Cash flows from operating activities
Net loss
$ (1,381,290 ) $ (7,348 )
Depreciation
16,293 -
Stock based compensation
945,000 -
Changes in assets and liabilities:
Thoroughbred
(8,973 ) -
Accrued Interest
1,243 -
Accounts payable
7,250 -
Net cash provided by (used in) operating activities
(420,477 ) (7,348 )
During the nine months ended May 31, 2014, the Company issued 45,000,000 shares of common stock to employees and third party consultants as compensation. The fair value of the shares was determined to be $945,000.
On November 21, 2013, the Company issued 40,000,000 shares of Common Stock to our CEO. These shares were issued pursuant to the Personal Services Agreement executed on November 21, 2013. These shares are subjected to a lock up agreement whereby the shares shall be restricted from resale for 10-years from the date of issuance. Our CEO gifted 6,000,000 of these shares to family and friends. The gift shares are also subjected to the lock up agreement. The Company booked an $840,000 (or $0.021 per share) expense related to this issuance.
So $105,000 went to friends.
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