NOTE 8: STOCKHOLDERS’ EQUITY (CONTINUED) On November 28, 2011 the Company issued 25,000,000 shares of common stock in conversion of 2,500,000 shares of its own preferred stock. On November 28, 2011 the Company issued 34,200,000 shares of common stock to its principal shareholder in resolution of an anti-dilution provision. The Company had 128,391,023 shares of common stock issued as of March 19, 2012.
Results of Operations for the Quarter ending February 29, 2012 Assets As of the three months ending February 29, 2012 the Company had Total Assets of $671,293, Total Current Liabilities of $232,378 and Total Stockholders’ Equity of $438,915 compared with Total Assets of $585,852, Total Current Liabilities of $127,640 and Total Stockholders’ Equity of $458,212 for the Company’s prior fiscal year ending August 31, 2011. The increase in Company assets in the current three month period is, principally, attributable to increased capitalized production expense and to receiving cash from a new Convertible Note.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.