Note 11 Subsequent event
Subsequent to the year end the Company:
a) Issued an aggregate of 9,585,054 common shares were issued with a fair value of $34,300 upon the conversion into common stock of the convertible note payable which fell due on October 25, 2012.
b) On October 5, 2012, the Company received $42,500 cash and the Company issued a convertible promissory note in the amount of $42,500. The promissory note is unsecured, bears interest at 8% per annum, and matures on July 13, 2012. The note may be converted at the option of the holder into Common stock of the Company. The conversion price is defined as 51% multiplied by Market Price where market price is calculated as the average of the lowest 3 closing bid prices in the ten days prior to conversion for the Companys shares as quoted on the OTCBB .
c) On October 31, 2012, the President of the Company acquired 10,000,000 common shares of the Company in a private transaction. As of October 31, 2012, the President holds a 16.4% interest in the common stock of the Company.