XML 22 R9.htm IDEA: XBRL DOCUMENT  v2.3.0.11
SUBSEQUENT EVENTS
3 Months Ended
Jun. 30, 2011
Subsequent Events  
Schedule of Subsequent Events [Table Text Block]
NOTE 4 – SUBSEQUENT EVENTS


In July 2011, the Company paid an outstanding invoice using common stock.  The total amount paid was $13,500 at a price of $0.50 for a total of 27,000 shares of the Company’s common stock.


On July 13, 2011 the Company held its annual shareholder meeting.  Two items were up for vote, which were the continuation of the current board members and the current auditors.  Both items which were up for vote passed without issue.


During the month of July 2011 the 375,000 shares of the Company’s common stock were returned to treasury, due to a consulting agreement which was not entered into.


During the month of August 2011 the Company signed a contract with WOB Equities, Inc. to process tailing of precious metals.


During the month of August 2011 the Company entered into two 90 day convertible Notes Payable for $280,500 each, for a total funding of $561,000, with an initial issue discount of 9.1% and total proceeds of $500,000.  These notes may be converted at a fixed price of $1.00 per share of the Company’s common stock.  These notes also include 250,000 warrants each for a total of 500,000 warrants at an exercise price of $1.00 per share.  In case of default the Note may be converted into common stock at $1.00 per share or 80% of the current market bid price, whichever is lower.


The Company has evaluated subsequent events from the balance sheet date through the date the financial statements were issued, and has determined there are no other events to disclose.