XML 21 R8.htm IDEA: XBRL DOCUMENT

PROPERTY, PLANT AND EQUIPMENT

3 Months Ended

Nov. 30, 2013

Property, Plant and Equipment [Abstract]

NOTE 3 – PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment as of November 30, 2013 and August 31, 2013 are comprised of the following:

	November 30, 2013		August 31, 2013
Office furniture and fixtures	$	-	$	1,667
Equipment		-		149,214
Leasehold improvements		-		19,640
Construction in process		-		595,846
		-		766,367
Less impairment loss		-		(766,367	)
Total property and equipment	$	-	$	-

Since its inception, the Company was in the assembly and testing mode and not in operations. Therefore no depreciation was recorded on the above indicated assets. As indicated in Note 1, the Company recognized an impairment loss for the year ended August 31, 2013 of $766,367.

During the period from November 9, 2010 (date of inception) through November 30, 2013, the Company received property and equipment from three investors at a fair value of $560,000. The transaction was recorded as a capital contribution.

- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

+ References+ Details