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3 Equity
3 Months Ended
Sep. 30, 2013
Equity Method Investments and Joint Ventures [Abstract]  
3 Equity

Note 3 — Equity

 

During the three months ended September 30, 2013, the Company issued 300,000 of its common shares to its outside legal counsel for services. The shares were valued at $75,000 and charged to operations.

 

Pursuant to a stock cancellation agreement, IACE Investments Two, Inc. returned 74,550,000 of the Company’s common shares for cancelation in August 2013.  The cancelation of the shares was agreed to subject to the Company entering into a merger with another company that would generate earnings after taxes of $4,000,000 within 18 months after the merger is consummated. If the Company does not meet the indicated requirement within the 18 month period, it must issue 10,000,000 shares of its common stock to IACE.