Alto Group Holdings Inc fka ALTO

[User-65225]

The fair value was $3,303,669 for these 215,000,000 shares and they gave it to "corporate council" for $50,000 (.0002 per share)...lol...

For the six months ended May 31, 2011, the Company entered into Note Conversion Agreements with two entities whereby the Company satisfied a total of $50,000 notes payable to its corporate counsel (which arose from professional services rendered and were assigned to the two entities) through the delivery of a total of 215,000,000 shares of Company common stock to the two entities. The Company reported the $3,303,669 excess of the fair value of the common stock at the dates of the respective Note Conversion Agreements ($3,356,000 total) over the amount of debt ($50,000) and accrued interest ($2,331) settled ($52,331 total) as “professional fees” in the Statement of Operations for the six months ended May 31, 2011.