NOTE 5 – INVESTMENT
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9 Months Ended |
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Sep. 30, 2011
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Notes to Financial Statements | |
NOTE 5 – INVESTMENT | NOTE 5 INVESTMENT
On April 17, 2009, the Company entered into a strategic alliance agreement with Rubicon Software Group, LPC (a company registered under the laws of England and Wales). The Company will be Rubicons exclusive agent in the United States for reselling Rubicons software and services. In return, Rubicon will be a software development partner and provide consulting services to the Company.
The Company agreed to purchase 2,500,000 ordinary shares for a subscription price of £.02 (two pence) a share. The total cost of the subscription was $73,958. Within ninety days of the subscription date, the Company could purchase an additional 2,500,000 shares at the same subscription price in British pounds. The Company did not purchase the additional shares.
On April 30, 2010 the Company entered into an agreement whereby 2,500,000 shares of stock held in Rubicon Software Group, LPC were sold to Rubicon. In remuneration for this stock the Company received $10,000 and was relieved from paying $16,611 worth of outstanding invoices. In connection with this transaction, the Company recorded a loss on sale of security of $47,347.
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