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Subsequent Events
3 Months Ended
Jun. 30, 2011
Notes to Financial Statements  
Subsequent Events

In July 2011, the Company entered into a Securities Purchase Agreement in connection with the issuance of an 8% Convertible Note for $103,500.  The Note is due April 11, 2012 and has various prepayment, share conversion, share reservation, and penalty interest provisions.  The proceeds were used for general corporate purposes.

 

In August 2011, the Company entered into two Promissory Notes for $200,000 each or an aggregate of $400,000.  The Notes are due within 90 days together with simple interest of 5% per month.  The proceeds were used for general corporate purposes.

 

Management has evaluated events and transactions that occurred subsequent to June 30, 2011, through August 22, 2011, the date at which the consolidated financial statements were available to be issued.  Other than the disclosures shown, management did not identify any events or transactions that should be recognized or disclosed in the consolidated financial statements.

 

See Note 10 – Litigation – for Summary of recent legal activity.