Purchase Agreement

6 Months Ended

Sep. 30, 2014

Purchase Agreement [Abstract]

Purchase Agreement

Note 7 – Purchase Agreement

On August 19, 2014, the Company entered into a Securities Purchase Agreement with Terex Energy Corporation in which it sold 129,851,356 pre-reverse shares of its restricted common stock to TEC for $1,300,000 in cash. Concurrently, two members of the Board of Directors of the Company resigned, and two new members of the Board of Directors were appointed who are currently members of the Board of Directors and officers of TEC. As a result of this transaction, TEC is the majority shareholder of the Company, owning 52% of the issued and outstanding shares of the Company's common stock as well as controlling the Company's operations. Prior to this Agreement, TEC owned no shares of the Company's 119,862,791 issued and outstanding pre-reverse shares of common stock nor was any member of the Board of Directors or officer of TEC a part of the Board of Directors or management of the Company.

As a result of the transaction, TEC files its financial statements on a consolidated basis that include the accounts of the Company from the date of the Agreement. However, even though TEC files its financial statements on a consolidated basis, management does not believe that a new basis of accounting (using push down accounting) arising from the acquisition by TEC should be reflected in the separate financial statements of the Company. Staff Accounting Bulletin Topic 5J does not insist a subsidiary to use push down accounting when less than substantially all of the common stock is acquired by its parent especially when significant non-controlling interest in the subsidiary might influence the parent's ability to control the form of ownership.