Quarterly report pursuant to Section 13 or 15(d)

STOCKHOLDERS’ EQUITY

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STOCKHOLDERS’ EQUITY
6 Months Ended
Dec. 31, 2011
Notes to Financial Statements  
STOCKHOLDERS’ EQUITY

 

In July 2011, the Company received $10,790 in advances from investor - related party. In August 2011, the Company obtained proper documentation from that investor and the $84,760 advance from investor previously recorded in current liabilities as of June 30, 2011 and the additional $10,790 advance, totaling $95,550, was exchanged for 63,234 shares of common stock at $1.50 per share.

 

In November 2011, the Company and a third party consultant agreed to settle certain liabilities which had been paid for by the consultant on behalf of the Company and included in accrued expenses.  The total amount due the consultant on the agreement date was $72,545 of which one-half was to be repaid in cash and the other half was to be paid through the issuance of common stock.   The cash payment owed is in accrued expenses as of December 31, 2011 and 24,182 shares were issued at $1.50 per share for a total value of $36,272, during the three months ended December 31, 2011.  The share value equaled contemporaneous cash sales prices and therefore, no gain of loss on the conversion was recorded.