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EXCEL - IDEA: XBRL DOCUMENT - Generation Zero Group, Inc.Financial_Report.xls
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v2.4.0.6
Note 4 - Assignment of Supplier Agreement
12 Months Ended
Dec. 31, 2011
Notes  
Note 4 - Assignment of Supplier Agreement

NOTE 4 – ASSIGNMENT OF SUPPLIER AGREEMENT

 

In September 2010, the Company entered into an Exclusive Agreement (the “Exclusive Agreement”) with Talent Search and Rescue, LLC (“Talent”), an entity controlled by Caesar Capital LLC.  Pursuant to the Exclusive Agreement, Talent agreed to enter into an exclusive relationship with the Company pursuant to which the Company and Talent would attempt to staff certain independent contractor positions primarily in the technology field; and provide the Company rights to 50% of Talent’s net proceeds from any staffed positions.  The Company issued Talent an aggregate of 500,000 shares of its restricted common stock to Talent as consideration for Talent entering into the Exclusive Agreement.  A small number of positions were staffed in connection with the Exclusive Agreement, the funds generated were retained by Talent to pay operating expenses and the Exclusive Agreement and relationship between the Company and Talent has since been terminated.