XML 29 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
Subsequent Events
9 Months Ended
Sep. 30, 2012
Subsequent Events:  
Subsequent Events

 

 

Note 5:  Subsequent Events

 

ASC 855-10-50-4 establishes accounting and disclosure requirements for subsequent events.  ASC 855 details the period after the balance sheet date during which we should evaluate events or transactions that occur for potential recognition or disclosure in the financial statements, the circumstances under which we should recognize events or transactions occurring after the balance sheet date in our financial statements and the required disclosures for such events.  We adopted this statement effective June 15, 2009, and have evaluated all subsequent events through the date these financial statements were issued. 

 

On October 15, 2012, the Board approved a resolution authorizing the officer of the Company to complete the following corporate actions:  call a shareholders meeting or receive majority consent from the shareholders to Amend the Certificate of Incorporation of the Company generally to (i) change the name of the Company to Pacific Ventures Group, Inc.,  (ii) increase the authorized capital of the Company to one hundred million 100,000,000 shares of common stock, par value $0.001 per share and ten million 10,000,000 shares of preferred stock, par value $0.001 per share, and (iii) amend the Certificate of Incorporation to remove items such as definitions, supermajority voting requirements and staggered election of directors, (iv) reverse split the issued and outstanding stock of the Corporation on a fifty (50) to one (1) basis with all fractional shares rounded up to the nearest whole share.

 

A Definitive Information Statement reflecting the above mentioned actions was filed with the SEC and mailed to the shareholders on October 25, 2012.  The name change and the reverse split were effective on November 8, 2012, the effects of which have been included in these financial statements as if the split had occurred at the beginning of the first period presented.