Property and Equipment

12 Months Ended

10 Months Ended

Mar. 31, 2012

Studio II Brands, Inc. (Successor)

Feb. 09, 2011

Hippo Lace Limited (Predecessor)

Property and Equipment:

Property and Equipment

NOTE 6 PROPERTY AND EQUIPMENT

Property and equipment of the Company consist primarily of restaurant facilities and equipment owned and operated by the Company's wholly owned subsidiaries. Property and equipment as of March 31, 2012 and 2011 are summarized as follows:

	March 31, 2012	March 31, 2011
Furniture & equipment	$       75,058	$       51,835
Leasehold improvement	113,150	86,001
Computer equipment	14,703	7,066
Total	202,911	144,902
Accumulated depreciation and amortization	(81,127)	(39,424)
Balance as at year ended	$   121,784	$      105,478

Depreciation and amortization expense for the year ended March 31, 2012, March 31, 2011 and from April 1, 2011 to February 9, 2011 were $24,476, $3,406 and $20,784 respectively.

NOTE 5 PROPERTY AND EQUIPMENT

Property and equipment of the Company consist primarily of restaurant facilities and equipment owned and operated by the Company's wholly owned subsidiaries. Property and equipment as of February 9, 2011 and March 31, 2010 are summarized as follows:

	February 9, 2011	March 31, 2010
Furniture & equipment	$    51,835	$    46,956
Leasehold improvement	86,001	86,001
Computer equipment	7,066	7,066
Total	144,902	140,023
Accumulated depreciation and amortization	(36,019)	(15,234)
Balance as at period ended	$  108,883	$   124,789

Depreciation and amortization expense for the period from April 1, 2010 to February 9, 2011 and for the period from February 24, 2010 to March 31, 2010 were $20,785 and $45 respectively.