BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) (USD $)
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3 Months Ended | 6 Months Ended | 15 Months Ended | 1 Months Ended | 6 Months Ended | ||||||||
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Jun. 30, 2012
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Jun. 30, 2011
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Jun. 30, 2012
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Jun. 30, 2011
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Jun. 30, 2012
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Dec. 31, 2011
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Mar. 16, 2010
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Dec. 31, 2010
BIG Spinoff Agreement
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Jun. 30, 2012
Warrants
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Jun. 30, 2011
Warrants
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Jun. 30, 2012
Common Stock Issuable
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Jun. 30, 2011
Common Stock Issuable
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Jun. 30, 2011
Stock Options
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Description of merger agreement with EClips Media Technologies |
On the effective date of the Merger, (i) each issued and outstanding share of common stock of the Company was converted into two (2) shares of EClips Media common stock, (ii) each issued and outstanding share of Series D preferred stock of the Company was converted into two (2) shares of EClips Media Series A preferred stock and (iii) the outstanding shares of EClips Media Common Stock held by the Company were retired and cancelled and resuming the status of authorized and unissued EClips Media common stock. The outstanding 6% convertible debentures of the Company were assumed by EClips Media and converted into outstanding 6% convertible debentures of EClips Media. All options and rights to acquire the Company’s common stock, and all outstanding warrants or rights outstanding to purchase the Company’s common stock, were automatically converted into equivalent options, warrants and rights to purchase two (2) times the number of shares of EClips Media common stock at fifty (50%) percent of the exercise, conversion or strike price of such converted options, warrants and rights. Trading of the Company’s securities on a 2:1 basis commenced May 17, 2010 upon approval of the FINRA. All shares and per share values are retroactively stated at the effective date of merger.
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Shares cancelled | 30,000,000 | ||||||||||||
Derivative liabilities | $ 166,893 | $ 166,893 | $ 166,893 | ||||||||||
Prepaid expenses | 13,472 | 13,472 | 13,472 | 39,945 | |||||||||
Exploration cost | $ 29,587 | $ 61,620 | $ 40,536 | $ 61,620 | $ 196,899 | ||||||||
Antidilutive securities excluded from earnings per share calculation | 36,750,000 | 36,000,000 | 6,967,640 | 19,200,000 | 30,000,000 |