Quarterly report pursuant to sections 13 or 15(d)

EQUITY

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EQUITY
 9 Months Ended
Jun. 30, 2011
EQUITY [Abstract]  
EQUITY

NOTE 5   - EQUITY

In April 2011, the holders of a majority of the voting stock of the Company voted, adopted and approved by unanimous a resolution to increase the number of authorized shares of common stock of the Company from 750,000,000 shares to 1,250,000,000 shares and a resolution to establish the 2011 Equity Incentive Plan and each of its terms and conditions.

 

Common Stock

 

In April 2011, the Company authorized the issuance of 12,252,747 shares of the Company's common stock to two consultants in exchange for services valued at $61,000. As of June 30, 2011, the Company issued 8,581,446 shares and has recorded an accrual for the balance of the shares to be issued.

 

In April 2011, the Company issued 2,372,409 shares of the Company's common stock to preferred shareholders in lieu of a cash dividend of $23,724.

 

Preferred Stock

 

In May 2011, the Company issued 174,000 shares of Series A Convertible Preferred Stock to one shareholder in exchange for the shareholder's agreement to cancel 17,400,000 shares of the Company's common stock issued and registered to the shareholder.

 

Dividends payable on Series A Convertible Preferred Stock of approximately $21,000 are included in Accrued Expenses at June 30, 2011.