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1. BUSINESS ORGANIZATION
9 Months Ended
Sep. 30, 2013
Accounting Policies [Abstract]  
1. BUSINESS ORGANIZATION

These financial statements represent the consolidated financial statements of Victory Electronic Cigarettes Corporation (“Victory”) formerly known as Teckmine Industries, Inc, and its wholly owned operating subsidiary, Victory Electronic Cigarettes, Inc. (“VEC”). Victory and VEC are collectively referred to herein as the “Company”. VEC was formed as a limited liability company under the laws of the State of Florida on March 2 ,2010 and effected a conversion on March 8, 2013 into a corporation under the laws of the State of Nevada. The financial statements of VEC have been restated to reflect this conversion.

 

On June 25, 2013, pursuant to a share exchange agreement, Victory merged with VEC, a Nevada corporation, in which the existing stockholders of VEC, exchanged all of their issued and outstanding shares of common stock for 32,500,000 shares of common stock of Victory (the “Reverse Merger”). After the consummation of the Reverse Merger, stockholders of VEC own 60.9% of Victory’s outstanding common stock.

 

As a result of the Reverse Merger, VEC became a wholly owned subsidiary of Victory. For accounting purposes, the Reverse Merger was treated as a reverse acquisition with VEC as the acquirer and Victory as the acquired party. As a result the business and financial information included in this Quarterly Report on Form 10-Q is the business and financial information of VEC. The accumulated deficit of Victory has been included in additional paid-in-capital. Pro-forma information has not been presented as the financial information of Victory was insignificant.

 

The Company imports and distributes smokeless electronic cigarettes (E-Cigarettes) and their components via the internet and retail outlets. The Company’s primary operations are based near Spring Lake, Michigan.