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Investments
3 Months Ended
Aug. 31, 2014
Notes to Financial Statements  
Note 5 - Investments

Investments consist of:

 

    August 31,
2014
    May 31,
2014
 
                 
Imagic Ltd. - 40% equity interest   $ 1,094,166     $ 1,094,166  
Barefoot Science Products & Services Inc. - 15% equity interest     50,000       50,000  
Total   $ 1,144,166     $ 1,144,166  

 

The cost of the 40% equity interest in Imagic Ltd. at August 31, 2014 consists of:

 

July 22, 2013 issuance of 7,500,000 shares of DoMark common stock to Imagic Ltd.   $ 697,500  
December 3, 2013 issuance of 8,000,000 shares of DoMark common stock to Meadow Grove Ltd. in exchange for 9% equity interest in Imagic Ltd.     96,005  
Cash payments to or for the benefit of Imagic Ltd.     150,661  
Payments from Foremark Holdings to Imagic Ltd. in exchange for DoMark notes payable to Foremark Holdings     150,000  
Total   $ 1,094,166  

 

Imagic is a privately owned company registered in Gibraltar which owns proprietary product designs for its Digilink and Game Control products. Imagic shares are not quoted or traded on any securities exchange or in any recognized over-the counter market. Imagic is accounted for on the equity method of accounting. The Company consolidates entities that we control. The Company accounts for investments in joint ventures using the equity method of accounting when we exercise significant influence over the venture. If the Company does not exercise significant influence, we account for the investment using the cost method of accounting. Imagic did not have any revenues or expenses for the period ended August 31, 2014.