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6. Common Stock
9 Months Ended
Nov. 30, 2014
Notes  
6. Common Stock

6.         Common Stock

 

 

(a) On April 7, 2014, the Company issued 105,470 shares of common stock with a fair value of $79,102 to settle debt of $52,735 owed to a company controlled by the President of the Company. This resulted in a loss on settlement of $26,367.

(b)      On April 7, 2014, the Company issued 328,620 shares of common stock with a fair value of $246,465 to settle debt of $164,310 owed to a company controlled by the President and a director of the Company. This resulted in a loss on settlement of $82,155.

(c)      On April 7, 2014, the Company issued 46,200 shares of common stock with a fair value of $34,650 to settle debt of $23,100 owed to a company controlled by a director of the Company. This resulted in a loss on settlement of $11,550.

(d)      On April 7, 2014, the Company issued 202,980 shares of common stock with a fair value of $152,235 to settle debt of $101,490 owed to the spouse of the President of the Company. This resulted in a loss on settlement of $50,745.

(e)  On April 7, 2014, the Company issued 107,520 shares of common stock with a fair value of $80,640 to settle debt of $53,760 owed to the spouse of a director of the Company. This resulted in a loss on settlement of $26,880.

 

(f)       On October 22, 2014, the Company completed a 10-for-1 share consolidation of its issued common shares. All share amounts have been retroactively restated for all periods presented.