Quarterly report pursuant to Section 13 or 15(d)

Advances for Subscription Agreements

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Advances for Subscription Agreements
3 Months Ended
Sep. 30, 2012
Notes to Financial Statements  
Advances for Subscription Agreements

Note 7 - Advances for Subscription Agreements

 

During the quarter ended September 30, 2011, $592,000 in cash was advanced to the Company by certain third party investors for working capital purposes.  All of the investors are expected to sign subscriptions agreements converting the advances to common stock at $1 per share in the quarter ending December 31, 2011.  The Company recorded the transactions as advances payable that bear interest at 9%, have no fixed terms of repayment and are unsecured.  Interest expense for the period ended September 30, 2011 was $10,161.