¨
|
Transition Report on Form 10-K
|
||
¨
|
Transition Report on Form 20-F
|
||
¨
|
Transition Report on Form 11-K
|
||
¨
|
Transition Report on Form 10-Q
|
||
¨
|
Transition Report on Form N-SAR
|
x |
(a)
|
The reason described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense
|
x |
(b)
|
The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, Form 11-K, Form N-SAR or Form N-CSR, or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the subject quarterly report or transition report on Form 10-Q, or portion thereof, will be filed on or before the fifth calendar day following the prescribed due date; and
|
(c)
|
The accountant’s statement or other exhibit required by Rule 12b-25(c) has been attached if applicable.
|
(1)
|
Name and telephone number of person to contact in regard to this notification
|
Cecilia Welch
|
978
|
362-1831
|
|
(Name)
|
(Area Code)
|
(Telephone Number)
|
(2)
|
Have all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12 months or for such shorter period that the registrant was required to file such report(s) been filed? If answer is no, identify report(s).
x Yes ¨ No
|
(3)
|
Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof?
x Yes ¨No
If so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made.
The registrant anticipates that the following significant changes will be reflected in its results of operations for 2011 as compared to 2010: (1) A reduction in interest income as the note receivable generating the interest was repaid in 2011, (2) A reduction in interest expense as notes payable generating the interest expense were repaid in 2011, (3) 2011 includes discounts for the payments of the notes receivable and payable and (4) The Company no longer has derivative liabilities as of December 31, 2010. In 2010, the Company recognized income of $932,520 for the fair value adjustments of the derivatives. A reasonable estimate of the registrant’s actual results of operations cannot be made at this time because the audit of the registrant’s financial statements has not been completed.
|
Date: March 30, 2012
|
By:
|
/s/ Cecilia Welch
|
Cecilia Welch
|
||
Title:
|
Chief Financial Officer
|