Item 2. Unregistered Sales of Equity Securities
Item
2. Unregistered Sales of Equity Securities and Use of Proceeds
In
January 2008, the Company issued 400,000 shares of stock to an employee of the
company in exchange for a stock subscription receivable in the amount of
$130,000. The shares were valued at $300,000 on the date of
issuances. The shares were sold pursuant to the private offering
exemption under Section 4(2) of the Securities Act of 1933.
On March
1, 2008 the Company issued a warrant to Masynda Corporation in connection with
advisory services to be provided by Masynda. The warrant provides
Masynda the right to purchase 1,000,000 shares of Company common stock for a
period of five years at an exercise price of $0.17 per share. The
delivery of the warrant in exchange for services to be rendered was delivered
pursuant to the private offering exemption under Section 4(2) of the Securities
Act of 1933.
Item
3. Defaults Upon Senior Securities
NONE
Item
4. Submission of Matters to a Vote of Security Holders.
NONE
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