LUXD: Movie Stock Doing A Reverse Merger....looks promising. Added some shares of this low floater.
Shares O/S 51 million, float is around 7 million
Insiders own around 43.5 million of the 51 million shares O/S.
As of July 8, 2011 the Company is in active negations with a party to do a reverse merger which will result in a change of control of the Company with a new, different and considerably larger business being vended into the Company
The Company is engaged in negotiations to do a reverse merger with a larger Company operating in a different field. If successfully completed the transaction would create greater liquidity for the new Company.
The Company is currently in negotiation to do a reverse merger with a larger Company with far greater liquidity then Lux
Breakdown of all Shares O/S: Insiders own 45 million of the 51 million shares.
The Company issued both common and preferred stock during the period ended August 31, 2008. 2,000,000 shares of common stock were issued in exchange for future radio media initially valued at $200,000. Another 2,000,000 shares of common stock were issued in exchange for a completed but unexploited film valued at $200,000. Also, 990,000 shares of common stock were issued in a private placement for total proceeds of $97,440. The remaining 43,000,000 shares of common stock and 2,500,000 shares of preferred stock were issued to the founders of the Company in exchange for the rights to film assets, a number of "brands" , domain names and other assets valued at $197,402, which was the historical cost of these assets to the founders, and for future consulting services. The amount of shares issued for these assets was arrived at through negotiations and management believes the fair values of these assets are equal to or greater than the values assigned.
The 2,500,000 shares of preferred stock are convertible to common shares, at the holder's election, at a rate of 10 common shares for each preferred share, provided they have been held for at least two years.
The Company issued 500,000 shares of common stock to an officer of the company during the year ended August 31, 2010. The shares were valued $0.02 per share for a total expense of $10,000.
The Company also issued 2,183,400 shares of common stock for services during the year ended August 31, 2010. These shares were valued at $0.01 per share for a total expense of $21,834.
Also during the year ended August 31, 2010, the Company returned 400,000 shares of common stock to its treasury.
On February 9, 2011, the Company issued 1,265,823 shares of common stock in exchange for $10,000 of the convertible note payable.
The Company had 51,539,223 shares of common stock issued as of May 31, 2011.
AI
