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Subsequent Events
3 Months Ended
Oct. 30, 2011
Subsequent Events  
Subsequent Events [Text Block]

NOTE 8 – SUBSEQUENT EVENTS

 

Contract for Script

 

On November 4, 2011, we entered into an agreement with a third party (“Artist”) to write and produce a film. 

 

In accordance with the agreement, the Company paid $10,000 for the script that is recorded as a long term asset on the balance sheet.

 

In addition to the payment of the script cost, should the script result in a feature film (“Film”) being produced based on the screenplay, the agreement provides for the Company to:

 

  • Hire the Artist to produce the Film and pay the Artist producer’s fees of $7,500 upon commencement of pre-production, $2,500 upon commencement, $2,500 upon close of production, and $2,500 upon close of post-production.
  • Pay the Artist seven percent of Film revenues at the Company’s discretion.
  • Offer the Artist first right of refusal to write and /or produce subsequent films in the Film’s series at equal or more favorable terms then this agreement, with script writing fee to be $50,000.
  • In the event that the Film grosses over $2.0 million, Artist will receive an additional three (3) percent revenue interest in the Film and the Company will finance an additional film and allow the Artist to write and direct that film.