During the three months ended March 31, 2011, America West issued 5,034,822 common shares for the conversion of $5,000,000 of principal and $34,822 of accrued interest.
During April 2011, America West sold an aggregate of 1,190,000 common shares for cash proceeds of $1,035,300 net of issuance costs of $154,700.
In April 2011, America West entered into a debt settlement agreement with a third party lender pursuant to which America West issued the former 550,000 common shares as settlement of a total of $521,875 principal and accrued interest.