The Company’s 2012 operating expenses were met
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The Company’s 2012 operating expenses were met by obtaining capital from management and
significant shareholders.
? During the year ended December 31, 2012, the Company issued 7,000,000 shares of common
stock in exchange for the conversion of $144,000 in related-party debt.
? During the year ended December 31, 2011, the Company issued 29,086,700 shares of common
stock in exchange for the conversion of $5,787,340 in related-party debt.
? As of December 31, 2012 and December 31, 2011, the Company was indebted to two related
parties in the aggregate amount of $329,175 and $733,428, respectively. These two notes bear
interest at a rate of 8.0% per annum, and are due on demand. As of December 31, 2012 and
December 31, 2011, the Company owed a total of $89,029 and $66,322, respectively in accrued
interest on the notes.
As of December 31, 2012 and 2011, the Company was indebted to various unrelated third-party entities in the aggregate amount of $658,727. These notes bear interest at a rate of 8.0% per annum, and are due on demand. ? As of December 31, 2012 and 2011, the Company owed a total of $1,133,638 and $1,108,570, respectively, in accrued interest on these notes. However, the notes payable and related accrued interest date back to the Company’s former mining operations, which officially ceased on December 31, 2003. Since that time the Company has received no demands for payment or communications from the note holders and expects to allow the notes to expire under the Colorado state statute of limitations. If demands for payment arise in the future, the Company will take the appropriate actions with legal council to dispute the claims. ? As of December 31, 2012, the Company had issued 106,051,487 shares of an authorized 200,000,000,000 shares of Common Stock held by 211 active shareholders. ? As of December 31, 2012, the Company had issued 10,000,000 shares of an authorized 10,000,000 shares of Series A Preferred Stock held by a single shareholder.
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