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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
12 Months Ended
May 31, 2012
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NOTE 4 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 
RECENT ACCOUNTNG PRONOUNCEMENTS
 
The Company has reviewed recently issued accounting pronouncements and plans to
adopt those that are applicable to it. It does not expect the adoption of these
pronouncements to have a material impact on its financial position, results of
operations or cash flows.
 
DEVELOPMENT STAGE COMPANY
 
The Company is a development stage company as defined in ASC Standard 915-10-05
and has recognized no revenue and devotes substantially all of its efforts on
establishing its sports business. Its planned principal operations in developing
its sports business have commenced. All losses accumulated since inception have
been considered as part of the Company's development stage activities.
 
PRINCIPLES OF CONSOLIDATION
 
The accompanying financial statements represent the consolidated financial
position and results of operations of the Company and include the accounts and
results of operations of the Company and its subsidiaries. The accompanying
financial statements include the active entity of DoMark International, Inc. and
its wholly owned subsidiaries, Armada Sports & Entertainment, Inc. and
Solawerks, Inc. The Company has relied upon the guidance provided by Statements
of Financial Accounting Standards, ASC 810-10-15-3.
 
USE OF ESTIMATES
 
The preparation of financial statements in conformity with GAAP requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent assets and liabilities at
the date of the financial statements. These estimates and assumptions also
affect the reported amounts of revenues, costs and expenses during the reporting
period. Management evaluates these estimates and assumptions on a regular basis.
Actual results could differ from those estimates.
 
The primary management estimates included in these financial statements are the
impairment reserves applied to various long-lived assets, allowance for doubtful
accounts for gateway access fees and licensing fees, and the fair value of its
stock tendered in various non-monetary transactions.
 
CASH AND CASH EQUIVALENTS
 
The Company considers all highly liquid investments with an original maturity of
three months or less to be cash equivalents. At May 31, 2012 and 2011, cash and
cash equivalents included cash on hand and cash in the bank.
 
NET LOSS PER COMMON SHARE
 
Basic net loss per common share is computed by dividing net loss by the weighted
average number of shares of common stock outstanding during the period. Diluted
net loss per common share is computed by dividing net loss by the weighted
average number of shares of common stock and potentially outstanding shares of
common stock during each period. There were no potentially dilutive shares
outstanding as of May 31, 2012.
 
PROPERTY AND EQUIPMENT
 
Property and equipment is recorded at cost and depreciated over the estimated
useful lives of the assets using principally the straight-line method. When
items are retired or otherwise disposed of, income is charged or credited for
the difference between net book value and proceeds realized thereon. Ordinary
maintenance and repairs are charged to expense as incurred, and replacements and
betterments are capitalized. The ranges of estimated useful lives used to
calculated depreciation for principal items of property and equipment are as
follows:
 
                                                Depreciation/
            Asset Category                   Amortization Period
            --------------                   -------------------
            Computer Equipment                     3 Years
            Office equipment                       5 Years
            Vehicle                                5 Years
            Leasehold Improvements                15 Years
 
GOODWILL AND INDEFINITE-LIVED INTANGIBLE ASSETS
 
The Company accounts for Goodwill and other intangible assets as defined by ASC
Standard 350, GOODWILL AND OTHER INTANGIBLE ASSETS. As a result, the Company
discontinued amortization of goodwill, and instead annually evaluates the
carrying value of goodwill and other intangible assets for impairment, in
accordance with the provisions of ASC Standard 350-20-35. A reduction of the
value of goodwill is expensed as an impairment loss.
 
OTHER INTANGIBLE ASSETS
 
Other intangible assets are carried at cost less accumulated amortization.
Amortization is recorded over the estimated useful lives of the assets,
generally 12 to 24 months.
 
IMPAIRMENT OF LONG-LIVED ASSETS
 
In accordance with ASC Standard 360-10-40, long-lived assets, such as property,
plant, and equipment, and purchased intangibles, are reviewed for impairment
whenever events or changes in circumstances indicate that the carrying amount of
an asset may not be recoverable. Goodwill and other intangible assets are tested
for impairment annually. Recoverability of assets to be held and used is
measured by a comparison of the carrying amount of an asset to estimated
undiscounted future cash flows expected to be generated by the asset. If the
carrying amount of an asset exceeds its estimated future cash flows, an
impairment charge is recognized by the amount by which the carrying amount of
the asset exceeds the fair value of the asset.
 
STOCK-BASED COMPENSATION
 
The Company accounts for share based payments in accordance with ASC 718,
Compensation - Stock Compensation, which requires all share-based payments to
employees, including grants of employee stock options, to be recognized in the
financial statements based on the grant date fair value of the award. In
accordance with ASC 718-10-30-9, Measurement Objective - Fair Value at Grant
Date, the Company estimates fair value of the award using a valuation technique.
For this purpose, the Company uses the Black-Scholes option pricing model. The
Company believes the model provides the best estimate of fair value due to its
ability to incorporate inputs that change over time, such as volatility and
interest rates, and to allow for actual exercise behavior of option holders.
Compensation cost is recognized over the requisite service period which is
generally equal to the vesting period. Upon exercise, shares issued will be
newly issued shares from authorized common stock.
 
ASC 505, "Compensation-Stock Compensation", establishes standards for the
accounting for transactions in which an entity exchanges its equity instruments
to non-employees for goods or services. Under this transition method, stock
compensation expenses includes compensation expense for all stock-based
compensation awards granted on or after January 1, 2006, based on the grant-date
fair value estimated in accordance with provisions of ASC 505.
 
RESEARCH AND DEVELOPMENT
 
All research and development expenditures are expensed as incurred.
 
REVENUE RECOGNITION
 
The Company recognizes revenues when persuasive evidence of an arrangement
exists, delivery and acceptance has occurred or services has been rendered, the
price is fixed or determinable, and collection of the resulting receivable is
reasonable assured. Revenue from licensing our technology is recognized over the
term of the license agreement. Costs and expenses are recognized during the
period in which they are incurred. The Company derived its revenues for the
period through internet sales of our solar charging units. The Company
recognizes these sales once delivery is confirmed to the customer.