|3 Months Ended|
Sep. 30, 2011
Note 11 Subsequent Events
In October, 2011, the two investors holding preferred membership units directly funded the purchase by Asideros 3 of approximately 6,000 acres of land in the State of Yucatan in Mexico by the payment of $2,436,707. The land was acquired in the name of Asideros 3 and Asideros 3 issued a mortgage totaling $2,436,707 in favor of these two investors. There was a $341,955 mortgage recognized as of September 30, 2011 related to the down payment on the purchase. The mortgage bears interest at the rate of 12% per annum, payable quarterly. The Board has directed that this interest shall continue to accrue until such time as the Board determines that there is sufficient cash flow to pay all accrued interest. The mortgage, including any unpaid interest, is due in October, 2021.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.