Discovery Gold Corp - FORM 10-K - XML - IDEA: XBRL DOCUMENT - August 7, 2012
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8. Subsequent Events
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12 Months Ended |
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Apr. 30, 2012
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| Subsequent Events [Text Block] |
Note
8. Subsequent Events
The
Company has evaluated subsequent events through the date
these financial statements were issued.
On
May 9, 2012, Darrin Ocasio, the Company’s securities
counsel, was issued 65,000 shares of common stock under the
Plan (as defined hereafter) as part of the compensation for
legal services.
On
May 15, 2012, the Company adopted the 2012 Equity Incentive
Plan (the “Plan”) and registered 4,883,000 shares
of its common stock under the Plan on a Form S-8, effective
on May 23, 2012.
On
May 25, 2012, Darrin Ocasio was issued 85,000 shares of
common stock under the Plan as part of the compensation for
legal services.
On
May 25, 2012, Stephen Flechner was issued 200,000 shares as
compensation for his services as Chief Executive Officer,
President and director of the Company for the month of May
2012.
On
May 25, 2012, Dean Huge was issued 100,000 shares of common
stock for as compensation for his services as Chief Financial
Officer and director of the Company for the month of May,
2012.
On
May 25, 2012, CMB Investments Ltd. was issued 100,000 shares
of common stock as compensation for the services of Ralph
Shearing as director of the Company for the month of May,
2012.
On
May 25, 2012, Wheatfield Partners was issued 100,000 shares
of common stock as compensation for consulting services for
the month of May, 2012.
On
June 5, 2012, Stephen Flechner was issued 200,000 shares as
compensation for his services as Chief Executive Officer,
President and director of the Company for the month of June
2012.
On
June 5, 2012, Dean Huge was issued 100,000 shares of common
stock for as compensation for his services as Chief Financial
Officer and director of the Company for the month of June,
2012.
On
June 5, 2012, CMB Investments Ltd. was issued 100,000 shares
of common stock as compensation for the services of Ralph
Shearing as director of the Company for the month of June,
2012.
On
June 5, 2012, Wheatfield Partners was issued 100,000 shares
of common stock as compensation for consulting services for
the month of June, 2012.
On
June 5, 2012, SE Media, designee of Wheatfield Partners was
issued 20,000 shares of common stock as compensation for
consulting services to the Company.
On
June 4, 2012, the final payment of $10,000 was made to the
Minerals Commission of Ghana for the transfer of the Edum
Banso property to Discovery Gold Ghana Limited.
On
June 20, 2012, Randall Newton was issued 25,000 shares of
common stock under the Plan as part of the compensation for
accounting preparation services.
On
May 18, 2012, June 26, 2012 and July 25, 2012, Steven Ross
loaned the Company $20,000, $14,500, and $14,000,
respectively, which are intended for the working capital
needs of the Company.
The
Company did not receive the payment of $500,000 from North
Spring Resources Corp. due on July 31, 2012, pursuant to
the Earn-In Agreement dated January 25, 2012. As a result,
50% of North Spring Resources Corp.’s Work Interest
in Discovery Gold Ghana Limited interest has automatically
reverted back to Discovery Gold Ghana Limited and North
Spring Resources Corp. has been deemed to have forfeited
its rights to provide the third commitment payment of
$500,000. The Company now owns 70% of the Edum Banso
option, subject to the additional terms of the
agreement.
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