COMMITMENTS AND CONTINGENCIES
|12 Months Ended|
Dec. 31, 2011
|COMMITMENTS AND CONTINGENCIES||
NOTE 10 – COMMITMENTS AND CONTINGENCIES
From time to time, the Company may become involved in lawsuits and legal proceedings that arise in the ordinary course of business. The Company is currently not aware of any such legal proceedings or claims that could have, individually or in the aggregate, a material adverse affect on its business, financial condition, operating results or cash flows.
In connection with the Company’s July 2010 private placement of common shares, the Company granted registration rights to the investors. The Company was not able to file the registration statement by the date required by the Offering and the Company is obligated to pay liquidated damages of $36,000. As of December 31, 2011 and 2010, the Company had recorded an accrual for liquidated damages of $36,000, which is included in accrued liabilities.
The entire disclosure for commitments and contingencies.
Reference 1: http://www.xbrl.org/2003/role/presentationRef