SHAREHOLDERS' EQUITY

3 Months Ended

Sep. 30, 2011

SHAREHOLDERS' EQUITY

NOTE 8 SHAREHOLDERS’ EQUITY

During the three months ended September 30, 2011, the Company issued 3,195,114 shares of its common stock to consultants for services rendered by them for an aggregate fair value of $356,794 based on the quoted market price of the shares at time of issuance.

At July 1, 2011, the Company issued 368,158 shares of its common stock valued at $60,000 to the holders of the Series B Convertible Preferred Stock for accrued dividends through June 30, 2011.