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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Hydrogen Hybrid Technologies Inc (CE) | USOTC:HYHY | OTCMarkets | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.0005 | 0.00 | 01:00:00 |
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-QSB
(Mark One)
[x] Quarterly Report under Section 13 or 15(d) of the Securities
Exchange Act of 1934
Commission file number: 333-76242
Nevada 45-0487463 ---------------------------------- -------------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) |
Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act of 1934 during the past 12 months (or such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes [X] No [ ]
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes [ ] No [X]
State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date:
As of August 12, 2008, the registrant's outstanding common stock consisted of 89,071,362 shares, $0.001 par value.
Transitional Small Business Disclosure Format (Check one): Yes [ ] No [X]
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements................................. 3 Balance Sheets (unaudited)........................... 4 Statements of Operations (unaudited)................. 5 Statements of Stockholders' Equity (unaudited).... 6 Statements of Cash Flows (unaudited)................. 7 Notes to Financial Statements........................ 8 |
Item 2. Management's Discussion and Analysis of Plan
of Operation........................................ 9
Item 3. Controls and Procedures................................ 16
PART II. OTHER INFORMATION
Item 1. Legal Proceedings.................................... 17 Item 2. Changes in Securities and Use of Proceeds............ 17 Item 3. Defaults upon Senior Securities...................... 17 Item 4. Submission of Matters to a Vote of Security Holders................................. 17 Item 5. Other Information..................................... 17 Item 6. Exhibits and Reports on Form 8-K...................... 17 Signatures...................................................... 18 |
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS AND EXHIBITS
As prescribed by item 310 of Regulation S-B, the independent auditor has reviewed these unaudited interim financial statements of the registrant for the nine months ended June 30, 2008. The financial statements reflect all adjustments which are, in the opinion of management, necessary to a fair statement of the results for the interim period presented. The unaudited financial statements of registrant for the nine months ended June 30, 2008, follow.
HYDROGEN HYBRID TECHNOLOGIES, INC.
Balance Sheets ASSETS ------ June 30, September 30, 2008 2007 ------------- ------------- (Unaudited) CURRENT ASSETS Cash $ 117 $ - Accounts receivable 223,284 46,732 Prepaid deposits 462,292 509,917 ------------- ------------- Total Current Assets 685,693 556,649 ------------- ------------- DISTRIBUTION RIGHTS 4,642,299 4,783,966 ------------- ------------- TOTAL ASSETS $ 5,327,992 $ 5,340,615 ============= ============= LIABILITIES AND STOCKHOLDERS' EQUITY ------------------------------------ CURRENT LIABILITIES Accounts payable and accrued expenses $ 1,238,658 $ 1,100,886 ------------- ------------- Total Current Liabilities 1,238,658 1,100,886 STOCKHOLDERS' EQUITY Common shares: $0.001 par value, 180,000,000 shares authorized: 89,071,362 and 129,071,362 shares issued and outstanding, respectively 89,071 129,071 Additional paid-in capital 5,006,777 4,966,777 Accumulated deficit (1,341,915) (1,319,478) Accumulated other comprehensive income 335,401 463,359 ------------- ------------- Total Stockholders' Equity 4,089,334 4,239,729 ------------- ------------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 5,327,992 $ 5,340,615 ============= ============= |
The accompanying notes are an integral part of these financial statements.
HYDROGEN HYBRID TECHNOLOGIES, INC.
Statements of Operations (Unaudited) For the Three Months Ended For the Nine Months Ended June 30, June 30, -------------------------- -------------------------- 2008 2007 2008 2007 ------------ ------------ ------------ ------------ REVENUES $ 52,898 $ 64,488 $ 190,023 $ 74,727 COST OF SALES 37,029 48,384 129,509 48,384 ------------ ------------ ------------ ------------ GROSS PROFIT 15,869 16,104 60,514 26,343 OPERATING EXPENSES Management expenses - 297,027 - 377,793 General and administrative 356 230,538 3,498 233,204 Professional fees 32,511 34,979 79,453 43,510 Product development - 124,490 - 124,490 ------------ ------------ ------------ ------------ Total Operating Expenses 32,867 687,034 82,951 778,997 ------------ ------------ ------------ ------------ INCOME (LOSS) FROM OPERATIONS (16,998) (670,930) (22,437) (752,654) INCOME TAX EXPENSE - - - - ------------ ------------ ------------ ------------ NET INCOME (LOSS) $ (16,998) $ (670,930) $ (22,437) $ (752,654) ============ ============ ============ ============ OTHER COMPREHENSIVE INCOME Gain (loss) on foreign currency translation 510 - (127,958) - ------------ ------------ ------------ ------------ NET COMPREHENSIVE INCOME (LOSS) $ (16,488) $ (670,930) $ (150,395) $ (752,654) ============ ============ ============ ============ BASIC INCOME (LOSS) PER SHARE $ (0.00) $ (0.01) $ (0.00) $ (0.01) ============ ============ ============ ============ WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING 109,071,362 121,647,855 115,684,029 113,838,282 ============ ============ ============ ============ |
The accompanying notes are an integral part of these financial statements.
HYDROGEN HYBRID TECHNOLOGIES, INC.
Statements of Stockholders' Equity (unaudited) Deficit Accumulated Accumulated Common Stock Additional Other During Total -------------------- Paid-in Comprehensive Development Members' Shares Amount Capital (Loss) Stage Equity ----------- -------- ----------- -------- ------------ ------------ Balance, September 30, 2006 30,000,000 30,000 (29,918) (882) (180,114) (180,914) Recapital- ization 90,747,500 90,747 (90,747) - - - Common stock issued for cash 8,323,862 8,324 5,087,442 - - 5,095,766 Foreign exchange translation adjustments for rate changes 464,241 - 464,241 Net loss for the year ended September 30, 2007 - - - - (1,139,364) (1,139,364) ----------- -------- ----------- -------- ------------ ------------ Balance, September 30, 2007 129,071,362 $129,071 $4,966,777 $463,359 $(1,319,478) $ 4,239,729 Shares returned to treasury and cancelled (40,000,000) (40,000) 40,000 - - - Foreign exchange translation adjustments for rate changes - - - (127,958) - (127,958) Net loss for the nine months ended June 30, 2008 - - - - (22,437) (22,437) ----------- -------- ----------- -------- ------------ ------------ Balance, June 30, 2008 89,071,362 $ 89,071 $5,006,777 $335,401 $(1,341,915) $ 4,089,334 =========== ======== =========== ======== ============ ============ |
The accompanying notes are an integral part of these financial statements.
HYDROGEN HYBRID TECHNOLOGIES, INC.
Statements of Cash Flows (Unaudited) For the Nine Months Ended June 30, -------------------------- 2008 2007 ------------ ------------ CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) $ (22,437) $ (752,654) Adjustments to reconcile net loss to net cash used by operating activities: Amortization expense - - Changes in operating assets and liabilities: Changes in accounts receivable (176,552) (16,756) Changes in prepaid deposits 47,625 (590,026) Changes in accounts payable and accrued liabilities 137,772 (1,477,489) ------------ ------------ Net Cash Used by Operating Activities (13,592) (2,836,925) ------------ ------------ CASH FLOWS FROM INVESTING ACTIVITIES Purchase of distribution rights - - ------------ ------------ Net Cash Used by Investing Activities - - ------------ ------------ CASH FLOWS FROM FINANCING ACTIVITIES Effect of foreign exchange rate changes 13,709 258,100 Issuance of common stock - 1,552,274 ------------ ------------ Net Cash Provided by Financing Activities 13,709 1,810,374 ------------ ------------ NET DECREASE IN CASH 117 (1,026,551) CASH AT BEGINNING OF PERIOD - 1,026,571 ------------ ------------ CASH AT END OF PERIOD $ 117 $ 20 ============ ============ SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION CASH PAID FOR: Interest $ - $ - ============ ============ Income taxes $ - $ - ============ ============ |
The accompanying notes are an integral part of these financial statements.
HYDROGEN HYBRID TECHNOLOGIES, INC.
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2008 AND SEPTEMBER 30, 2007
NOTE 1 - CONDENSED FINANCIAL STATEMENTS
The accompanying financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows at June 30, 2008, and for all periods presented herein, have been made.
Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company's September 30, 2007 audited financial statements. The results of operations for the periods ended June 30, 2008 and 2007 are not necessarily indicative of the operating results for the full years.
NOTE 2 - GOING CONCERN
The Company's financial statements are prepared using generally accepted accounting principles in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and allow it to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations.
In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management's plan is to obtain such resources for the Company by obtaining capital from management and significant shareholders sufficient to meet its minimal operating expenses and seeking equity and/or debt financing. However management cannot provide any assurances that the Company will be successful in accomplishing any of its plans.
The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF PLAN OF OPERATIONS
The science behind HFI is well documented. It has been known for some time
(since a 1974 paper by the Jet Propulsion Lab of the California Institute of
Technology) that the addition of hydrogen to fossil fuels, burned in internal
combustion engines, will increase the efficiency of that engine. This premise
has been validated by a number of papers published by the Society of
Automotive Engineers (SAE). The concept is valid with any fossil fuel
(diesel, gasoline, propane, natural gas) or bio-fuel (biodiesel, ethanol)
though it is most effective in diesel engines. Among other, more subtle
effects, the faster flame speed of hydrogen allows for a more complete burn
of the fuel earlier in the power cycle. Of course, electrolysis itself is
well understood.
The HYHY technology differs from its competitors in that it focuses on delivering an engineering solution using these scientific principles that is reliable, efficient, and cost-effective. As an integral part of the research and development cycle, HYHY delivers an HFI solution geared toward a specific vertical market that has gone through an extensive field trial and testing verification stage.
A number of the product highlights offered by HYHY's on-board hydrogen generating and injections systems include:
o Reduce fuel consumption 5% to 30% depending on operating environment
o Reduce emissions from 30% to 80% (meets most 2010 emission requirements)
o Functional with any internal combustion engine and any fossil fuel
o Configurations are available for both 12 & 24 volt, plus 120 amp services
o Does not require additional power capabilities within current OEM vehicles
o Simple installation (many trained installers across N.A. - 4 hrs required)
o Leasing provides immediate positive cash flow for Heavy Vehicle Operators
o Product that reduces emissions while increasing cash flow
While the HFI technology is initially an after-market device, HYHY is actively seeking Original Equipment Manufacturers (OEM) during the development and testing phase to license the technology and incorporate it directly into their engineering cycle. Eventually, with exhaust water re- capture technology, the HFI system can be built seamlessly into internal combustion engines.
As HFI technology achieves greater acceptance and penetration in various markets, HYHY will continue to develop hydrogen solutions that meet ongoing public requirements of emission reductions and energy economies. The HFI system is positioned as a bridge technology to handle the transition to products that would, ultimately, allow our society to cease using hydrocarbon fuels. It is management's belief that the term "hybrid" could soon come to mean "hydrogen-hydrocarbon" technologies.
HYHY markets on-demand hydrogen-generating technology designed to increase the efficiency of virtually any combustion process. The technology is based on a patented Hydrogen Fuel Injection ("HFI") system, in which hydrogen and oxygen are generated on demand via electrolysis and then introduced into the combustion process. The HFI system draws power, 12V to 20V, and splits distilled water to produce hydrogen and oxygen; then both gases are injected directly into the air intake of the engine. In the engine, the hydrogen acts as an initiator to promote more complete combustion. By converting more chemical energy into mechanical energy, the engine operator is able to reduce fuel consumption, plus the more complete combustion dramatically lowers exhaust emissions (CO, PM, HC, NOx).
Management plans to market their technology initially towards the Heavy Goods Vehicle (HGV) market. HGVs are Class 7 and Class 8 heavy duty, long-haul trucks (7.3 to 16 liters) that typically run on diesel. The HFI unit uses distilled water, runs for 65 hours between fills, and incorporates a number of safety features the most salient of which is the fact that no hydrogen is stored on-board since it is generated only on-demand.
An on-board digital controller monitors the device and also allows for two- way wireless connection, via satellite, along with full GPS capability. Software updates and monitoring can be performed remotely. Additional revenue streams might be possible by leveraging this communications ability as a complementary business, both as a fleet management service and as a personal communications service.
With the primary focus at HYHY being on the Heavy Goods Vehicle and light truck markets, the principle competition comes from manufacturers of "passive" emissions control technologies. There are a variety of advanced exhaust treatment products, including diesel particulate filters and diesel oxidation catalysts but, while they offer comparable emissions reductions to HFI, in every case they increase fuel consumption (by increasing back pressure on the engine) by an average of 3.5%-as contrast to the 10% fuel savings achieved by HFI. The existing market for these devices is literally billions of dollars, with companies such as Arvin Meritor, Johnson Matthey, and Delphi.
The credible competitor for HYHY is Hy-Drive. They market a product that is based on similar technology, but which is less sophisticated than HYHY HFI models and has only limited application on certain heavy-duty diesel engines. Their primary market is North America for long-haul trucking and above-ground mining equipment, they claim to have secured sales agents in the UK and Australia as well.
There is an extensive list of private companies attempting to develop technologies involving the addition of fractional amounts of hydrogen to fossil fuel engines. To date, none has reached the point of having any real presence in the marketplace.
Hythane Ltd. produces a gas that mixes hydrogen and natural gas before it is pumped into a vehicle gas tank; in other words, doing off-board what HYHY does on-board. With their system, there are the obvious issues related to the storage of large volumes of compressed gas, as well as the sourcing of large volumes of pure hydrogen.
Finally, there are manufacturers of very large electrolysers, used primarily to supply hydrogen for cooling turbines in electrical power generating stations. The two largest North American manufacturers are GE and Hydrogenics, and it is conceivable that after HYHY demonstrates the potential for smaller electrolysers, particularly in applications that have never utilized electrolysis previously, these companies might expand their product lines to include competition for the various HFI models.
Indirect competition would include technologies such as fuel cells, battery- powered vehicles, hybrid vehicles, alternative fuels, and other emission reduction alternatives, such as diesel oxidation catalysts and diesel particulate filters. Of these, the only truly price-competitive products are the diesel particulate filters, but their use on HGVs while accomplishing the goal of reducing PM comes with the financial penalty of reducing fuel efficiency by 3.5 - 4% and does nothing to reduce CO2. Diesel oxidation catalysts, similarly, reduce engine efficiency, and the emissions benefits come with equipment costs on par with an HFI HT.
Hybrid vehicles are gaining customer acceptance, but are not, in fact, a competitor to the HFI system since the HFI system can be regarded as a complementary technology. "Hybrid" may soon refer to the hybrid of hydrogen- hydrocarbon, not gasoline-electric. Alternative fuels, such as ethanol, again can be seen as complementary technologies since the HFI device can be used in conjunction with them. As part of its long-term vision, HYHY plans to develop partnerships with companies in the bio-fuel industry to develop hydrogen blends that will make those fuels even cleaner and less expensive.
Battery-powered vehicles-which do not eliminate emissions, but merely displace them-are not a likely viable alternative, and all but a handful of niche manufacturers have ceased any development work in this field.
On January 18, 2005, the Company entered into a Distribution Agreement with Canadian Hydrogen Energy Company, Ltd., a Canadian privately owned related company. The companies are related due to significant common ownership. The Distribution Agreement includes the rights to sell and distribute on-board hydrogen generating and injections systems for the OEM, car and light truck markets globally. As compensation for the rights granted under this agreement the Company has agreed to pay a total of $4,783,966 in cash. The Distribution Agreement provides the Company with the right to sell and distribute the product for 20 years beginning with receipt of authorization for full distribution. The Company will amortize the cost of the distribution rights over the 20 year period once authorization for full distribution is received.
During the nine month period ended June 30, 2008 the Company generated
$190,023 in revenues versus $74,727 in revenues for the same period last year.
During the three month period ended June 30, 2008 the Company generated
$52,898 in revenues versus $64,488 in revenues for the same period last year.
Cost of sales for the nine month period ending June 30, 2008 was $129,509
or 68.1% of revenues as compared to 64.7% for the same period last year. For
the nine month period ending June 30, 2008, the Company had a basic income
(loss) per share of $(0.00) as compared to $(0.01) for the same period last
year.
During the nine months ended June 30, 2008, the Company had a net loss from operations of $(22,437) and net comprehensive loss of $(150,395) after foreign currently translation as compared to a net loss of $(752,654) and net comprehensive loss of $(752,542) after foreign currently translation for the same period last year. For the most recent three months ended June 30, 2008, the Company had a net loss from operations of $(16,998) and net comprehensive loss of $(16,488) after foreign currently translation as compared to a net loss from operations of $(670,930) and net comprehensive loss of $(670,930) after foreign currently translation for the same period last year. The Company's expenses for the nine month period ended included general and administrative expenses of $3,498 and professional fees of $79,453 as compared to general and administrative expenses of $233,204 and professional fees of $43,510 for the same period last year.
As of June 30, 2008, the Company's current liabilities exceeded its current assets by $ 552,965.
As of June 30, 2008, the Company has 129,071,362 shares of common stock issued and outstanding.
The Company has limited financial resources available, which has had an adverse impact on the Company's liquidity, activities and operations. These limitations have adversely affected the Company's ability to obtain certain projects and pursue additional business. Without realization of additional capital, it would be unlikely for the Company to continue as a going concern. In order for the Company to remain a Going Concern it will need to find additional capital. Additional working capital may be sought through additional debt or equity private placements, additional notes payable to banks or related parties (officers, directors or stockholders), or from other available funding sources at market rates of interest, or a combination of these. The ability to raise necessary financing will depend on many factors, including the nature and prospects of any business to be acquired and the economic and market conditions prevailing at the time financing is sought. No assurances can be given that any necessary financing can be obtained on terms favorable to the Company, or at all.
Hydrogen Hybrid Technologies, Inc. Common Stock, $0.001 par value, is traded on the OTC-Bulletin Board under the symbol: HYHY. There has been a trading market in the Company's stock. There are no assurances that a trading market will continue for the Company's stock.
(a) The Company did not repurchase any of its shares during the quarter covered by this report.
(b) The largest shareholder of the Company did return 40,000,000 to the Corporate Treasury for cancellation during the Quarter ended June 30, 2008.
Holders of common stock are entitled to receive such dividends as the board of directors may from time to time declare out of funds legally available for the payment of dividends. No dividends have been paid on our common stock, and we do not anticipate paying any dividends on our common stock in the foreseeable future.
This Form 10-QSB includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included or incorporated by reference in this Form 10-QSB which address activities, events or developments which the Company expects or anticipates will or may occur in the future, including such things as future capital expenditures (including the amount and nature thereof), finding suitable merger or acquisition candidates, expansion and growth of the Company's business and operations, and other such matters are forward- looking statements. These statements are based on certain assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments as well as other factors it believes are appropriate in the circumstances. However, whether actual results or developments will conform with the Company's expectations and predictions is subject to a number of risks and uncertainties, general economic market and business conditions; the business opportunities (or lack thereof) that may be presented to and pursued by the Company; changes in laws or regulation; and other factors, most of which are beyond the control of the Company.
This Form 10-QSB contains statements that constitute "forward-looking statements." These forward-looking statements can be identified by the use of predictive, future-tense or forward-looking terminology, such as "believes," "anticipates," "expects," "estimates," "plans," "may," "will," or similar terms. These statements appear in a number of places in this Registration and include statements regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things: (i) trends affecting the Company's financial condition or results of operations for its limited history; (ii) the Company's business and growth strategies; and, (iii) the Company's financing plans. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve significant risks and uncertainties, and that actual results may differ materially from those projected in the forward- looking statements as a result of various factors. Factors that could adversely affect actual results and performance include, among others, the Company's limited operating history, potential fluctuations in quarterly operating results and expenses, government regulation, technological change and competition.
Consequently, all of the forward-looking statements made in this Form 10-QSB are qualified by these cautionary statements and there can be no assurance that the actual results or developments anticipated by the Company will be realized or, even if substantially realized, that they will have the expected consequence to or effects on the Company or its business or operations. The Company assumes no obligations to update any such forward-looking statements.
Item 3. Controls and Procedures
As of the end of the period covered by this report, the Company conducted an evaluation, under the supervision and with the participation of the principal executive officer and principal financial officer, of the Company's disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (the "Exchange Act")). Based on this evaluation, the principal executive officer and principal financial officer concluded that the Company's disclosure controls and procedures are effective to ensure that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms. There was no change in the Company's internal control over financial reporting during the Company's most recently completed fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.
PART II OTHER INFORMATION
ITEM 1. Legal Proceedings
The Company from time to time may be involved in litigation incident to the conduct of its business. Certain litigation with third parties and present and former shareholders of the Company are routine and incidental.
ITEM 2. Changes in Securities and Use of Proceeds
On June 23, 2008, the Company's largest shareholder, Mr. Frank Carino, returned to the Corporate Treasury 40,000,000 shares of it common stock, $0.001 par value per share for cancellation. Following the cancellation of these shares, the Company will have 89,071,362 common shares issued and outstanding. See Form 8-K filed on June 23, 2008.
ITEM 3. Defaults upon Senior Securities
None.
ITEM 4. Submission of Matters to a Vote of Security Holders
None.
ITEM 5. Other Information
None.
ITEM 6. Exhibits and Reports on Form 8-K
a) Exhibits
Exhibit Number Title of Document ---------------------------------------------------------------- 31.1 Certifications of the President pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. 32.1 Certifications of President pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
b) Report(s) on Form 8-K
The Company filed a Current Report on June 23, 2008, pursuant to Item 8.01 ("Other Events") entitled cancellation of 40,000,000 common shares.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
By: /s/ Ira Lyons -------------------------------- Name: Ira Lyons Title: President/Director Dated: August 18, 2008 --------------- |
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