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Re: CaptainJim post# 3007

Friday, 05/22/2009 11:45:31 AM

Friday, May 22, 2009 11:45:31 AM

Post# of 42439
You mean like this excerpt from the Q1? Seems pretty transparent to me...

"The Company was authorized to issue 500,000,000 shares of its $0.001 par value common stock and 2,000,000 shares of its $0.001 par value preferred stock as of March 31, 2009.




In February, 2009 the Company issued 12,500,000 restricted common shares to consultants and advisors in lieu of cash compensation.



On March 27, 2009 the Company issued 17,500,000 restricted common shares to a former employee, Jacob D. Cohen, as partial payment on a Convertible Promissory Note, dated June 1, 2008 in the amount of $87,250.00 bearing interest at 10% per annum in lieu of a cash payment. The shares issued represented a partial principal payment of $43,500.00.



On April 1, 2009 the Company issued 14,500,000 restricted common shares to a former employee, Jacob D. Cohen, as final payment on a Convertible Promissory Note dated June 1, 2008 in the amount of $87,250.00 bearing interest at 10% per annum in lieu of a cash payment. The shares issued represented the final principal payment of $43,750.00 and accrued interest of $7,144.00."

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