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Shareholders' Deficit
 9 Months Ended
Jun. 30, 2013
Shareholders' Deficit [Abstract]  
Shareholders' Deficit
4. Stockholders' Deficit:

 

The Company's authorized capital consists of 400,000,000 common stock. At June 30, 2013, there were 338,650,000 common shares issued and outstanding (September 30, 2012 - 213,000,000).

 

During the nine month period ended June 30, 2013, 1,500,000 shares were returned to the Company for cancellation, and 2,130,000 common shares were issued pursuant to the Exchange Agreement dated December 14, 2012.

 

Pursuant to a consulting agreement entered into with Seagel Investments Corp., and pursuant to the Exchange Agreement dated December 14, 2012, the Company issued Seagel Investments Corp., 16,100,000 common shares which were valued at $26,833. The Company recorded this amount as a consulting expense in the three month period ended December 31, 2012.

 

During the previous quarter ended March 31, 2013 the Company entered into two consulting agreements which required the issuance of shares as part of the consideration. The Company issued a total of 550,000 common shares in the previous quarter to satisfy the terms of these contracts valued at $302,500, of which $99,687 and $199,374 was expensed during the three and nine months ended June 30, 2013, respectively, and $103,126 has been included in total prepaid expenses of $178,008 as of June 30, 2013. The remaining value of the share-based considerations will be amortized over the term of the respective agreements as services are performed. The first contact is for a 24 month term for 250,000 common shares issued for a total value of $137,500. The second contract is for a 6 month term for 300,000 common shares issued for a total value of $165,000. Both contracts were signed at the beginning of January 2013.

 

Effective December 31, 2012 the number of shares outstanding were forward-split 100 shares for each share of record prior to the split ("Stock Split"). After the Stock Split, the total amount of the common shares outstanding was 338,650,000 as of June 30, 2013.