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Equity
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3 Months Ended |
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Jul. 31, 2011
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| Stockholders' Equity Note Disclosure [Text Block] |
NOTE 9 - COMMON STOCK TRANSACTIONS
On May 4, 2011, the Company filed a Certificate of Amendment to the Articles of Incorporation with the state of Nevada to increase the authorized Common Stock from Five Hundred Million (500,000,000) to One Billion Four Hundred Ninety Million (1,490,000,000). During the three months ended July 31, 2011, 9,750,000 shares of common stock were issued to various investors for $621,000 cash received. $148,000 of this amount has been recorded as a stock receivable and is expected to be received in the second quarter. In May 2011, 250,000 shares of common stock were issued for compensation recorded as a stock payable as of April 30, 2011. Shares were valued using the closing stock price on the day of issuance for a total expense of $7,500 in the prior year ended 2011. During the three months ended July 31, 2011, 2,250,000 shares of common stock were issued to Dr. Robert F. Ryan, Ms. Patricia Gruden and Dr. Gerald W. Crabtree, officers of the Company, and Robert Bowker for compensation. Shares were valued using the closing stock price on the day of granting for a total expense of $135,375.
During the three months ended July 31, 2011, the company authorized the issuance of 3,025,000 shares of common stock for compensation to its officers for total expense of $175,939. As of July 31, 2011 these shares had not yet been issued by the transfer agent and were recorded as stock payable. Shares were valued using the closing stock price on the date of grant.
In June, 2011 the Company issued 1,000,000 shares of restricted stock to an officer as an incentive for the exchange of free trading shares of common stock. The shares were issued at $0.057 using the closing stock price on the date of grant for a valuation of $ 57,000.
In June, 2011 the Company issued 650,000 shares of common stock to two shareholders as an incentive for the exchange of free trading shares of common stock for restricted shares of common stock. The shares were issued at $0.07 using the closing stock price on the date of grant for a valuation of $44,750.
In May, 2011 the Company issued 2,000,000 shares of common stock as part of compensation for marketing services to Evergreen Marketing. Shares were issued at $0.056 using the closing stock price on the date of grant for a valuation of $111,800.
During the three months ended July 31, 2011, the company issued 300,000 shares of common stock for consulting services issued at $0.057 using the closing stock price on the date of grant for a total valuation of $17,100. On January 31, 2011 5,000,000 shares of common stock were issued to Dr. Robert F. Ryan for $100,000 cash received. During the year ended April 30, 2011, 3,750,000 shares of common stock were issued to Dr. Robert F. Ryan, Ms. Patricia Gruden and Dr. Gerald W. Crabtree, officers of the Company for compensation. Shares were valued using the closing stock price on the day of issuance for a total expense of $92,250.
During the year ended April 30, 2011, the company authorized the issuance of 1,375,000 shares of common stock for compensation to its officers for total expense of $37,750. As of April 30, 2011 these shares had not yet been issued by the transfer agent.
In connection with litigation with Cornerstone bank (note 12) there is a claim to enforce a purported pledge of additional collateral of 14,605,614 shares of common stock as security for a Note held by them. It should be noted that the shares pledged by Freedom-2 and purportedly owed by the Company to Cornerstone Bank were not part of the mortgage note, but the shares in question were above, beyond, and thus in addition to the note as collateral for obtaining the second mortgage modification, they have been indicated as additional collateral, since they were not part nor parcel of the original note nor its modification itself except as collateral. The Company has recorded a stock payable and expense in the amount of $730,281 to account for the shares. All shares were issued without registration under the Securities Act of 1933, as amended, in reliance upon the exemption afforded by Section 4(2) of that Act. No underwriters were involved. |