Subsequent Events

3 Months Ended

Mar. 31, 2012

Subsequent Events

9. Subsequent Events

a) On April 10, 2012, the Company entered into a services agreement (the “LP Services Agreement”) with Lars Pearl, the Company’s Chief Executive Officer, pursuant to which Mr Pearl will serve as the Company’s Chief Executive Officer. Pursuant to the terms of the LP Services Agreement, Mr Pearl will be paid a monthly service fee of 12,000 Swiss Francs, plus Value Added Tax, if applicable, effective as of April 1, 2012. The Services Agreement may be terminated by mutual consent upon no less than 30 days prior notice. In the event the Company terminates the Services Agreement without cause, the Company shall pay Mr Pearl a severance of six month’s salary.

b) On April 10, 2012, the Company entered into a services agreement (the “AS Services Agreement”) with Agustin Gomez de Segura, the Company’s Chairman and sole independent director, pursuant to which Mr Segura will serve as the Company’s Chairman and independent director. Pursuant to the terms of the AS Services Agreement, Mr Segura will be paid a monthly service fee of $3,000, plus Value Added Tax, if applicable, effective as of April 1, 2012. The AS Services Agreement may be terminated by mutual consent upon no less than 30 days prior notice. In the event the Company terminates the Services Agreement without cause, the Company shall pay Mr Segura a severance of three month’s salary.

c) Effective as of April 10, 2012, the Company’s Board of Directors granted 200,000 stock purchase options (the “Options”) to Global Strategic Synergies Pty Ltd pursuant to the Company’s 2007 Stock Option Plan. The Options have an issue date, effective date and vesting date of April 10, 2012, with an exercise price of $0.065 per share. The term of these Options is five years. The Options are exercisable at any time from the grant date up to and including the April 9, 2017.

d) Registration Statement on Form S-1 (File No. 333-177589) was filed for the purpose of incorporating more current extracts form the Company’s Annual Report on Form 10-K and the most recent financial statements contained therein on April 5, 2012. The information in this Prospectus is not complete and may be changed. These securities may not be sold until the registration statement filed with the Securities and Exchange Commission is effective.

e) On April 16, 2012, the Company entered into subscription agreements for 1,316,000 shares of common stock at a purchase price of $0.06 per share for a gross aggregate price of $78,960. Pursuant to the subscription agreements, each of the Investors has represented that they are not a U.S. person; as such term is defined in Regulation S. In connection with the offering, the Company has agreed to pay a cash commission equal to 8% of all funds received or an aggregate of up $48,000 on the total maximum $600,000 subscription.