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SUBSEQUENT EVENT
12 Months Ended
Dec. 31, 2011
SUBSEQUENT EVENT

NOTE 15. - SUBSEQUENT EVENT

 

In January 2012, the Company entered into an Agreement (the “Agreement”) with one of its vendors to resolve payables of approximately $259,000. Pursuant to the terms of the Agreement, the Company paid $50,000 and issued 1,000,000 shares of its common stock to the vendor which satisfied the outstanding amount payable and established a credit for the Company for future services of approximately $172,000. The shares of common stock issued were valued at the average of the closing sale prices of such common stock on the Over-The-Counter Bulletin Board (OTCBB) for a ten (10) trading day period (resulting in an approximate value of $381,000).