XML 31 R11.htm IDEA: XBRL DOCUMENT v2.4.0.8
Stockholder's equity (Deficit)
6 Months Ended
Dec. 31, 2013
Stockholders' Equity [Abstract]  
STOCKHOLDERS' EQUITY
NOTE 6
STOCKHOLDERS’ EQUITY (DEFICIT)
 
The Company is authorized to issue 100,000,000 shares of no par value Common Stock.  At December 31, 2013, 20,575,000 shares were issued and outstanding.
 
During December 2011, the Company issued to its founders 20,000,000 shares of common stock for cash at $0.0025 per share, for total proceeds of $50,000.
 
From March through June 2012, the Company issued 126,500 shares of common stock for cash at $1.00 per share, for aggregate proceeds of $126,500. The Company incurred $10,000 in costs associated with the private offering, which were been charged against the proceeds of the offering.
 
During the period ended December 31, 2013, the Company received cash proceeds of $422,135 for 568,550 shares of common stock. The Company issued 393,550 of these shares and 175,000 of these shares remain to be issued. In addition, 54,950 common shares were issued for services to be performed over a one year period, which were valued at their estimated fair value of $100,000 based on the trading price of the Company’s common shares. The value of these shares has been recorded as deferred compensation and is being amortized over the one year period during which the related services will be received. At December 31, 2013, $66,668 of deferred compensation remains to be amortized (see Note 7).
 
On July 31, 2013, the Company’s registration statement on Form S-1 became effective. The Company is offering for sale a maximum of 6,250,000 shares of its no par value common stock at a price of $1.60 per share. As of December 31, 2013, no shares had been sold pursuant to the offering.