I believe it mentioned somewhere after 12 of August that is today so things should change now
Company’s business plan will be successfully executed. The Company’s ability to execute its business plan will depend on its ability to obtain additional financing and achieve a profitable level of operations. There can be no assurance that sufficient financing will be obtained. Further, the Company cannot give any assurance that it will generate substantial revenues or that its business operations will prove to be profitable.
NOTE 5 MATERIAL EVENT (PURCHASE OF HANDCAMP PROPERTY)
During the six months ended June 30, 2010, the Company acquired (the “Acquisition”) 100% of “Handcamp,” a gold property, from Kat in exchange for 161,000,000 shares of the Company’s common stock.
Under the terms of the agreement governing the Acquisition, the Company issued 65,000,000 shares of its common stock to Kat on June 4, 2010, and the remaining 96,000,000 shares of its common stock will be issued as soon as reasonably practical after August 12, 2010.
The shares were valued at $0.70 per share, the closing stock price on the date of the closing, resulting in recorded goodwill $112,700,000. The Company’s management reviewed this potential long-lived asset and determined that the carrying amount may not be recoverable due to unexpected future cash flows being an uncertainty. Thus, an adjustment to write down the asset on such date was recorded.
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