During the quarter ended November 30, 2006 and through January 12, 2007, the Company has also received $3,150,000 from subscriptions for 3,937,500 shares of common stock at $0.80 per share (Note 6). Although the Company has raised over half of the contemplated financing, there is no assurance that the Company will be able to consummate the whole amount. In the event that the Company is unsuccessful in raising additional capital in a timely manner, it will have a material adverse affect on the Company’s liquidity, financial condition and business prospects.
As of January 12, 2007, the issuance of the 10,000,000 restricted common shares by the Company has not been completed. Therefore, the agreement remains unconsummated.
6. Stockholders’ Equity
a) Common stock
On November 13, 2006, the Company completed a private placement for 1,875,000 shares of restricted common stock at $0.80 per share, raising proceeds of $1,500,000.
On November 30, 2006, the Company completed a private placement for 1,220,000 shares of restricted common stock at $0.80 per share, raising proceeds of $976,000.
Also during the quarter ended November 30, 2006, the Company received $3,000,000 from subscriptions for 3,750,000 shares of common stock at $0.80 per share. Subscription agreements for 1,500,000 shares were received in November 2006 and the shares were issued on January 2, 2007. Subscriptions for the remaining 2,250,000 shares have not yet been received and the underlying shares have not been issued. As a result, $1,800,000 is included as a liability at November 30, 2006 as issuance of the shares of common stock is not solely within the control of the Company.
During December 2006, the Company received $150,000 from subscriptions for 187,500 shares of common stock at $0.80 per share. These shares were issued on January 2, 2007.
es ist nur eine richtung : nach unten!
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