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Note 15 - Common Stock and Additional Paid in Capital
3 Months Ended
Nov. 30, 2012
Notes  
Note 15 - Common Stock and Additional Paid in Capital

NOTE 15 – COMMON STOCK AND ADDITIONAL PAID IN CAPITAL

 

On July 26, 2012, the Company received $300,065 cash payment from its shareholders. The cash receipt was recorded as addition to the paid in capital. On July 25, 2012, Ms. Li Xinmei contributed $2,698,230 to the Company. The contribution was recognized as additional paid in capital. Ms. Li is a member of the Board of Directors, spouse of the CEO, and a principal shareholder of the Company.  Both transactions did not increase the outstanding shares of the common stock.

 

On November 21, 2012, the Company’s Board of Directors approved and authorized the sale of 1,260,000 shares at $2.50 per share to Ms. Li Xinmei.  The Company received total proceeds of $3,150,000 from Ms. Li Xinmei in the quarter ended November 30, 2012.