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COMMITMENTS
 12 Months Ended
May 31, 2012
COMMITMENTS  
COMMITMENTS 
NOTE 6 - COMMITMENTS
 
On June 1, 2011, Amy Pennock of Pennock Consulting Group, Inc. was engaged to
provide fraud and internal auditing services for the Company. Fees for services
will be billed at an hourly rate, as incurred.
 
On June 1, 2011, Peter Gordon was appointed Vice President & Executive Producer
of The Golf Championships, Inc., a wholly owned subsidiary of the Company. The
Company has agreed to pay a salary of $120,000 each year for the five year term
of the agreement, with 5% increases each year. In addition, Mr. Gordon is
entitled to 100,000 shares of the Company's common stock as a signing bonus. The
shares were valued as of the date of the Agreement and $10,186 in expense has
been recorded in relation to the transaction. The shares are to be issued but
held back by the Company and not earned and delivered until one full year of
service has elapsed under the agreement. As a result of the Asset Purchase
Agreement made effective on March 5, 2012, Mr. Gordon is no longer entitled to
salaries paid by the Company.
 
On June 10, 2011, TGC entered into an agreement with TVA Media Group who will
provide performance-based media campaigns. The Company has agreed to pay TVA
Media a total of $120,000 in cash, payable in three installments beginning
September 1, 2011. The second installment is due in week four of service and the
final payment is due in week nine. In addition, the Company has agreed to issue
stock in exchange for services at a value of $500,000 in four installments on
June 20, 2011, September 1, 2011, December 1, 2011, and March 1, 2012. The
number of shares issued will be determined by the five trading day Volume
Weighted Average price prior to the date of issuance. On November 30, 2011, TGC
modified the original Agreement by extending the due dates and modifying the
terms as follows:
 
     *    The final stock tranche is to be issued by March 15, 2012.
 
     *    Three payments of $50,000 each, payable on January 15, 2012, February
          15, 2012, and March 15, 2012. The total sum of $150,000 includes a 25%
          increase in the costs outlined in the original agreement as
          "liquidated damages" for the delay in starting the project. TVA will
          commence services upon receipt of payment on January 15, 2012 and will
          credit the Company $15,000 that may be applied towards future projects
          with TVA upon full payment as outlined in the contract modification.
          As a result of the Asset Purchase Agreement made effective on March 5,
          2012, this agreement is no longer enforceable to the Company.
 
On June 20, 2011, the Company engaged William Seery as Chief Financial Officer
with an effective start date of September 1, 2011. The Company has agreed to pay
a salary of $150,000 each year for the five year term of the agreement, with 5%
increases each year. In addition, Mr. Seery is entitled to 200,000 shares of the
Company's common stock as a signing bonus. The shares were valued as of the date
of the Agreement and $115,721 in expense has been recorded in relation to the
transaction. The shares are to be issued but held back by the Company. After six
months of service, 100,000 shares are to be delivered and after one full year of
service has elapsed, the remaining 100,000 shares are deliverable under the
agreement. Effective March 5, 2012, William Seery resigned from his position as
Chief Financial Officer of the Company. There was no disagreement between the
Registrant and Mr. Seery at the time of Mr. Seery's resignation from the Board
of Directors.
 
On June 28, 2011, the Company engaged Peter Bonell as Chief Operating Officer
with an effective start date of July 15, 2011. On July 15, 2011, the Company
terminated its engagement with Peter Bonell.
 
On July 22, 2011, the Company engaged Jordan Silverstein as Vice President,
Public Sponsor Group & Investor Relations with an effective start date of August
1, 2011. The Company has agreed to pay a salary of $90,000 each year for the
five year term of the agreement, with 5% increases each year. In addition, Mr.
Silverstein is entitled to 100,000 shares of the Company's common stock as a
signing bonus. The shares were valued as of the date of the Agreement and
$50,137 in expense has been recorded in relation to the transaction. The shares
are to be issued but held back by the Company and not earned and delivered until
one full year of service has elapsed under the agreement. The Company has also
agreed to pay bonuses equal to five percent of revenue of public company
sponsors up to $10,000,000 and six percent for sponsorship revenues above
$10,000,000. As a result of the Asset Purchase Agreement made effective on March
5, 2012, Jordan Silverstein is no longer entitled to salaries paid by the
Company.
 
On July 26, 2011, the Company engaged Anthony Gebbia as Chief Operating Officer
with an effective start date of August 8, 2011. The Company has agreed to pay a
salary of $120,000 each year for the five year term of the agreement, with 5%
increases each year. In addition, Mr. Gebbia is entitled to 100,000 shares of
the Company's common stock as a signing bonus. The shares were valued as of the
date of the Agreement and $53,562 in expense has been recorded in relation to
the transaction. The shares are to be issued but held back by the Company and
not earned and delivered until one full year of service has elapsed under the
agreement. The Company has also agreed to pay bonuses equal to $200,000, payable
half in stock and half in cash, upon signing of title sponsors of the Million
Dollar Invitationals. Mr. Gebbia will also receive $100,000 as a bonus, payable
half in Stock and half in cash, upon signing of presenting sponsors of the
Million Dollar Invitationals. Mr. Gebbia is entitled to a maximum of $300,000
each year. As a result of the Asset Purchase Agreement made effective on March
5, 2012, Anthony Gebbia is no longer entitled to salaries paid by the Company.
 
On August 3, 2011, TGC (fka Armada Sports & Entertainment, Inc.), a wholly owned
subsidiary of Domark International, Inc. announced that Joseph Mediate, former
tournament director of the LPGA's Shop Rite Classic, had joined Armada Sports as
Director of Tournament Operations for The Golf Championships. The effective date
of the agreement is September 1, 2011. The Company has agreed to pay a salary of
$80,000 each year for the five year term of the agreement, with 5% increases
each year. In addition, Mr. Mediate is entitled to 25,000 shares of the
Company's common stock as a signing bonus. The shares were valued as of the date
of the Agreement and $9,661 in expense has been recorded in relation to the
transaction. The shares are to be issued but held back by the Company and not
earned and delivered until one full year of service has elapsed under the
agreement. The Company has also agreed to pay a performance bonus equal to five
percent of the first $2,000,000 in local and regional sponsors and six percent
for sponsorship revenues that exceed $2,000,000. As a result of the Asset
Purchase Agreement made effective on March 5, 2012, Joseph Mediate is no longer
entitled to salaries paid by the Company. On August 12, 2011, the Company
entered into an Agent Agreement with VPAR Golf. VPAR has granted TGC an
exclusive license on its VPAR Scoring system for Florida business development
and for use at its events The Golf Championships, wherever they may occur in the
world, excluding the United Kingdom. Pursuant to the terms of the agreement, TGC
shall pay a license fee for year 1, payable on January 2, 2012, of $25,000. For
years 2 through 7, the yearly fee is $10,000 and payable each year in January.
As a result of the Asset Purchase Agreement made effective on March 5, 2012, the
Company has assigned the Agreement to R. Thomas Kidd.
 
On September 16, 2011, the Company engaged Casey Walker as VP Administration
with an effective start date of July 15, 2011. The Company has agreed to pay a
salary of $48,000 each year for the five year term of the agreement, with 5%
increases each year. In addition, Ms. Walker is entitled to 100,000 shares of
the Company's common stock as a signing bonus. The shares are to be issued but
held back by the Company until after one full year of service has elapsed. On
December 28, 2011, Ms. Walker resigned her position with the Company as VP
Administration.
 
On September 28, 2011, Robert M. Greenway and Paul Mangiamele were appointed as
directors of the Company. As per the agreement, each director will receive an
annual salary of $25,000 payable in quarterly installments. In addition, each
director will receive as compensation, 100,000 shares of restricted stock. The
shares were issued and valued at market value as of the date of the Agreements
in the amount of $165,000 each. Effective March 5, 2012, Robert M. Greenway and
Paul Mangiamele resigned from their respective positions on the Board of
Directors.
 
On September 29, 2011, the Company entered into an agreement with Global Sports
and Entertainment to procure celebrities or celebrity athletes to participate in
The Celebrity Golf Challenge series and/or host one of our other events. Fees
are dependent upon the ability of Global Sports and Entertainment to procure
celebrity hosts for the anticipated events. Should Global Sports and
Entertainment be successful in this endeavor, fees are estimated to be $30,000
for the remainder of 2011 and $290,000 for 2012. As a result of the Asset
Purchase Agreement made effective on March 5, 2012, this agreement has been
assigned to R. Thomas Kidd.
 
On October 1, 2011, the Company entered into an agreement with Brener Zwikel &
Associates to develop global brand recognition of The Golf Championships and its
series of events. In compensation for services, the Company has agreed to issue
$90,000 in stock, payable in quarterly installments beginning January 31, 2012.
In addition to the stock compensation, the Company has agreed to pay a monthly
retainer in the amount of $6,000 beginning October 30, 2011 and increasing to
$10,000 as of July 30, 2012 through November 30, 2012. As of February 29, 2012,
$30,000 was due under this agreement, however the payments have not been made
and the TGC is seeking modification of the current agreement. As a result of the
Asset Purchase Agreement made effective on March 5, 2012, has been assigned to
R. Thomas Kidd.
 
On October 8, 2011, the Company entered into a letter agreement with Mary A.
Beck who will serve as an independent director of DoMark. As per the agreement,
the director will receive an annual salary of $25,000 payable in quarterly
installments. In addition, the director will receive as compensation, 100,000
shares of restricted stock. The shares were issued and valued at market value as
of the date of the Agreement in the amount of $165,000. Effective March 5, 2012,
Mary Beck resigned from her position on the Board of Directors.
 
On October 31, 2011, the Company entered into an agreement with CBS Sports, A
Division of CBS Broadcasting, Inc. Pursuant to the terms of the agreement, CBS
will make available eight (8) two (2)-hour time periods for the high-definition
(HD) broadcast coverage of each of the 2012-2013 and 2013-2014 Million Dollar
Invitationals. As consideration, the Company is to pay the net sums of (a)
$450,000 per two (2)-hour network time period made available for the 2012-2013
Programs for a total of $1,800,000; and (b) $470,000 per two (2)-hour network
time period made available for the 2013-2014 Programs, for a total of
$1,880,000. The net sum for the 2012-2013 Programs shall be paid to CBS as
follows: (a)$50,000 by no later than thirty (30) days prior to the taping of
each Event, with the balance of $400,000 by no later than forty-five (45) days
prior to the broadcast of each 2012-2013 Program. The net sum for the 2013-2014
Programs shall be paid to CBS as follows: (b)$50,000 by no later than thirty
(30) days prior to the taping of each Event, with the balance of $420,000 by no
later than forty-five (45) days prior to the broadcast of each 2013-2014
Program. The total net sum payable to CBS under the Agreement is $3,680,000.
 
In addition, the Company shall have the right to the following as set forth in
the Agreement:
 
     *    The Company shall have the right to sell eighteen (18) thirty
          (30)-second commercial units during each one (1)-hour time period of
          network broadcast time CBS makes available for a total of
          thirty-six(36) thirty (30)-second commercial units per two (2)-hour
          Program. The Company retains all revenue received from the sale of the
          commercial units.
 
     *    The Company will receive one (1) opening billboard, one(1) middle
          billboard, and one (1) closing billboard in each Program.
 
     *    The notice to be included in the credit roll at the conclusion of the
          broadcast of each Program containing the broadcast coverage of the
          Events shall be: "This has been a presentation of CBS Sports in
          association with The Golf Championships, Inc." As a result of the
          Asset Purchase Agreement made effective on March 5, 2012, the CBS
          agreement has been assigned to R. Thomas Kidd.
 
On February 29, 2012, the Company entered into a Memorandum of Agreement with
Xiamen Taiyang Neng Gongsi and Michael Franklin. For and in consideration of the
payment of an initial license fee of $10,000, and for the future payment of
royalties of $5.00 per SolaPad unit sold, Xiamen granted an exclusive worldwide
license and joint patent rights to the Company for a solar charging case for
IPAD, including IPAD 3.
 
On April 1, 2012, the Company entered into a Consulting Agreement with Robert
Hines for six months. As consideration for services related to compliance
matters, the Company agreed to issue 25,000 shares of its common stock. The
shares were issued and valued at market value as of the date of the Agreement in
the amount of $38,250.
 
On April 1, 2012, the Company entered into a Consulting Agreement with Thomas
Massey for six months. As consideration for development of the wholesale and
distribution market of the Company's solar products, the Company agreed to issue
25,000 shares of its common stock. The shares were issued and valued at market
value as of the date of the Agreement in the amount of $38,250.
 
On April 1, 2012, the Company entered into a Consulting Agreement with David
Parisi for six months. As consideration for accounting, bookkeeping, and
financial recordation services, the Company agreed to issue 25,000 shares of its
common stock. The shares were issued and valued at market value as of the date
of the Agreement in the amount of $38,250.
 
On April 1, 2012, the Company entered into a Consulting Agreement with Jason
Burgess for six months. As consideration for web related services, the Company
agreed to issue 25,000 shares of its common stock. The shares were issued and
valued at market value as of the date of the Agreement in the amount of $38,250.
 
On April 1, 2012, the Company entered into a Consulting Agreement with Brian
Barrilleaux for six months. As consideration for marketing services, the Company
agreed to issue 25,000 shares of its common stock. The shares were issued and
valued at market value as of the date of the Agreement in the amount of $38,250.
 
On April 1, 2012, the Company entered into a Consulting Agreement with Matthew
Bryant for six months. As consideration for product testing and marketing
services, the Company agreed to issue 10,000 shares of its common stock. The
shares were issued and valued at market value as of the date of the Agreement in
the amount of $15,300.
 
On April 1, 2012, the Company entered into a Consulting Agreement with Cathryn
Walker for six months. As consideration for accounting and compliance services,
the Company agreed to issue 25,000 shares of its common stock. The shares were
issued and valued at market value as of the date of the Agreement in the amount
of $38,250.
 
On May 9, 2012, the Company entered into a Consulting Agreement with Thomas
Massey for one year. As consideration for services related to structuring the
Company's operational plan and business model, the Company agrees to issue
100,000 shares of common stock on the effective date of the agreement and
150,000 shares if the Company enters negotiations with any merger or acquisition
target introduced by the efforts of the Consultant. The initial 100,000 shares
were issued and valued at market value as of the date of the Agreement,
resulting in the Company recording an expense in the amount of $275,000. On May
24, 2012, Mr. Massey was awarded the additional 150,000 shares, valued at
$424,500.
 
On May 25, 2012, the Company entered into an employment agreement with an
effective date of June 1, 2012 with its newly appointed President, R. Brentwood
Strasler, for a period of no less than three years. Mr. Strasler is entitled to
an annual salary of $150,000 and 100,000 stock purchase warrants exercisable to
purchase common shares of the Company at $1.00 per share. The warrants are
exercisable for a three year period and can be vested quarterly on a pro rata
basis over twelve months from the date of issue. Additionally, Mr. Strasler will
be enrolled in a long term Executive Option Plan no later than three months
after the effective date of the employment agreement and is entitled to term
life insurance in the face amount of $2,500,000, payable to the beneficiary
designated by Mr. Strasler. The warrants awarded will be valued in accordance
with ASC 718-10-30-9, Measurement Objective - Fair Value at Grant Date. The
Company estimates fair value of the award using the Black-Scholes option pricing
model. Since the effective date of the grant is June 1, 2012, the Company did
not realize or record an estimated fair value of the warrants and therefore
there is no impact to the financial statements for the fiscal period ending May
31, 2012.
 
On May 29, 2012, the Company entered into a Consulting Agreement with Ian
Nuttall, expiring on June 1, 2013. As consideration for consultation and
advisory services, the Company agreed to issue 1,225,000 shares of common stock
and 775,000 shares of the Company's restricted common stock. The shares were
issued and valued at market value as of the date of the Agreement in the amount
of $2,320,000.