|9 Months Ended|
Sep. 30, 2011
NOTE 5: SUBSEQUENT EVEN
The Company has engaged the services of a consulting firm to provide office space, clerical and other support services such as filing periodic reports. The Company and the consulting firm have agreed to a fee of $3,800 per month commencing November 1, 2011
Effective October 3, 2011, the Company entered into a Licensing Agreement with Omega Research Corporation (“Omega”) for exclusive licensing rights for technology relating to the processing of organic waste to marketable by-products via the Advanced Pyrolysis System 200 (“APS200”). The Company will have exclusive rights to sub-license, establish joint ventures to commercialize, use and process organic waste, and sell related by-products in the territory of Jamaica, WI. The Company acquired the licensing rights for $ 50,000 payable on or before October 31, 2011. A total of $ 50,000 was advanced by a shareholder and the license fee was paid
Effective October 28, 2011, the Company entered into a joint venture agreement with Alpha International Marketing Corp (“Alpha”) to establish the APS200 system in Jamaica for converting used tires to biochar and fuel oil. Alpha, as a sub licensee will be subject to a sub-license fee of $ 70,000 payable in monthly instalments of $ 5,000 per month commencing November 1, 2011 ending, January 1, 2013. As per the Agreement with Omega, 5% of the sub license fee is payable to Omega on a quarterly basis. As additional consideration, the joint venture will remit a 5% royalty fee on all gross sales generated, of which 3% will be remitted to Omega and 2% retained
Disclosure of accounting policy for reporting subsequent events.
Reference 1: http://www.xbrl.org/2003/role/presentationRef