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Subsequent Events
3 Months Ended
Nov. 30, 2012
Subsequent Events [Abstract]  
Subsequent Events [Text Block]

Note 12. Subsequent Events

 

The Company has collected $27,500 of its stock subscription receivables during the period from December 1, 2012 to January 15, 2013.

 

The Company has paid $15,000 of its director/stockholder advance during the period from December 1, 2012 to January 15, 2013.

 

On December 1, 2012, the Company granted 200,000 options to David W. Dahl who was appointed to the board of directors on December 10, 2012.  The options have an exercise price of $1.00 per share, a term of 10 years and the options vest as follows: 20,000 on December 1, 2012, 30,000 on May 1, 2013, 50,000 on December 1, 2013, 50,000 December 1, 2014 and 50,000 on December 1, 2015.

 

On December 1, 2012, the Company granted 200,000 options each to David W. Dahl and Andy Dahl as advisors to the Company.  The options have an exercise price of $1.00 per share, a term of 10 years and the options vest as follows: 20,000 on December 1, 2012, 30,000 on May 1, 2013, 50,000 on December 1, 2013, 50,000 December 1, 2014 and 50,000 on December 1, 2015.  The options that vest on December 1, 2013, December 1, 2014 and December 1, 2015 carry a vesting period stock appreciation goal restriction of a $4.00 volume weighted average price ("VWAP") with an average of 25,000 shares trading per day over a 15 day period.  Once this goal is achieved, the restriction is lifted for all the effected options and they will vest as scheduled.   

 

On December 13, 2012, the Company received an additional working capital draw of $24,000 from Jeff Mills, a director/stockholder of the Company.