|
8. COMMITMENTS AND CONTINGENCIES
|
3 Months Ended |
|---|---|
|
Dec. 31, 2011
|
|
| Commitments and Contingencies Disclosure [Text Block] |
8. COMMITMENTS
AND CONTINGENCIES
Joint
Venture Agreement
As
more fully discussed in Note 3, the Company executed an
Agreement on December 21, 2010 to provide $10,000,000 to a
Joint Venture on or before December 21, 2015. There is no
assurance that the Company will have sufficient funds to meet
this commitment.
Planned
Public Offering
On
March 24, 2011, the Company executed an engagement letter
agreement with its law firm to prepare and file a Form S-1
registration statement with the SEC in connection with the
Company’s planned public offering of up to 3,000,000
shares of its common stock at a price of $0.50 per share. The
agreement provides for total payments of $25,000 to the law
firm, $15,000 upon execution of the agreement ($15,000 was
paid March 25, 2011; see Note 4) and the balance when the
Form S-1 registration statement is declared effective by the
SEC.
|