000
shares (the "Consideration Shares") of our restricted common stock (the "Acquisition") (these shares were issued on June 7, 2012),
(b) our assumption of certain debt of Innovative in an amount not to exceed $100,000, (c) the satisfaction of all of our debts
and liabilities as of the Closing Date, and (d) our simultaneous close on a private placement (the "Private Placement") of our
common stock and warrants to purchase shares of our common stock for total gross proceeds of at least $500,000, plus the amount
necessary to pay any of our remaining pre-closing debts, including, but not limited to, all legal and accounting costs associated
with the preparation and filing of our Annual Report on Form 10-K for the year ended March 31, 2012. For accounting purposes, this
is being treated as a reverse merger.
The sole officer and director
of Innovative is the new CEO and CFO of the Company, as of June 5, 2012.
On June 7, 2012 Jose Maddipilly
returned and cancelled 45,000,000 restricted common shares. Also, on June 7, 2012 Jaiju Maliakal returned and cancelled 39,375,000
restricted common shares, bringing the total Issued and outstanding shares to 74, 200,000.
Effective July 9, 2012, the
Company amended its Articles of Incorporation to change its name from “Sweetwater Resources, Inc.” to “Centaurus
Diamond Technologies, Inc.” (the “Name Change”).
In connection with the Name
Change described in Item 5.03 above, FINRA assigned the Company a new stock symbol, “CTDT.” This new symbol
took effect at the open of business on July 9, 2012.