NOLA ENERGY INC.
(formerly Taglikeme Corp.)
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2014
(Unaudited)
NOTE 1 – NATURE OF OPERATIONS AND BASIS OF PRESENTATION
Effective June 15, 2012, Morgan Creek Energy Corp. effected a name change on the OTC Bulletin Board to TagLikeMe Corp. (the
“Company”). The Company is in the process of effecting a name change to Nola Energy Inc. The Company is a development stage company
that was organized to enter into the oil and gas industry. The Company intended to locate, explore, acquire and develop oil and gas properties
in the United States and within North America. In May 2012, the Company changed its business focus and plan to developing online and
mobile content using search and sharing technology.
Effective June 29, 2012, the Company completed and consummated a share exchange agreement dated May 14, 2012, as fully executed on
May 24, 2012 (the "Share Exchange Agreement") with Glob Media Works Inc., a company incorporated under the laws of the State of
Washington ("Glob Media"), and each of the shareholders of Glob Media (collectively the "Glob Media Shareholders"), whereby the
Corporation has acquired all of the issued and outstanding shares of Glob Media in exchange for the issuance of 45,378,670 shares of its
restricted common stock to the Glob Media Shareholders on a pro rata basis in accordance with each Glob Media Shareholder's respective
percentage equity ownership in Glob Media (Note 3). Glob Media owns intellectual property rights to its internet cloud based software
application related to online search and social media developed by Glob Media. As a result of the closing of the Share Exchange Agreement,
Glob Media has become the Company's direct wholly owned subsidiary.
Effective July 18, 2012, the Company completed a forward stock split by the issuance of 5 new shares for each 1 outstanding share of the
Company’s common stock (Note 4). Unless otherwise noted, all references herein to number of shares, price per share or weighted average
shares outstanding have been adjusted to reflect this stock split on a retroactive basis.
On January 7, 2014, the Board of Directors authorized an increase in the Company's shares of common stock to 4,000,000,000 shares, par
value $0.001, and to create 20,000,000 shares of blank check preferred stock, par value $0.001.
Effective February 10, 2014, our Board of Directors approved the designation of 2,000,000 shares of Series A preferred stock (the "Series A Preferred Stock").
The Designation of Series A Preferred Stock was filed with the Nevada Secretary of State on February 14, 2014.
On February 27, 2014, the Board of Directors authorized the execution of that certain securities exchange agreement dated February 27, 2014
(the "Securities Exchange Agreement") among the Company, Nola Energy Inc., a private Nevada corporation (the “Nola”), and the
shareholders of Nola who hold of record the total issued and outstanding shares of common stock of Nola.
In accordance with the terms and
provisions of the Securities Exchange Agreement, the Corporation shall acquire all of the issued and outstanding shares of stock of Nola from
its sole shareholder, Gerard Danos, thus making Nola its wholly-owned subsidiary, in exchange for the issuance to Gerard Danos of an
aggregate 10,000 shares of its Series A preferred stock of the Corporation. The shares of Series A Preferred Stock have voting rights. Gerard Danos as holder of the Series A preferred stock shall have the right to vote on any matter to be voted on by the stockholders of the Corporation (including any election or removal of the directors of the Corporation) and including to the extent specifically required by Nevada law.
The voting rights of all then issued and outstanding shares of Series A preferred stock shall equal two times the voting rights of the then total issued and outstanding shares of common stock.
In further accordance with the terms and provisions of the Securities Exchange Agreement: (i) Gerard Danos shall be appointed as the
President/Chief Executive Officer, Secretary, Treasurer/Chief Financial Officer and a member of the Board of Directors; (ii) Richard ElliotSquare
shall resign from all officer positions held and retain his position as a member of the Board of Directors until both parties agree as to his
resignation; (iii) execution of an executive service agreement between the Corporation and Richard Elliot-Square; and (iv) execution of a
settlement agreement between the Corporation and Richard Elliot-Square regarding the settlement of $225,000 in debt due and owing to
Richard Elliot Square.
Thus, this Securities Exchange Agreement represents a change in control of the Company and has been treated as a reverse merger whereby the
new operating activities of the Company are those solely of Nola. Nola has purchased leases to multiple oilfield properties primarily in
southwest Texas.
The Company is in the process of effecting a name change to Nola Energy Inc.
On March 13, 2014, the Board of Directors authorized an increase in the Company's shares of common stock to 7,000,000,000 shares, par
value $0.001.
On March 13, 2014, the Company filed a Certificate of Amendment with the Nevada Secretary of State to increase its authorized
capital to 7,000,000,000 shares of common stock, par value $0.001.
