From the new 10K:
There were 90,480,000 shares of the registrant’s common stock outstanding as of December 31, 2010.
TOTAL ASSETS $ 3,248,869
On September 10, 2010, the Company entered into a Stock Issuance Agreement (the “Black Sands Agreement”) with Black Sands, whereby the Company has the right to require Black Sands to purchase up to $10,000,000 of the Company’s securities until March 31, 2013, unless extended by either the Company o Black Sands for an additional twelve (12) months.
Under the terms of the Black Sands Agreement, the Company may, from time to time, request an advance from Black Sands up to $1,000,000, in integral multiples of $100,000 (each, an “Advance”) per request for operating expenses, acquisitions, working capital and general corporate activities. Following receipt of any Advance, the Company shall sell and issue Black Sands units, each unit consisting of one share of the Company’s common stock and a warrant to purchase one share of common stock at the Unit Price. As described in the Black Sands Agreement, the “Unit Price” shall mean a price equal to 75% of the volume weighted average of the closing price of the Company’s common stock for the ten (10) business days preceding the date of any notice requesting an Advance, as quoted on Nasdaq or such other quotation system as agreed upon by the Company and Black Sands. Each warrant issued as components to Units shall represent the right of Black Sands to purchase one share of common stock at an exercise price equal to 150% of the Unit Price
