NewBridge Global Ventures Inc (NBGV)

[Planopenny]

New filing...Looks like things are going to get interesting. Check out note 9

In 2009, we formed a subsidiary, BayHill Energy Corporation (“BEC”) to pursue the exploration and development of oil and gas properties. We invested $1,000 to acquire 100,000 shares of common stock and $10,000 plus the assignment of any interests that the Company may have had in the oil and gas initiative, to acquire 100,000 shares of preferred stock in BEC. BEC issued an additional 885,000 shares of its common stock to six individuals, including 260,000 shares to Robert Bench, who was appointed President, and 90,000 shares to Robyn Farnsworth, who was appointed Secretary. The six individuals will form the management team and pursue the intended oil and gas exploration and development strategy.
As of March 31, 2011 we held a minority interest in BEC of 18%. The preferred stock is convertible into 10% of BEC’s outstanding common stock until BEC has acquired over $50 million of value in assets, thus preserving our interest in this strategic initiative without further dilution to the shareholders of the Company. In addition, as of March 31, 2011, we had a liability to BEC of $25,317 for short term cash advances they made to the Company.