Quarterly report pursuant to Section 13 or 15(d)

Restatement

v2.4.0.6
Restatement
6 Months Ended
Jun. 30, 2012
Restatement [Abstract]  
Restatement [Text Block]

NOTE 6 – Restatement

 

The Company has restated its financial statements for the quarterly period ended June 30, 2011. The significant changes made are further described and summarized below.

 

During April 2011 the Company issued an aggregate of 20,000,000 shares of restricted common stock as compensation to 5-employees pursuant to the company's 2011 Equity Incentive Plan and recorded an expense of $400,000. However, only an aggregate of 4,850,000 shares of the total shares, valued at $97,000, had vested as of June 30, 2011, resulting in an overstatement of non-cash expenses of $303,000. Thus our net loss reported was also overstated by $303,000.

 

The following tables highlight the significant areas of change:

 

    Three Months Ended
June 30, 2011
       
                   
    As
Previously
             
    Reported     Restated        
    June 30,     June 30,        
    2011     2011     Change  
                   
Total Assets   $ 1,141,396     $ 1,141,396     $ -  
Total Liabilities   $ (112,255 )   $ (112,255 )   $ -  
Stockholders' Equity   $ 1,029,141     $ 1,029,141     $ -  
Net Income (Loss)   $ (687,514 )   $ (384,514 )   $ (303,000 )
Income (Loss) available to common stockholders   $ (687,514 )   $ (384,514 )   $ (303,000 )
Basic Loss per share   $ (0.00 )   $ (0.00 )   $ (0.00 )

  

    Six Months Ended
June 30, 2011
       
             
    As
Previously
             
    Reported     Restated        
    June 30,     June 30,        
    2011     2011     Change  
                   
Total Assets   $ 1,141,396     $ 1,141,396     $ -  
Total Liabilities   $ (112,255 )   $ (112,255 )   $ -  
Stockholders' Equity   $ 1,029,141     $ 1,029,141     $ -  
Net Income (Loss)   $ (927,482 )   $ (624,482 )   $ (303,000 )
Income (Loss) available to common stockholders   $ (927,482 )   $ (624,482 )   $ (303,000 )
Basic Loss per share   $ (0.00 )   $ (0.00 )   $ (0.00 )