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Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies
12 Months Ended
Jun. 30, 2015
Notes  
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies

Crown Marketing is a Wyoming corporation (the "Company").  Pursuant to an Agreement and Plan of Reorganization dated December 2, 2013, the Company acquired all of the common stock of Okra Energy, Inc., a California corporation that was subscribed for on December 2, 2013 and then incorporated on December 18, 2013, in exchange for 16,155,746,000 shares of Common Stock of the Company (the "Common Stock") at the closing of the Agreement on December 3, 2013.  Immediately prior to the closing, there were approximately 3,825,275,800 shares of Common Stock outstanding.  After the closing, the beneficial owner of Okra Energy, Inc. shareholder, Jay Hooper, owned approximately 98.8% of the outstanding shares of common stock of the Company.  The transaction was accounted for as a reverse merger (recapitalization) with Okra Energy, Inc. deemed to be the accounting acquirer and the Company deemed to be the legal acquirer.  The financial statements presented herein are those of the accounting acquirer.  The Company subsequently changed its name from Crown Marketing to Okra, Inc., but later changed the name of the Company back to Crown Marketing.   

 

Concurrently with the merger, Jay Hooper was appointed as the sole director and President of the Company.  

 

Through its subsidiary, OKRA Energy Inc., the Company leases a warehouse in El Monte, California, which is owned by a single member limited liability company owned by the Company's President and majority shareholder, which it plans to sublease in 2015. We will require approximately $1 million and up to 12 months to complete remediation and building refit prior to being able to re-lease the warehouse building to customers.  

 

The Company continues to expand its business activities. A new subsidiary, Crown Laboratory Inc., has been formed to develop and market Chinese and other herbal remedies.  Initial capitalization of $10,000 was provided by a loan from an entity controlled by the Company’s President. The loan is due on demand and bears interest at 4%. We expect to require additional funding for this business segment and have already commenced obtaining FDA approval for our products. In August, 2015, the lessor of the Company’s premises, which is also a related party, loaned $500,000 to Crown Laboratory.

 

In March 2015, the Company also began a joint venture, Crown Mobile, in which the Company owns a 50% interest. Crown Mobile is a MVNO (mobile virtual network operator) and markets Crown Mobile prepaid mobile telephone service using T-Mobile’s wireless network. Crown Mobile intends to offer ancillary services such as a proprietary debit card.

 

Basis of Presentation

 

These consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Okra Energy, Crown Laboratory andCrown Mobile, Inc., a joint venture that is 50% owed by the Company (See Note 7).   Intercompany transactions and accounts have been eliminated in consolidation.