Nevada
|
95-4786792
|
State
or other jurisdiction of
|
(I.R.S.
Employer
|
incorporation
or organization
|
Identification
No.)
|
|
State
issuer's revenues for its most recent fiscal
year. $
-0-
|
Quarter Ended
|
High
|
Low
|
||||||
September
30, 2006
|
$ | 0.10 | $ | 0.07 | ||||
December
31, 2006
|
$ | 0.10 | $ | 0.05 | ||||
March
31, 2007
|
$ | 0.28 | $ | 0.05 | ||||
June
30, 2007
|
$ | 0.70 | $ | 0.19 | ||||
September
30, 2007
|
$ | 0.40 | $ | 0.39 | ||||
December
31, 2007
|
$ | 0.20 | $ | 0.17 | ||||
March
31, 2008
|
$ | 0.28 | $ | 0.28 | ||||
June
30, 2008
|
$ | 0.25 | $ | 0.25 |
Name of Director
|
Age
|
Current Position
|
Position Held Since
|
|||
Gov.
Carlos Romero Barcelo
|
72
|
Vice
Chairman, Director
|
March,
2008
|
|||
Jack
Honour
|
57
|
Chairman,
(Interim) CEO
|
June,
2001
|
|||
Anthony
Munafo
|
47
|
COO,
Director
|
August,
2008
|
|||
Herky
Williams
|
53
|
Secretary/Treasurer,
Director
|
May,
2000
|
|||
Steven
Curran
|
54
|
Director
|
Sept.,
2008
|
Name
and Address of
|
Nature
of
|
|||||
Beneficial
Owners / Directors
|
Ownership
|
Shares
Owned
|
Percent
|
|||
All
Executive Officers
|
||||||
and
Directors as a Group *
|
||||||
(5
persons)
|
Common
|
8,926,784
|
34.57.%
|
|||
Anthony
Munafo
|
Common
|
565,850
|
2.31%
|
|||
John
Honour
|
Common
|
7,024,934
|
28.70%
|
|||
Herky
Williams
|
Common
|
671,000
|
2.74%
|
|||
Gov.
Carlos Romero Barcelo
|
Common
|
100,000
|
0.41%
|
|||
Steven
Curran
|
Common
|
100,000
|
0.41%
|
Exhibit
|
|
Number
|
Title
of Document
|
2.1
*
|
Acquisition
Agreement and Plan of Reverse Merger by and between StereoVision Vision
Entertainment, Inc. and Kestrel Equity Corporation dated December 3, 1999.
(incorporated by reference to Form 10-SB filed with the SEC
on December 17, 1999)
|
2.2
*
|
Agreement
and Plan of Merger by and between Kestrel Equity Corporation and SVE
Merger, Inc. dated January 10, 2000.
|
3.1
*
|
Articles
of Incorporation of Kestrel Equity Corporation filed with the State of
Arizona on December 14, 1993. (incorporated by reference to Form 10-SB
filed with the SEC on December 17, 1999)
|
3.2
*
|
Articles
of Amendment of Articles of Incorporation of Kestrel Equity Corporation
filed with the State of Arizona on June 18, 1997. (incorporated
by reference to Form 10-SB filed with the SEC on December 17,
1999)
|
3.3
*
|
Articles
of Amendment of Articles of Incorporation of Kestrel Equity Corporation
filed with the State of Arizona on September 30,
1997. (incorporated by reference to Form 10-SB filed with the
SEC on December 17, 1999)
|
3.4
*
|
Bylaws
of the Kestrel Equity Corporation. (incorporated by reference
to Form 10-SB filed with the SEC on December 17,
1999)
|
3.5
*
|
Articles
of Incorporation of SVE Merger, Inc. filed with the State of Nevada on
December 23, 1999.
|
3.6
*
|
Bylaws
of SVE Merger, Inc.
|
4.1
*
|
Specimen
Stock Certificate of Kestrel Equity Corporation. (incorporated by
reference to Form 10-SB filed with the SEC on December 17,
1999)
|
4.2
*
|
Specimen
Stock Certificate of SVE Merger, Inc.
|
10.1*
|
Stock
Purchase Agreement by and between Kestrel Equity Corporation and John
Honour, dated September 25, 1999.
|
31
|
Certification
of Principal Executive and Principal Financial Officer Pursuant to 18
U.S.C Section 1350 as Adopted Pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002.
|
32
|
Certification
of Principal Executive and Principal Financial Officer Pursuant to 18
U.S.C Section 1350 as Adopted Pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002.
|
(*)
|
Incorporated
by reference to the Registrant’s registration statement on Form 10-SB
filed on August 9, 2000.
|
Fiscal
year ending
June
30, 2008
|
Fiscal
year ending
June
30, 2007
|
|||||||
Audit
Fees
|
$ | 29,351 | $ | 15,952 | ||||
Audit
Related Fees
|
NIL
|
NIL
|
||||||
Tax
Fees
|
480 | 200 | ||||||
All
Other Fees
|
NIL
|
NIL
|
Page
|
|
Report
of Independent Registered Public Accountants
|
F -
1
|
Balance
Sheets
|
|
June
30, 2008 and 2007
|
F -
3
|
Statements
of Operations for the
|
|
Years
Ended June 30, 2008 and 2007 and the Cumulative
|
|
Period
May 5, 1999 (inception) to June 30, 2008
|
F -
5
|
Statement
of Stockholders' Equity for the
|
|
Period
May 5, 1999 (Inception) to June 30, 2008
|
F -
6
|
Statements
of Cash Flows for the
|
|
Years
Ended June 30, 2008 and 2007 and the Cumulative
|
|
Period
May 5, 1999 (Inception) to June 30, 2008
|
F -
20
|
Notes
to Financial Statements
|
F -
22
|
ASSETS:
|
June
30,
|
|||||||
2008
|
2007
|
|||||||
Current
Assets:
|
||||||||
Cash
|
$ | 4,341 | $ | 139,202 | ||||
Prepaid
Expense
|
6,750 | - | ||||||
Total
Current Assets
|
11,091 | 139,202 | ||||||
Fixed
Assets:
|
||||||||
Office
Equipment
|
16,745 | 13,745 | ||||||
Less
Accumulated Depreciation
|
(14,375 | ) | (13,745 | ) | ||||
Net
Fixed Assets
|
2,370 | - | ||||||
Intangible
and Other Non- Current Assets:
|
||||||||
Investment
in JamOakie
|
11,893 | 11,893 | ||||||
Films,
Manuscripts, Recordings and Similar Property
|
406,750 | 24,000 | ||||||
Net
Intangible and Other Non-Current Assets
|
418,643 | 35,893 | ||||||
Total
Assets
|
$ | 432,104 | $ | 175,095 | ||||
LIABILITIES AND
STOCKHOLDERS’ EQUITY:
|
||||||||
Liabilities:
|
||||||||
Accounts
Payable
|
$ | 188,510 | $ | 132,920 | ||||
Accrued
Expenses
|
613,790 | 285,072 | ||||||
Lawsuit
Payable
|
32,411 | 32,411 | ||||||
Loans
from Shareholders
|
795,079 | 206,549 | ||||||
Total
Current Liabilities
|
1,629,790 | 656,952 | ||||||
Stockholders'
Equity:
|
||||||||
Common
Stock, $.001 Par value
|
||||||||
Authorized
100,000,000 shares,
|
||||||||
Issued
22,720,138 shares at June 30, 2008
|
||||||||
and
20,305,509 shares at June 30, 2007
|
22,720 | 20,306 | ||||||
Common
Stock to be Issued, 56,000 shares at
|
||||||||
June
30, 2008 and 2007
|
96 | 56 | ||||||
Additional
Paid in Capital
|
15,334,465 | 14,719,319 | ||||||
Deficit
Accumulated During the Development Stage
|
(16,554,967 | ) | (15,221,538 | ) | ||||
Total
Stockholders' Equity
|
(1,197,686 | ) | (481,857 | ) | ||||
Total
Liabilities and Stockholders' Equity
|
$ | 432,104 | $ | 175,095 |
Cumulative
|
||||||||||||
Since
May 5,
|
||||||||||||
1999
|
||||||||||||
For
the Years Ended
|
Inception
of
|
|||||||||||
June
30,
|
Development
|
|||||||||||
2008
|
2007
|
Stage
|
||||||||||
Revenues
|
$ | - | $ | - | $ | - | ||||||
Expenses
|
||||||||||||
Research
& Development
|
- | - | 293,000 | |||||||||
General
& Administrative
|
316,676 | 209,234 | 8,918,314 | |||||||||
Salaries
& Consulting
|
892,949 | 240,936 | 6,279,813 | |||||||||
Advertising
& Promotion
|
- | - | 418,423 | |||||||||
Loss
on Investment
|
- | - | 558,191 | |||||||||
Lawsuit
Settlement
|
6,600 | - | 111,511 | |||||||||
Operating
Loss
|
(1,216,225 | ) | (450,170 | ) | (16,579,252 | ) | ||||||
Other
income (expense):
|
||||||||||||
Interest
income
|
2,561 | - | 2,561 | |||||||||
Interest
expense
|
(118,965 | ) | (7,406 | ) | (566,252 | ) | ||||||
Forgiveness
of debt
|
- | 414,122 | 414,122 | |||||||||
Investment
Fee
|
- | - | (75,000 | ) | ||||||||
Loss
on Sale of Assets
|
- | - | (15,883 | ) | ||||||||
Write
off of Note Receivable
|
- | - | (191,701 | ) | ||||||||
Gain
on Forgiveness of Debt
|
- | - | 48,516 | |||||||||
Gain
(Loss) on Available for Sale
|
||||||||||||
Securities
|
- | - | 412,772 | |||||||||
Total
Other Income (expense)
|
(116,404 | ) | 406,716 | 29,135 | ||||||||
Net
Loss Before Taxes
|
(1,332,629 | ) | (43,454 | ) | (16,550,117 | ) | ||||||
Income
Tax Expense
|
(800 | ) | (800 | ) | (4,850 | ) | ||||||
Net
Loss
|
$ | (1,333,429 | ) | $ | (44,254 | ) | $ | (16,554,967 | ) | |||
Basic
& Diluted loss Per Share
|
$ | (0.06 | ) | $ | - | |||||||
Weighted
Average
|
21,453,676 | 17,359,979 |
Deficit
|
||||||||||||||||||||
Accumulated
|
||||||||||||||||||||
Common
|
Additional
|
During
|
||||||||||||||||||
Common
Stock
|
Stock
|
Paid
in
|
Development
|
|||||||||||||||||
Shares
|
Value
|
to
be Issued
|
Capital
|
Stage
|
||||||||||||||||
May
5, 1999 Stock Issued for Services
|
||||||||||||||||||||
and
Payment of Accounts Payable
|
1,530,000 | $ | 1,530 | $ | - | $ | 3,470 | $ | - | |||||||||||
Net
Loss
|
- | - | - | - | (144,977 | ) | ||||||||||||||
Balance
at June 30, 1999
|
1,530,000 | 1,530 | - | 3,470 | (144,977 | ) | ||||||||||||||
Retroactive
Adjustment for 25:1
|
||||||||||||||||||||
Stock
Split May 30, 2003
|
(1,468,800 | ) | (1,469 | ) | - | 1,469 | - | |||||||||||||
Restated
Balance June 30, 1999
|
61,200 | 61 | - | 4,939 | (144,977 | ) | ||||||||||||||
December
2, 1999 Stock Issued in
|
||||||||||||||||||||
Exchange
for Assets
|
58,800 | 59 | - | 4,011,841 | - | |||||||||||||||
December
3, 1999 Stock Issued in
|
||||||||||||||||||||
Connection
to Merger with Kestrel
|
||||||||||||||||||||
Equity
Corporation
|
48,000 | 48 | - | (112,114 | ) | - | ||||||||||||||
December
31, 1999 Stock Issued
|
||||||||||||||||||||
for
Services
|
14,000 | 14 | - | 699,986 | - | |||||||||||||||
February
14, 2000 Stock Issued
|
||||||||||||||||||||
for
Services
|
4,000 | 4 | - | 99,996 | - | |||||||||||||||
April
17, 2000 Stock Issued for
|
||||||||||||||||||||
Services
|
4,000 | 4 | - | 99,996 | - | |||||||||||||||
May
4, 2000 Stock Issued for Cash
|
2,200 | 2 | - | 54,998 | - | |||||||||||||||
June
2, 2000 Stock Issued for Services
|
4,000 | 4 | - | 99,996 | - | |||||||||||||||
June
30, 2000 Stock Issued for Cash
|
1,420 | 2 | - | 35,498 | - | |||||||||||||||
Net
Loss
|
- | - | - | - | (2,680,213 | ) |
Deficit
|
||||||||||||||||||||
Accumulated
|
||||||||||||||||||||
Common
|
Additional
|
During
|
||||||||||||||||||
Common
Stock
|
Stock
|
Paid
in
|
Development
|
|||||||||||||||||
Shares
|
Value
|
to
be Issued
|
Capital
|
Stage
|
||||||||||||||||
Balance
at June 30, 2000
|
197,620 | $ | 198 | $ | - | $ | 4,995,136 | $ | (2,825,190 | ) | ||||||||||
September
13, 2000 Stock Issued for
|
||||||||||||||||||||
Conversion
of notes payable
|
5,000 | 5 | - | 141,245 | - | |||||||||||||||
September
29, 2000 Stock Issued for
|
||||||||||||||||||||
Advertising
|
4,000 | 4 | - | 94,996 | - | |||||||||||||||
October
27, 2000 Stock Issued for
|
||||||||||||||||||||
Advertising
|
500 | - | - | 12,500 | - | |||||||||||||||
November
15, 2000 Stock Issued for
|
||||||||||||||||||||
Conversion
of Note Payable
|
32,000 | 32 | - | 407,106 | - | |||||||||||||||
November
22, 2000 Stock Issued for
|
||||||||||||||||||||
Conversion
of Note Payable
|
2,000 | 2 | - | 24,998 | - | |||||||||||||||
November
22, 2000 Stock Issued for
|
||||||||||||||||||||
Consulting
|
4,080 | 4 | - | 101,996 | - | |||||||||||||||
December
4, 2000 Stock Issued for
|
||||||||||||||||||||
Services
|
400 | - | - | 10,200 | - | |||||||||||||||
December
14, 2000 Stock Issued for
|
||||||||||||||||||||
Services
|
4,000 | 4 | - | 105,996 | - | |||||||||||||||
January
23, 2001 Stock Issued for
|
||||||||||||||||||||
Cash
|
600 | 1 | - | 14,999 | - | |||||||||||||||
January
30, 2001 Stock Issued for
|
||||||||||||||||||||
Services
|
4,724 | 4 | - | 64,946 | - | |||||||||||||||
March
10, 2001 Stock Issued for
|
||||||||||||||||||||
Services
|
8,000 | 8 | - | 153,992 | - |
Deficit
|
||||||||||||||||||||
Accumulated
|
||||||||||||||||||||
Common
|
Additional
|
During
|
||||||||||||||||||
Common
Stock
|
Stock
|
Paid
in
|
Development
|
|||||||||||||||||
Shares
|
Value
|
to
be Issued
|
Capital
|
Stage
|
||||||||||||||||
April
9, 2001 Stock Issued for
|
||||||||||||||||||||
Advertising
|
3,600 | $ | 4 | $ | - | $ | 49,496 | $ | - | |||||||||||
April
18, 2001 Stock Issued for
|
||||||||||||||||||||
Acquisition
of Wilfield Entertainment
|
16,000 | 16 | - | 219,984 | - | |||||||||||||||
May
25, 2001 Shares Cancelled for
|
||||||||||||||||||||
Non-Performance
of Advertising and
|
||||||||||||||||||||
Services
|
(14,000 | ) | (14 | ) | - | (328,486 | ) | - | ||||||||||||
June
1, 2001 Shares Issued for
|
||||||||||||||||||||
Conversion
of Notes Payable
|
840 | 1 | - | 7,512 | - | |||||||||||||||
June
15, 2001 Shares Issued for
|
||||||||||||||||||||
Services
|
1,000 | 1 | - | 14,999 | - | |||||||||||||||
June
28, 2001 Shares Issued for
|
||||||||||||||||||||
Advertising
|
4,000 | 4 | - | 59,996 | - | |||||||||||||||
June
28, 2001 Shares Issued for
|
||||||||||||||||||||
Services
|
6,000 | 6 | - | 89,994 | - | |||||||||||||||
June
29, 2001 Shares Issued for
|
||||||||||||||||||||
Conversion
of Notes Payable
|
34,000 | 34 | - | 224,966 | - | |||||||||||||||
Net
Loss
|
- | - | - | - | (4,572,325 | ) | ||||||||||||||
Balance
at June 30, 2001
|
314,364 | 314 | - | 6,466,571 | (7,397,515 | ) | ||||||||||||||
July
3, 2001 Shares Issued for Expense
|
1,000 | 1 | - | 9,999 | - | |||||||||||||||
July
3, 2001 Shares Issued for Services
|
5,000 | 5 | - | 74,995 | - | |||||||||||||||
July
25, 2001 Shares Issued for Cash
|
1,600 | 1 | - | 19,999 | - |
Deficit
|
||||||||||||||||||||
Accumulated
|
||||||||||||||||||||
Common
|
Additional
|
During
|
||||||||||||||||||
Common
Stock
|
Stock
|
Paid
in
|
Development
|
|||||||||||||||||
Shares
|
Value
|
to
be Issued
|
Capital
|
Stage
|
||||||||||||||||
July
30, 2001 Shares Issued for
|
||||||||||||||||||||
Consulting
|
4,400 | $ | 4 | $ | - | $ | 45,096 | $ | - | |||||||||||
August
29, 2001 Shares Issued for
|
||||||||||||||||||||
Interest
on Notes Payable
|
13,400 | 13 | - | 100,487 | - | |||||||||||||||
September
10, 2001 Shares Issued for
|
||||||||||||||||||||
Services
|
800 | 1 | - | 5,999 | - | |||||||||||||||
September
10, 2001 Shares Issued for
|
||||||||||||||||||||
Conversion
of Note Payable
|
4,000 | 4 | - | 25,596 | - | |||||||||||||||
September
25, 2001 Shares Canceled
|
||||||||||||||||||||
For
Non-Performance of Contract
|
(4,000 | ) | (4 | ) | - | 70,536 | - | |||||||||||||
September
27, 2001 Shares Issued for
|
||||||||||||||||||||
Services
|
101,000 | 101 | - | 1,136,149 | - | |||||||||||||||
September
27, 2001 Shares Issued for
|
||||||||||||||||||||
Cash
and Commission
|
2,000 | 2 | - | 24,998 | - | |||||||||||||||
October
2, 2001 Shares Issued for
|
||||||||||||||||||||
Services
|
18,000 | 18 | - | 242,982 | - | |||||||||||||||
October
31, 2001 Shares Issued for
|
||||||||||||||||||||
Conversion
of Note Payable
|
10,182 | 10 | - | 89,085 | - | |||||||||||||||
November
1, 2001 Shares Issued for
|
||||||||||||||||||||
Services
|
2,825 | 3 | - | 14,123 | - | |||||||||||||||
November
7, 2001 Shares Issued for
|
||||||||||||||||||||
Conversion
of Note Payable
|
8,910 | 9 | - | 55,676 | - | |||||||||||||||
Deficit
|
||||||||||||||||||||
Accumulated
|
||||||||||||||||||||
Common
|
Additional
|
During
|
||||||||||||||||||
Common
Stock
|
Stock
|
Paid
in
|
Development
|
|||||||||||||||||
Shares
|
Value
|
to
be Issued
|
Capital
|
Stage
|
||||||||||||||||
December
19, 2001 Shares Issued for
|
||||||||||||||||||||
Services
|
44,000 | $ | 44 | $ | - | $ | 153,956 | $ | - | |||||||||||
December
19, 2001 Shares Issued for
|
||||||||||||||||||||
Conversion
of Note Payable
|
6,820 | 7 | - | 23,863 | - | |||||||||||||||
December
20, 2001 Shares Issued for
|
||||||||||||||||||||
Services
|
30,000 | 30 | - | 157,470 | - | |||||||||||||||
January
15, 2002 Shares Issued for
|
||||||||||||||||||||
Cash
|
12,000 | 12 | - | 99,988 | - | |||||||||||||||
January
24, 2002 Shares Issued for
|
||||||||||||||||||||
Previous
Conversion of Note Payable
|
55,660 | 56 | - | (57 | ) | - | ||||||||||||||
February
25, 2002 Shares Issued for
|
||||||||||||||||||||
Previous
Conversion of Note Payable
|
63,525 | 64 | - | (64 | ) | - | ||||||||||||||
April
10, 2002 Shares Issued for
|
||||||||||||||||||||
Conversion
of Note Payable
|
9,920 | 10 | - | 32,617 | - | |||||||||||||||
April
15, 2002 Shares Issued for Rent
|
2,000 | 2 | - | 3,998 | - | |||||||||||||||
April
15, 2002 Shares Issued for Cash
|
4,000 | 4 | - | 2,996 | - | |||||||||||||||
April
29, 2002 Shares Issued for
|
||||||||||||||||||||
Project
Agreement
|
8,000 | 8 | - | 11,992 | - | |||||||||||||||
April
29, 2002 Shares Issued for
|
||||||||||||||||||||
Consulting
|
4,000 | 4 | - | 5,996 | - | |||||||||||||||
May
8, 2002 Shares Issued for Cash
|
4,000 | 4 | - | 2,496 | - | |||||||||||||||
May
24, 2002 Shares Issued for
|
||||||||||||||||||||
Consulting
|
4,000 | 4 | - | 3,496 | - |
Deficit
|
||||||||||||||||||||
Accumulated
|
||||||||||||||||||||
Common
|
Additional
|
During
|
||||||||||||||||||
Common
Stock
|
Stock
|
Paid
in
|
Development
|
|||||||||||||||||
Shares
|
Value
|
to
be Issued
|
Capital
|
Stage
|
||||||||||||||||
May
30, 2002 Shares Issued for
|
||||||||||||||||||||
Project
Agreement
|
4,000 | $ | 4 | $ | - | $ | 2,996 | $ | - | |||||||||||
June
24, 2002 Shares Issued for Cash
|
4,000 | 4 | - | 7,496 | - | |||||||||||||||
Net
Loss
|
- | - | - | - | (1,066,683 | ) | ||||||||||||||
Balance
at June 30, 2002
|
739,406 | 739 | - | 8,891,530 | (8,464,198 | ) | ||||||||||||||
July
1, 2002 Shares Issued for Cash
|
34,000 | 34 | - | 9,466 | - | |||||||||||||||
July
8, 2002 Shares Issued for
|
||||||||||||||||||||
Interest
on Debt Retirement
|
85,344 | 85 | - | 81,582 | - | |||||||||||||||
December
20, 2002, Shares returned
|
||||||||||||||||||||
to
treasury and cancelled
|
(20,000 | ) | (20 | ) | - | 20 | - | |||||||||||||
December
23, 2002, Shares
|
||||||||||||||||||||
Cancelled
for non-performance of
|
||||||||||||||||||||
Services
|
(104,000 | ) | (104 | ) | - | (1,054,396 | ) | - | ||||||||||||
January
1, 2003, Shares Issued for
|
||||||||||||||||||||
Services
|
494,000 | 494 | - | 370,006 | - | |||||||||||||||
March
18, 2003, Shares Issued for
|
||||||||||||||||||||
Services
|
52,600 | 53 | - | 26,247 | - | |||||||||||||||
March
26, 2003, Shares Issued for
|
||||||||||||||||||||
Conversion
of Debt
|
160,000 | 160 | - | 274,772 | - | |||||||||||||||
March
26, 2003, Shares Issued for
|
||||||||||||||||||||
Services
|
13,200 | 13 | - | 6,587 | - | |||||||||||||||
May
9, 2003, Shares Issued for
|
||||||||||||||||||||
Services
|
101,600 | 102 | - | 25,298 | - |
Deficit
|
||||||||||||||||||||
Accumulated
|
||||||||||||||||||||
Common
|
Additional
|
During
|
||||||||||||||||||
Common
Stock
|
Stock
|
Paid
in
|
Development
|
|||||||||||||||||
Shares
|
Value
|
to
be Issued
|
Capital
|
Stage
|
||||||||||||||||
May
29, 2003, Shares Issued for
|
||||||||||||||||||||
Services
|
108,000 | $ | 108 | $ | - | $ | 121,932 | $ | - | |||||||||||
June
2, 2003, Shares Issued for
|
||||||||||||||||||||
Services
|
38,000 | 38 | - | 42,902 | - | |||||||||||||||
June
2, 2003, Shares Issued for
|
||||||||||||||||||||
Conversion
of Debt
|
88,000 | 88 | - | 19,912 | - | |||||||||||||||
June
3, 2003, Shares Cancelled for
|
||||||||||||||||||||
Non-Performance
of Service
|
(12,000 | ) | (12 | ) | - | (56,988 | ) | - | ||||||||||||
June
12, 2003, Shares Issued for
|
||||||||||||||||||||
Services
|
2,000,000 | 2,000 | - | 598,000 | - | |||||||||||||||
June
20, 2003, Shares Issued for
|
||||||||||||||||||||
Services
|
10,000 | 10 | - | 5,990 | - | |||||||||||||||
June
25, 2003, Shares Issued for
|
||||||||||||||||||||
Conversion
of Debt
|
40,000 | 40 | - | 15,451 | - | |||||||||||||||
Net
Loss
|
- | - | - | - | (1,447,447 | ) | ||||||||||||||
Balance
at June 30, 2003
|
3,828,150 | 3,828 | - | 9,378,311 | (9,911,645 | ) | ||||||||||||||
July
1, 2003, Shares Issued for
|
||||||||||||||||||||
Services
|
100,000 | 100 | - | 47,900 | - | |||||||||||||||
July
8, 2003 Loan Converted to Shares
|
30,000 | 30 | - | 8,875 | - | |||||||||||||||
July
9, 2003, Shares Issued for
|
||||||||||||||||||||
Services
|
70,000 | 70 | - | 23,930 | - | |||||||||||||||
Deficit
|
||||||||||||||||||||
Accumulated
|
||||||||||||||||||||
Common
|
Additional
|
During
|
||||||||||||||||||
Common
Stock
|
Stock
|
Paid
in
|
Development
|
|||||||||||||||||
Shares
|
Value
|
to
be Issued
|
Capital
|
Stage
|
||||||||||||||||
September
11, 2003, Shares Issued
|
||||||||||||||||||||
for
Services
|
218,000 | $ | 218 | $ | - | $ | 101,382 | $ | - | |||||||||||
September
17, 2003, Shares Issued
|
||||||||||||||||||||
for
Services
|
100,000 | 100 | - | 51,900 | - | |||||||||||||||
September
29, 2003, Shares Issued
|
||||||||||||||||||||
for
Services
|
710,000 | 710 | - | 403,990 | - | |||||||||||||||
October
1, 2003, Shares Issued for
|
||||||||||||||||||||
Cash
|
200,000 | 200 | - | 55,300 | - | |||||||||||||||
October
1, 2003, Shares Issued for
|
||||||||||||||||||||
Services
|
20,000 | 20 | - | 4,980 | - | |||||||||||||||
November
17, 2003, Shares
|
||||||||||||||||||||
Canceled
for Non-Performance
|
(100,000 | ) | (100 | ) | - | (47,800 | ) | - | ||||||||||||
December
2, 2003, Shares Issued for
|
||||||||||||||||||||
Services
|
1,223,072 | 1,223 | - | 210,277 | - | |||||||||||||||
January
12, 2004, Shares Issued for
|
||||||||||||||||||||
Services
|
90,000 | 90 | - | 53,910 | - | |||||||||||||||
January
20, 2004, Shares Issued for
|
||||||||||||||||||||
Conversion
of Note Payable
|
200,000 | 200 | - | 34,846 | - | |||||||||||||||
February
2, 2004, Shares Issued for
|
||||||||||||||||||||
Cash
|
400,000 | 400 | - | 99,600 | - | |||||||||||||||
February
9, 2004, Shares Canceled
|
||||||||||||||||||||
for
Non-Performance
|
(20,000 | ) | (20 | ) | - | (4,980 | ) | - |
Deficit
|
||||||||||||||||||||
Accumulated
|
||||||||||||||||||||
Common
|
Additional
|
During
|
||||||||||||||||||
Common
Stock
|
Stock
|
Paid
in
|
Development
|
|||||||||||||||||
Shares
|
Value
|
to
be Issued
|
Capital
|
Stage
|
||||||||||||||||
March
9, 2004, Shares Issued for
|
||||||||||||||||||||
Cash
|
25,000 | $ | 25 | $ | - | $ | 12,475 | $ | - | |||||||||||
March
9, 2004, Shares Issued for
|
||||||||||||||||||||
Rent
and Accounts Payable
|
100,000 | 100 | - | 24,900 | - | |||||||||||||||
March
9, 2004, Shares Canceled for
|
||||||||||||||||||||
Non-Performance
|
(156,000 | ) | (156 | ) | - | (75,276 | ) | - | ||||||||||||
March
11, 2004, Shares Issued for
|
||||||||||||||||||||
Services
|
345,000 | 345 | - | 689,655 | - | |||||||||||||||
April
7, 2004, Shares Issued for
|
||||||||||||||||||||
Services
|
60,000 | 60 | - | 122,740 | - | |||||||||||||||
April
7, 2004, Shares Issued for
|
||||||||||||||||||||
Cash
|
375,000 | 375 | - | 214,495 | - | |||||||||||||||
April
7, 2004, Loan Converted to
|
||||||||||||||||||||
Shares
|
30,000 | 30 | - | 14,169 | - | |||||||||||||||
April
14, 2004, Shares Issued for
|
||||||||||||||||||||
Cash
|
100,000 | 100 | - | 25,000 | - | |||||||||||||||
May
6, 2004, Shares Issued for
|
||||||||||||||||||||
Cash
|
10,000 | 10 | - | 4,990 | - | |||||||||||||||
May
25, 2004, Shares Issued for
|
||||||||||||||||||||
Services
|
50,000 | 50 | - | 40,450 | - | |||||||||||||||
June
8, 2004, Shares Issued for
|
||||||||||||||||||||
Investment
Expense
|
100,000 | 100 | - | 74,900 | - | |||||||||||||||
Deficit
|
||||||||||||||||||||
Accumulated
|
||||||||||||||||||||
Common
|
Additional
|
During
|
||||||||||||||||||
Common
Stock
|
Stock
|
Paid
in
|
Development
|
|||||||||||||||||
Shares
|
Value
|
to
be Issued
|
Capital
|
Stage
|
||||||||||||||||
June
16, 2004, Shares Issued for
|
||||||||||||||||||||
Services
|
240,000 | $ | 240 | $ | - | $ | 79,761 | $ | - | |||||||||||
Cancellation
of Stock Options for
|
||||||||||||||||||||
Non-Performance
|
- | - | - | 487,500 | - | |||||||||||||||
Net
Loss
|
- | - | - | - | (2,945,325 | ) | ||||||||||||||
Balance
at June 30, 2004
|
8,348,222 | 8,348 | - | 12,138,180 | (12,856,970 | ) | ||||||||||||||
July
13, 2004, Shares issued for
|
||||||||||||||||||||
Consulting
|
128,333 | 128 | - | 54,805 | - | |||||||||||||||
July
22, 2004, Shares issued for
|
||||||||||||||||||||
Consulting
|
280,000 | 280 | - | 121,920 | - | |||||||||||||||
July
31, 2004, Shares issued for cash
|
100,000 | 100 | - | 24,870 | - | |||||||||||||||
August
9, 2004, Shares issued for
|
||||||||||||||||||||
Consulting
|
620,000 | 620 | - | 183,380 | - | |||||||||||||||
August
26, 2004 Shares issued for cash
|
100,000 | 100 | - | 24,900 | - | |||||||||||||||
August
30, 2004 Shares issued for cash
|
200,000 | 200 | - | 49,800 | - | |||||||||||||||
August
30, 2004, Shares issued for
|
||||||||||||||||||||
Consulting
|
70,000 | 70 | - | 17,430 | - | |||||||||||||||
September
17, 2004, Shares issued for
|
||||||||||||||||||||
Services
|
136,000 | 136 | - | 82,464 | - | |||||||||||||||
December
8, 2004, Shares issued for
|
||||||||||||||||||||
Services
|
36,000 | 36 | - | 17,964 | - |
Deficit
|
||||||||||||||||||||
Accumulated
|
||||||||||||||||||||
Common
|
Additional
|
During
|
||||||||||||||||||
Common
Stock
|
Stock
|
Paid
in
|
Development
|
|||||||||||||||||
Shares
|
Value
|
to
be Issued
|
Capital
|
Stage
|
||||||||||||||||
December
15, 2004, Shares Issued for
|
||||||||||||||||||||
Services
|
45,000 | $ | 45 | $ | - | $ | 19,955 | $ | - | |||||||||||
December
15, 2004, Loans Converted
|
||||||||||||||||||||
To
Shares
|
103,300 | 103 | - | 38,897 | - | |||||||||||||||
December
17, 2004, Shares issued for
|
||||||||||||||||||||
Services
|
5,000 | 5 | - | 1,845 | - | |||||||||||||||
January
24, 2005, Shares issued for
|
||||||||||||||||||||
Services
|
15,000 | 15 | - | 3,735 | - | |||||||||||||||
January
24, 2005, Shares issued for
|
||||||||||||||||||||
Cash
|
20,000 | 20 | - | 4,980 | - | |||||||||||||||
February
1, 2005, Shares issued for
|
||||||||||||||||||||
Cash
|
120,000 | 120 | - | 24,880 | - | |||||||||||||||
February
22, 2005, Shares issued for
|
||||||||||||||||||||
Cash
|
20,000 | 20 | - | 4,980 | - | |||||||||||||||
March
30, 2005, Shares issued for
|
||||||||||||||||||||
Services
|
355,000 | 355 | - | 163,745 | - | |||||||||||||||
March
30, 2005, Shares issued for
|
||||||||||||||||||||
Accounts
payable
|
100,000 | 100 | - | 24,900 | - | |||||||||||||||
April
4, 2005, Shares issued for
|
||||||||||||||||||||
Services
|
20,000 | 20 | - | 6,980 | - | |||||||||||||||
Shares
to be issued for payroll
|
- | - | 267 | 266,399 | - | |||||||||||||||
Shares
to be issued for Investment
|
||||||||||||||||||||
In
JamOakie Productions, Inc.
|
- | - | 20 | 5,980 | - | |||||||||||||||
Shares
to be issued for expenses
|
- | - | 100 | 34,900 | - |
Deficit
|
||||||||||||||||||||
Accumulated
|
||||||||||||||||||||
Common
|
Additional
|
During
|
||||||||||||||||||
Common
Stock
|
Stock
|
Paid
in
|
Development
|
|||||||||||||||||
Shares
|
Value
|
to
be Issued
|
Capital
|
Stage
|
||||||||||||||||
Shares
to be issued for conversion of
|
||||||||||||||||||||
Loans
payable
|
- | $ | - | $ | 153 | $ | 31,847 | $ | - | |||||||||||
Net
Loss
|
- | - | - | - | (1,833,011 | ) | ||||||||||||||
Balance
at June 30, 2005
|
10,821,855 | 10,821 | 540 | 13,349,736 | (14,689,981 | ) | ||||||||||||||
August
24, 2005 - Shares issued for
|
||||||||||||||||||||
payroll
- authorized in prior year
|
266,666 | 267 | (267 | ) | - | - | ||||||||||||||
August
24, 2005 - Shares issued for
|
||||||||||||||||||||
accrued
consulting
|
15,000 | 15 | - | 14,985 | - | |||||||||||||||
February
15, 2006 - Shares issued for
|
||||||||||||||||||||
investment
in JamOakie Productions,
|
||||||||||||||||||||
Inc.
- authorized in prior year
|
20,000 | 20 | (20 | ) | - | - | ||||||||||||||
February
15, 2006 - Shares issued for
|
||||||||||||||||||||
conversion
of loans payable -
|
||||||||||||||||||||
authorized
in prior year
|
137,000 | 137 | (137 | ) | - | - | ||||||||||||||
February
15, 2006 - Shares issued for
|
||||||||||||||||||||
conversion
of loans payable
|
832,083 | 832 | - | 84,043 | - | |||||||||||||||
February
15, 2006 - Shares issued for
|
||||||||||||||||||||
expenses
|
277,500 | 278 | - | 23,579 | - | |||||||||||||||
March
17, 2006 - Shares returned to
|
||||||||||||||||||||
treasury
and cancelled
|
(50,000 | ) | (50 | ) | - | 50 | ||||||||||||||
April
18, 2006 - Shares returned to
|
||||||||||||||||||||
treasury
and cancelled
|
(100,000 | ) | (100 | ) | - | 100 | - | |||||||||||||
April
18, 2006 - Shares issued for
|
||||||||||||||||||||
conversion
of loans payable
|
50,000 | 50 | - | 4,950 | - | |||||||||||||||
Deficit
|
||||||||||||||||||||
Accumulated
|
||||||||||||||||||||
Common
|
Additional
|
During
|
||||||||||||||||||
Common
Stock
|
Stock
|
Paid
in
|
Development
|
|||||||||||||||||
Shares
|
Value
|
to
be Issued
|
Capital
|
Stage
|
||||||||||||||||
May
30, 2006 - Shares issued for
|
||||||||||||||||||||
conversion
of loans payable
|
2,749,972 | $ | 2,750 | $ | - | $ | 273,047 | $ | - | |||||||||||
June
29, 2006 - Shares issued for
|
||||||||||||||||||||
consulting
expense
|
200,000 | 200 | - | 19,800 | - | |||||||||||||||
June
29, 2006 - Shares issued for
|
||||||||||||||||||||
conversion
of loans payable
|
25,000 | 25 | - | 2,475 | - | |||||||||||||||
Shares
to be issued for loans payable
|
- | - | 40 | 3,960 | - | |||||||||||||||
Net
Loss
|
- | - | - | - | (487,303 | ) | ||||||||||||||
Balance
at June 30, 2006
|
15,245,076 | 15,245 | 156 | 13,776,725 | (15,177,284 | ) | ||||||||||||||
July
7, 2006 - Shares issued for cash
|
100,000 | 100 | - | 7,900 | - | |||||||||||||||
July
24, 2006 - Shares issued for cash
|
16,250 | 16 | - | 1,284 | - | |||||||||||||||
July
27, 2006 - Shares issued for cash
|
125,000 | 125 | - | 9,875 | - | |||||||||||||||
September
13, 2006 - Shares issued for
|
||||||||||||||||||||
cash
|
50,000 | 50 | - | 3,975 | - | |||||||||||||||
October
12, 2006 - Shares issued for
|
||||||||||||||||||||
accounts
payable and accrued
|
||||||||||||||||||||
expenses
|
575,000 | 575 | (100 | ) | 47,025 | - | ||||||||||||||
November
1, 2006 - Shares issued for
|
||||||||||||||||||||
accrued
expenses
|
70,000 | 70 | - | 6,930 | ||||||||||||||||
November
14, 2006 - Shares issued
|
||||||||||||||||||||
for
cash
|
28,600 | 29 | - | 1,971 | - | |||||||||||||||
December
8, 2006 - Shares issued for
|
||||||||||||||||||||
cash
|
41,250 | 41 | - | 2,859 | - |
Deficit
|
||||||||||||||||||||
Accumulated
|
||||||||||||||||||||
Common
|
Additional
|
During
|
||||||||||||||||||
Common
Stock
|
Stock
|
Paid
in
|
Development
|
|||||||||||||||||
Shares
|
Value
|
to
be Issued
|
Capital
|
Stage
|
||||||||||||||||
December
11, 2006 - Shares issued for
|
||||||||||||||||||||
cash
|
50,000 | 50 | - | 3,450 | - | |||||||||||||||
December
11, 2006 - Shares issued for
|
||||||||||||||||||||
legal
expenses
|
50,000 | 50 | - | 4,950 | - | |||||||||||||||
January
31, 2007 - Shares issued for
|
||||||||||||||||||||
loans
payable
|
20,000 | 20 | - | 1,980 | - | |||||||||||||||
February
8, 2007 - Shares issued for
|
||||||||||||||||||||
accrued
salary
|
2,000,000 | 2,000 | - | 198,000 | - | |||||||||||||||
February
27, 2007 - Shares issued for
|
||||||||||||||||||||
loans
payable
|
305,000 | 305 | - | 30,195 | - | |||||||||||||||
February
27, 2007 - Shares issued for
|
||||||||||||||||||||
cash
|
75,000 | 75 | - | 6,425 | - | |||||||||||||||
March
28, 2007-Shares issued for cash
|
500,000 | 500 | - | 24,500 | - | |||||||||||||||
March
28, 2007 - Shares issued for
|
||||||||||||||||||||
consulting
services
|
100,000 | 100 | - | 9,900 | - | |||||||||||||||
April
2, 2007 - Shares issued for cash
|
625,000 | 625 | - | 108,565 | - | |||||||||||||||
April
5, 2007 - Shares issued for
|
||||||||||||||||||||
consulting
services
|
206,000 | 206 | - | 20,394 | - | |||||||||||||||
April
23, 2007 - Shares issued for cash
|
123,333 | 124 | - | 39,875 | - | |||||||||||||||
Accrued
expenses converted to
|
||||||||||||||||||||
contributed
capital
|
- | - | - | 412,541 | - | |||||||||||||||
Net
loss
|
- | - | - | - | (44,254 | ) | ||||||||||||||
Balance
at June 30, 2007
|
20,305,509 | 20,306 | 56 | 14,719,319 | (15,221,538 | ) |
Deficit
|
||||||||||||||||||||
Accumulated
|
||||||||||||||||||||
Common
|
Additional
|
During
|
||||||||||||||||||
Common
Stock
|
Stock
|
Paid
in
|
Development
|
|||||||||||||||||
Shares
|
Value
|
to
be Issued
|
Capital
|
Stage
|
||||||||||||||||
July
12, 2007 - Shares issued for
|
||||||||||||||||||||
consulting
expense
|
200,000 | 200 | - | 64,800 | - | |||||||||||||||
September
11, 2007 - Shares issued for
|
||||||||||||||||||||
investor
relations expense
|
220,000 | 220 | - | 76,780 | - | |||||||||||||||
September
19, 2007 - Shares issued for
|
||||||||||||||||||||
loan
fees
|
100,000 | 100 | - | 34,900 | - | |||||||||||||||
September
19, 2007 - Shares issued for
|
||||||||||||||||||||
accrued
rent
|
37,879 | 37 | - | 12,463 | - | |||||||||||||||
September
19, 2007-Additional shares
|
||||||||||||||||||||
related
to prior issuance
|
6,750 | 7 | - | (7 | ) | - | ||||||||||||||
October
15, 2007 - Shares issued for
|
||||||||||||||||||||
board
of directors fees
|
500,000 | 500 | - | 109,500 | - | |||||||||||||||
February
12, 2008 - Shares issued for
|
||||||||||||||||||||
consulting
expense
|
100,000 | 100 | - | 19,900 | - | |||||||||||||||
February
12, 2008 - Shares issued for
|
||||||||||||||||||||
investment
in Booty 3D
|
200,000 | 200 | - | 31,800 | - | |||||||||||||||
February
12, 2008 - Shares issued for
|
||||||||||||||||||||
loan
fees
|
100,000 | 100 | - | 17,900 | - | |||||||||||||||
February
12, 2008 - Shares issued for
|
||||||||||||||||||||
investor
relations fees
|
250,000 | 250 | - | 44,750 | - | |||||||||||||||
February
28, 2008 - Shares issued for
|
||||||||||||||||||||
investment
in Booty 3D
|
100,000 | 100 | - | 26,900 | - | |||||||||||||||
March
6, 2008 - Shares issued for
|
||||||||||||||||||||
investment
in Kung Fu U 3D
|
100,000 | 100 | - | 17,900 | - | |||||||||||||||
April
22, 2008 - Shares issued for
|
||||||||||||||||||||
interest
expense
|
100,000 | 100 | - | 27,900 | - | |||||||||||||||
Deficit
|
||||||||||||||||||||
Accumulated
|
||||||||||||||||||||
Common
|
Additional
|
During
|
||||||||||||||||||
Common
Stock
|
Stock
|
Paid
in
|
Development
|
|||||||||||||||||
Shares
|
Value
|
to
be Issued
|
Capital
|
Stage
|
||||||||||||||||
May
8, 2008 - Shares issued for
|
||||||||||||||||||||
consulting
expense
|
100,000 | 100 | - | 34,900 | - | |||||||||||||||
May
8, 2008 - Shares issued for
|
||||||||||||||||||||
board
of directors fees
|
100,000 | 100 | - | 34,900 | - | |||||||||||||||
June
20, 2008 - Shares issued for
|
||||||||||||||||||||
cash
|
200,000 | 200 | - | 49,800 | - | |||||||||||||||
Shares
recorded but not yet issued for
|
||||||||||||||||||||
investor
relation fees
|
40,000 | - | 40 | 10,060 | - | |||||||||||||||
Net
loss
|
- | - | - | - | (1,333,429 | ) | ||||||||||||||
Balance
at June 30, 2008
|
22,760,138 | $ | 22,720 | $ | 96 | $ | 15,334,465 | $ | (16,554,967 | ) | ||||||||||
Cumulative
|
||||||||||||
Since
May 5,
|
||||||||||||
1999
|
||||||||||||
For
the Years Ended
|
Inception
of
|
|||||||||||
June
30,
|
Development
|
|||||||||||
2008
|
2007
|
Stage
|
||||||||||
CASH
FLOWS FROM OPERATING ACTIVITIES:
|
||||||||||||
Net
Loss
|
$ | (1,333,429 | ) | $ | (44,254 | ) | $ | (16,554,967 | ) | |||
Adjustments
to reconcile net loss to net
|
||||||||||||
cash
used in operating activities:
|
||||||||||||
Depreciation
and Amortization
|
630 | - | 3,537,058 | |||||||||
Issuance
of Common Stock for Expenses
|
478,100 | 35,600 | 6,836,685 | |||||||||
Stock
Issued for Payment of Accounts Payable
|
- | 5,500 | 50,500 | |||||||||
Stock
Issued for accrued expenses
|
12,500 | 200,000 | 494,166 | |||||||||
Compensation
Expense from Stock Options
|
- | - | 487,500 | |||||||||
Realized
gain on trading investments
|
- | - | (412,773 | ) | ||||||||
Loss
on sale of assets
|
- | - | 15,883 | |||||||||
Loss
on Investment Written Off
|
- | - | 557,008 | |||||||||
Gain
on Forgiveness of Debt
|
- | - | (48,516 | ) | ||||||||
Cash
acquired in merger
|
- | - | 332 | |||||||||
Forgiveness
of debt
|
- | (414,122 | ) | (414,122 | ) | |||||||
Change
in operating assets and liabilities:
|
||||||||||||
Prepaid
Expense
|
(6,750 | ) | - | (6,750 | ) | |||||||
Investment
in films, manuscripts, recordings
|
||||||||||||
and
similar property
|
(305,750 | ) | (24,000 | ) | (601,758 | ) | ||||||
Accounts
Payable
|
55,590 | (5,372 | ) | 342,746 | ||||||||
Accrued
Expenses
|
328,718 | 47,205 | 1,163,189 | |||||||||
Lawsuit
Payable
|
- | - | 32,411 | |||||||||
Payable
to SAG for Route 66
|
- | - | 71,493 | |||||||||
Net
Cash Used in operating activities
|
(770,391 | ) | (199,443 | ) | (4,449,915 | ) | ||||||
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
||||||||||||
Purchase
of investment
|
- | - | (5,892 | ) | ||||||||
Purchase
of equipment
|
(3,000 | ) | - | (16,745 | ) | |||||||
Proceeds
from sale of assets
|
- | - | 51,117 | |||||||||
Proceeds
from sale of investments
|
- | - | 565,773 | |||||||||
Net
cash provided (used) in investing activities
|
(3,000 | ) | - | 594,253 |
Cumulative
|
||||||||||||
Since
May 5,
|
||||||||||||
1999
|
||||||||||||
For
the Years Ended
|
Inception
of
|
|||||||||||
June
30,
|
Development
|
|||||||||||
2008
|
2007
|
Stage
|
||||||||||
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
||||||||||||
Net
proceeds from loans from shareholders
|
$ | 588,530 | $ | 137,235 | $ | 2,659,792 | ||||||
Proceeds
from issuance of common stock
|
50,000 | 203,225 | 1,136,211 | |||||||||
Proceeds
from issuance of short-term notes
|
- | - | 64,000 | |||||||||
Bank
Overdraft
|
- | (1,815 | ) | - | ||||||||
Net
Cash Provided by Financing Activities
|
638,530 | 338,645 | 3,860,003 | |||||||||
Net
(Decrease) Increase in Cash
|
(134,861 | ) | 139,202 | 4,341 | ||||||||
Cash
at Beginning of Period
|
139,202 | - | - | |||||||||
Cash
at End of Period
|
$ | 4,341 | $ | 139,202 | $ | 4,341 | ||||||
SUPPLEMENTAL
DISCLOSURE OF CASH FLOW INFORMATION:
|
||||||||||||
Cash
paid during the year for:
|
||||||||||||
Interest
|
$ | 24,877 | $ | - | $ | 68,676 | ||||||
Income
taxes
|
$ | 7,670 | $ | - | $ | 7,670 | ||||||
SUPPLEMENTAL
DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
|
||||||||||||
Common
Stock Issued for Investment in
|
||||||||||||
Wilfield
Entertainment
|
$ | - | $ | - | $ | 220,000 | ||||||
Common
Stock Issued for Investment in
|
||||||||||||
Mad
Dogs & Oakies Project
|
$ | - | $ | - | $ | 3,000 | ||||||
Common
Stock Issued for Investment in
|
||||||||||||
In
the Garden of Evil Project
|
$ | - | $ | - | $ | 12,000 | ||||||
Common
Stock Issued for Investment in
|
||||||||||||
Booty
3D
|
$ | 59,000 | $ | - | $ | 59,000 | ||||||
Common
Stock Issued for Investment in
|
||||||||||||
Kung
Fu U 3D
|
$ | 18,000 | $ | - | $ | 18,000 | ||||||
Notes
Payable Converted to Stock
|
$ | 81,500 | $ | 81,500 | $ | 1,710,608 |
2008
|
2007
|
|||||||
Net
Operating Losses
|
$ | 2,483,250 | $ | 2,283,150 | ||||
Valuation
Allowance
|
(2,483,250 | ) | (2,283,150 | ) | ||||
$ | - | $ | - |
2008
|
2007
|
|||||||
Provision
(Benefit) at US Statutory Rate
|
$ | 200,100 | $ | 6,600 | ||||
Increase
(Decrease) in Valuation Allowance
|
(200,100 | ) | (6,600 | ) | ||||
$ | - | $ | - |
Dated:
November 14, 2008
|
By /S/ John
Honour
|
C.E.O.,
President, Director
|