The Company entered into a Convertible Promissory Note with Asher Enterprises Inc. on January 9, 2012 in the amount of $37,500. The note had an interest rate of 8% with the maturity date of October 11, 2012. This obligation has been satisfied as of September 30, 2012 (See Note 7).
During the three months ended September 30, 2012, a convertible note with a face value $37,500 was converted into 12,212,798 shares of common stock and a convertible note with a face value of $30,000 was settled with cash.
Already converted during July, August and Sept and the O/S was adjusted to accommodate those additional shares. DONE DEAL - OLD NEWS!
