Read the report. Company has no income, and is issuing shares to pay their debts. Also, look at who they're paying to manage the company. Ah, penny stocks, don't you just love them?
On July 11, 2011 the Company formed Cleantech Energy, Inc. as a wholly owned subsidiary. There has been no activity in this entity, through April 30, 2012.
On July 14, 2011 the Company amended its articles of incorporation increasing its authorized capital stock to 610,000,000 consisting of 600,000,000 shares of common stock with a par value of $0.001 per shares and 10,000,000 shares of preferred stock with a par value of $0.001.
On July 25, 2011 the Company formed Cleantech Exploration Corp. as a wholly owned subsidiary. There has been no activity in this entity, through April 30, 2012.
On August 23, 2011 the Company designated 5,000,000 of the 10,000,000 preferred shares as Series A Convertible preferred. These share have a conversion right of 10 shares of common for each share of preferred, a voting right as a class, and liquidation preference valuation of $0.50 per share.
NOTE 4: PREPAID MANAGEMENT FEE
On May 23, 2011 the Company entered into a one year management agreement with Crown Equity Holdings, Inc. Under the terms of the agreement the Company issued 5,000,000 common shares at $0.21 per share with a value of $1,050,000. The management agreement covers the period from May 1, 2011 to April 30, 2012. The Company has amortized six months or $525,000 as expense during the six months ended April 30, 2012.
Some of the officers and directors of the Company are also officers and directors of Crown Equity Holdings, Inc.
