2.4.0.8000090 - Disclosure - Acquisition of MarilynJean Media Inc. and Recapitalizationtruefalsefalse1falsefalsefalseD130101_130630http://www.sec.gov/CIK0001504464duration2013-01-01T00:00:002013-06-30T00:00:001true1fil_FinancialServicesBankingAndThriftAbstractfil_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse02false2us-gaap_RepurchaseAgreementsResaleAgreementsSecuritiesBorrowedAndSecuritiesLoanedDisclosureTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00<!--egx--><p style='margin:0in 0in 0pt'><b>3.</b></p> <p style='text-indent:-1.5pt;margin:0in 0in 0pt'><b>Acquisition of MarilynJean Media Inc. and Recapitalization</b></p> <p style='margin:0in 0in 0pt'> </p> <p style='margin:0in 0in 0pt'>On March 25, 2013, the “Company entered into a share exchange agreement with MJM. Under the terms of the agreement, the Company, together with its wholly-owned subsidiary, MarilynJean Holdings Inc., acquired 100% of the issued and outstanding common shares of MJM in exchange for 75,000,000 shares of common stock of the Company and 106,651,250 exchangeable preferred stock of MarilynJean Holdings Inc. The exchangeable shares of preferred stock are redeemable by the holders into shares of common stock of the Company on a one-for-one basis. The share exchange agreement closed on March 28, 2013.</p> <p style='margin:0in 0in 0pt'> </p> <p style='margin:0in 0in 0pt'>After the close of the share exchange agreement, the Company has 194,528,352 shares of common stock issued and outstanding and 106,651,250 shares of common stock reserved for issuance upon conversion of 106,651,250 exchangeable shares of preferred stock outstanding. The acquisition was a capital transaction in substance and therefore has been accounted for as a recapitalization, which is outside the scope ASC 805, “Business Combinations”. Under recapitalization accounting, MJM is considered the acquirer for accounting and financial reporting purposes, and acquired the assets and assumed the liabilities of the Company. Assets acquired and liabilities assumed are reported at their historical amounts. These consolidated financial statements include the accounts of the Company since the effective date of the recapitalization and the historical accounts of the business of MJM since its inception on September 1, 2011.</p> <p style='margin:0in 0in 0pt'> </p> <p style='margin:0in 0in 0pt'>The assets acquired and liabilities assumed are as follows:</p> <p style='margin:0in 0in 0pt'> </p> <div align="center"> <table border="0" cellspacing="0" cellpadding="0"> <tr> <td width="510" style='border-bottom:#ece9d8;border-left:#ece9d8;padding-bottom:0in;background-color:transparent;padding-left:0in;width:382.5pt;padding-right:0in;border-top:#ece9d8;border-right:#ece9d8;padding-top:0in'></td> <td width="90" style='border-bottom:#ece9d8;border-left:#ece9d8;padding-bottom:0in;background-color:transparent;padding-left:0in;width:67.5pt;padding-right:0in;border-top:#ece9d8;border-right:#ece9d8;padding-top:0in'></td></tr> <tr> <td valign="top" width="510" style='border-bottom:black 1pt solid;border-left:#ece9d8;padding-bottom:0in;background-color:transparent;padding-left:0in;width:382.5pt;padding-right:0in;border-top:#ece9d8;border-right:#ece9d8;padding-top:0in'> <p style='margin:0in 0in 0pt'> </p></td> <td valign="bottom" width="90" style='border-bottom:black 1pt solid;border-left:#ece9d8;padding-bottom:0in;background-color:transparent;padding-left:0in;width:67.5pt;padding-right:0in;border-top:#ece9d8;border-right:#ece9d8;padding-top:0in'> <p align="center" style='text-align:center;margin:0in 0in 0pt'>$</p></td></tr> <tr> <td valign="top" width="510" style='border-bottom:#ece9d8;border-left:#ece9d8;padding-bottom:0in;background-color:transparent;padding-left:0in;width:382.5pt;padding-right:0in;border-top:#ece9d8;border-right:#ece9d8;padding-top:0in'> <p style='margin:0in 0in 0pt'> </p></td> <td valign="top" width="90" style='border-bottom:#ece9d8;border-left:#ece9d8;padding-bottom:0in;background-color:transparent;padding-left:0in;width:67.5pt;padding-right:0in;border-top:#ece9d8;border-right:#ece9d8;padding-top:0in'> <p style='margin:0in 0in 0pt'> </p></td></tr> <tr> <td valign="top" width="510" style='border-bottom:#ece9d8;border-left:#ece9d8;padding-bottom:0in;background-color:transparent;padding-left:0in;width:382.5pt;padding-right:0in;border-top:#ece9d8;border-right:#ece9d8;padding-top:0in'> <p style='margin:0in 0in 0pt'>Cash</p></td> <td valign="top" width="90" style='border-bottom:#ece9d8;border-left:#ece9d8;padding-bottom:0in;background-color:transparent;padding-left:0in;width:67.5pt;padding-right:0in;border-top:#ece9d8;border-right:#ece9d8;padding-top:0in'> <p align="right" style='text-align:right;margin:0in 0in 0pt'>267,058</p></td></tr> <tr> <td valign="top" width="510" style='border-bottom:#ece9d8;border-left:#ece9d8;padding-bottom:0in;background-color:transparent;padding-left:0in;width:382.5pt;padding-right:0in;border-top:#ece9d8;border-right:#ece9d8;padding-top:0in'> <p style='margin:0in 0in 0pt'>Amounts receivable</p></td> <td valign="top" width="90" style='border-bottom:#ece9d8;border-left:#ece9d8;padding-bottom:0in;background-color:transparent;padding-left:0in;width:67.5pt;padding-right:0in;border-top:#ece9d8;border-right:#ece9d8;padding-top:0in'> <p align="right" style='text-align:right;margin:0in 0in 0pt'>1,979</p></td></tr> <tr> <td valign="top" width="510" style='border-bottom:#ece9d8;border-left:#ece9d8;padding-bottom:0in;background-color:transparent;padding-left:0in;width:382.5pt;padding-right:0in;border-top:#ece9d8;border-right:#ece9d8;padding-top:0in'> <p style='margin:0in 0in 0pt'>Loan receivable</p></td> <td valign="top" width="90" style='border-bottom:#ece9d8;border-left:#ece9d8;padding-bottom:0in;background-color:transparent;padding-left:0in;width:67.5pt;padding-right:0in;border-top:#ece9d8;border-right:#ece9d8;padding-top:0in'> <p align="right" style='text-align:right;margin:0in 0in 0pt'>100,000</p></td></tr> <tr> <td valign="top" width="510" style='border-bottom:#ece9d8;border-left:#ece9d8;padding-bottom:0in;background-color:transparent;padding-left:0in;width:382.5pt;padding-right:0in;border-top:#ece9d8;border-right:#ece9d8;padding-top:0in'> <p style='margin:0in 0in 0pt'>Oil and gas properties</p></td> <td valign="top" width="90" style='border-bottom:#ece9d8;border-left:#ece9d8;padding-bottom:0in;background-color:transparent;padding-left:0in;width:67.5pt;padding-right:0in;border-top:#ece9d8;border-right:#ece9d8;padding-top:0in'> <p align="right" style='text-align:right;margin:0in 0in 0pt'>50,000</p></td></tr> <tr> <td valign="top" width="510" style='border-bottom:#ece9d8;border-left:#ece9d8;padding-bottom:0in;background-color:transparent;padding-left:0in;width:382.5pt;padding-right:0in;border-top:#ece9d8;border-right:#ece9d8;padding-top:0in'> <p style='margin:0in 0in 0pt'>Accounts payable and accrued liabilities</p></td> <td valign="top" width="90" style='border-bottom:#ece9d8;border-left:#ece9d8;padding-bottom:0in;background-color:transparent;padding-left:0in;width:67.5pt;padding-right:0in;border-top:#ece9d8;border-right:#ece9d8;padding-top:0in'> <p align="right" style='text-align:right;margin:0in 0in 0pt'>(18,132)</p></td></tr> <tr> <td valign="top" width="510" style='border-bottom:black 1pt solid;border-left:#ece9d8;padding-bottom:0in;background-color:transparent;padding-left:0in;width:382.5pt;padding-right:0in;border-top:#ece9d8;border-right:#ece9d8;padding-top:0in'> <p style='margin:0in 0in 0pt'>Due to related parties</p></td> <td valign="top" width="90" style='border-bottom:black 1pt solid;border-left:#ece9d8;padding-bottom:0in;background-color:transparent;padding-left:0in;width:67.5pt;padding-right:0in;border-top:#ece9d8;border-right:#ece9d8;padding-top:0in'> <p align="right" style='text-align:right;margin:0in 0in 0pt'>(65,016)</p></td></tr> <tr> <td valign="top" width="510" style='border-bottom:#ece9d8;border-left:#ece9d8;padding-bottom:0in;background-color:transparent;padding-left:0in;width:382.5pt;padding-right:0in;border-top:#ece9d8;border-right:#ece9d8;padding-top:0in'> <p style='margin:0in 0in 0pt'> </p></td> <td valign="top" width="90" style='border-bottom:#ece9d8;border-left:#ece9d8;padding-bottom:0in;background-color:transparent;padding-left:0in;width:67.5pt;padding-right:0in;border-top:#ece9d8;border-right:#ece9d8;padding-top:0in'> <p style='margin:0in 0in 0pt'> </p></td></tr> <tr> <td valign="top" width="510" style='border-bottom:black 1.5pt solid;border-left:#ece9d8;padding-bottom:0in;background-color:transparent;padding-left:0in;width:382.5pt;padding-right:0in;border-top:#ece9d8;border-right:#ece9d8;padding-top:0in'> <p style='margin:0in 0in 0pt'>Net assets acquired</p></td> <td valign="top" width="90" style='border-bottom:black 1.5pt solid;border-left:#ece9d8;padding-bottom:0in;background-color:transparent;padding-left:0in;width:67.5pt;padding-right:0in;border-top:#ece9d8;border-right:#ece9d8;padding-top:0in'> <p align="right" style='text-align:right;margin:0in 0in 0pt'>335,889</p></td></tr></table></div>falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for repurchase agreements (also known as repos), resale agreements (also known as reverse repurchase agreements or reverse repos), securities borrowed transactions, and securities loaned transactions.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph m
-Article 4
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 30
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=7523297&loc=d3e113969-111729
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(m))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 140
-Paragraph 17
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
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