Quarterly report pursuant to sections 13 or 15(d)

NOTE 3 - CONVERTIBLE PROMISSORY NOTE - RELATED PARTY AND DERIVATIVE LIABILITY

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NOTE 3 - CONVERTIBLE PROMISSORY NOTE - RELATED PARTY AND DERIVATIVE LIABILITY
3 Months Ended
Mar. 31, 2012
Related Party Debt And Derivative Liability Disclosure [Text Block]
NOTE 3 – CONVERTIBLE PROMISSORY NOTE – RELATED PARTY AND DERIVATIVE LIABILITY

The 7% Convertible Promissory Note (“Convertible Note”), due January 28, 2012 was extended to January 28, 2013.

On January 4, 2012 the holder of the Convertible Note,, Mr. Mark Meller, CEO of the Company, converted $30,458 into 60,154,178 shares of Class A Common Stock.  In addition, the holder had previously sold $13,488 to certain employees of the Company in accordance with the optiobs granted to them by Mr. Meller  in January 2011, which were converted into 26,639,515 shares of Class A common stock. The shares issued to the employees were recorded as share-based compensation valued at approximately $719,000 which was recorded in the statement of operations.