[X]
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QUARTERLY REPORT UNDER TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED FEBRUARY 28, 2015
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OR
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[ ]
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Large Accelerated Filer
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[ ]
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Accelerated Filer
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Non-accelerated Filer
(Do not check if smaller reporting company)
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Smaller Reporting Company
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[X]
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Page
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FINANCIAL STATEMENTS
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3
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3
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4
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5
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6
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
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9
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QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
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11
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CONTROLS AND PROCEDURES.
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11
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RISK FACTORS.
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12
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UNREGISTERED SALE OF EQUITY SECURITIES.
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12
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OTHER INFORMATION.
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12
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EXHIBITS.
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13
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14
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15
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February 28,
2015
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November 30,
2014
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ASSETS
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Current assets
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Cash
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$
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72,425
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$
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9,756
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Other current assets
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7,675
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3,249
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Total Current Assets
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80,100
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13,005
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TOTAL ASSETS
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$
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80,100
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$
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13,005
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LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
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Current Liabilities:
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Accounts payable and accrued liabilities
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$
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143,733
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$
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103,455
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Derivative liabilities
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177,735
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390,020
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Note payable, related party
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2,000
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2,000
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Convertible notes payable, net of debt discount of $40,556 and $23,900,
respectively
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192,694
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157,020
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Total Current Liabilities
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516,162
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652,495
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STOCKHOLDERS' EQUITY(DEFICIT)
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Series A Preferred Stock, $0.0001 par value, 1000,000,000 shares
authorized, 1,500,000 shares issued and outstanding
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15
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15
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Common stock, $0.001 par value, 1,000,000,000 shares authorized,
2,615,087,408 and 1,593,677,408 shares issued and outstanding
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2,615,088
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1,593,678
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Additional paid-in capital
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(2,053,318
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)
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(1,279,643
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)
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Accumulated deficit
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(997,847
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)
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(953,540
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)
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Total Stockholders' Equity (deficit)
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(436,062
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)
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(639,490
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)
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
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$
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80,100
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$
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13,005
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For the Three
Months Ended
February 28,
2015
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REVENUES
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$
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-
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OPERATING EXPENSES
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General and administrative expense
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70,569
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Total Operating Expenses
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70,569
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OPERATING LOSS
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(70,569
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)
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OTHER INCOME (EXPENSE)
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Gain (loss) on derivative
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124,236
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Interest expense
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(97,974
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)
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Total Other Income (Expense)
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26,262
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NET LOSS
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$
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(44,307
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)
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BASIC AND DILUTIVE NET LOSS PER COMMON SHARE
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$
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(0.00
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)
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BASIC AND DILUTIVE WEIGHTED AVERAGE NUMBER OF SHARES
OUTSTANDING
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2,026,627,408
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1.
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Nature of Operations and Continuance of Business
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Derivative liabilities November 30, 2014
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$
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390,020
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Day one loss due to convertible debt
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161,373
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Debt discount
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106,000
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Reclassification of derivative liability to additional paid-in capital due to
promissory note conversions
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(194,049
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)
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Gains on change in fair value
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(285,609
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)
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Balance at February 28, 2015
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$
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177,735
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Day one loss due to convertible debt
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$
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(161,373
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)
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Gains on change in fair value
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285,609
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Gain on derivative liabilities
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$
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124,236
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Level 1
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Level 2
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Level 3
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Total
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Assets
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None
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$
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-
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$
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-
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$
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-
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$
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-
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Liabilities
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Derivative financial instruments
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$
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-
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$
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-
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$
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177,735
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$
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177,735
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February 28,
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November 30,
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2015
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2014
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Current Assets
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$
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80,100
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$
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13,005
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Current Liabilities
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516,162
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652,495
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Working Capital (Deficit)
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$
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436,062
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$
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(639,490
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)
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For the Three
Months Ended
February, 2015
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Cash Flows Used in Operating Activities
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$
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(32,331
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)
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Cash Flows Provided by Financing Activities
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95,000
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Net Increase in Cash During Period
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$
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72,425
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Date
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Conversion Amount
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Shares of Common Stock
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1-23-2015
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$
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1,950.00
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48,750,000
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1-28-2015
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$
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3,680.00
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92,000,000
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2-9-2015
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$
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4,540.00
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113,500,000
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2-11-2015
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$
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4,540.00
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113,500,000
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2-19-2015
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$
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4,540.00
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113,500,000
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3-17-2015
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$
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2,250.00
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77,500,000
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Date
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Conversion Amount
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Shares of Common Stock
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3-26-2015
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$
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5,000.00
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130,000,000
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Date
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Conversion Amount
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Shares of Common Stock
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1-23-2015
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$
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1,950.00
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48,750,000
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1-28-2015
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$
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3,680.00
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92,000,000
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2-9-2015
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$
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4,540.00
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113,500,000
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2-11-2015
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$
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4,540.00
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113,500,000
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2-19-2015
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$
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4,540.00
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113,500,000
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3-17-2015
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$
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2,250.00
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77,500,000
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Date
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Conversion Amount
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Shares of Common Stock
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3-26-2015
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$
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5,000.00
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130,000,000
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Date
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Conversion Amount
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Shares of Common Stock
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1-23-2015
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$
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1,950.00
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48,750,000
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1-28-2015
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$
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3,680.00
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92,000,000
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2-9-2015
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$
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4,540.00
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113,500,000
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2-11-2015
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$
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4,540.00
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113,500,000
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2-19-2015
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$
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4,540.00
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113,500,000
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3-17-2015
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$
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2,250.00
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77,500,000
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Date
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Conversion Amount
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Shares of Common Stock
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||||||||
3-26-2015
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$
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5,000.00
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130,000,000
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NET SAVINGS LINK INC.
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(the "Registrant")
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BY:
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STEVEN BARITZ
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Steven Baritz
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President, Principal Executive Officer,
Principal Accounting Officer and a member
of the Board of Directors
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1. | I have reviewed this Form 10-Q/A-1 for the period ending February 28, 2015 of Net Savings Link, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date:
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April 21, 2015
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STEVEN BARITZ
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Steven Baritz
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Principal Executive Officer and Principal Financial Officer
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(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in this Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
STEVEN BARITZ
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Steven Baritz
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Chief Executive Officer and Chief Financial Officer
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