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NOTE 1 - THE COMPANY AND BASIS OF PRESENTATION
9 Months Ended
Mar. 31, 2013
Accounting Policies [Abstract]  
THE COMPANY AND BASIS OF PRESENTATION

NOTE 1 — THE COMPANY AND BASIS OF PRESENTATION

 

Principles of Consolidation The accompanying condensed consolidated financial statements are presented in conformity with accounting principles generally accepted in the United States of America and include operations and balances of Agricon Global Corporation and its wholly-owned subsidiaries Canola Property Ghana Limited (“CPGL”), and Agricon SH Ghana Limited (“ASHG”), both Ghanaian limited liability companies, collectively “Agricon” or the “Company.” CPGL was incorporated under the laws of Ghana, West Africa on July 5, 2011, and ASHG was incorporated under the laws of Ghana, West Africa on November 7, 2012. Intercompany balances and transactions have been eliminated in consolidation.

 

Nature of Operations All of the Company’s business is conducted through its two wholly owned subsidiaries CPGL and ASHG. The Company is in the development stage and its business activities to date have been organizing the Company, locating appropriate land that might be leased or purchased for cultivating and harvesting agricultural products. The Company completed its first lease purchase transaction on December 13, 2012 of 8,000 acres in the Shai Hill area near Accra, the largest city in Ghana. We plan to begin clearing and cultivating the land included in the first lease purchase during 2013.

 

The Company plans to locate and then lease additional undeveloped land in Ghana, West Africa, at attractive prices, that can be cleared and used for agricultural purposes and prepare the land for cultivation and production of primarily rotation crops such as rice, maize (corn), canola, sunflower, and soya. The Company has located and began preliminary negotiations for two additional leases for approximately 20,000 acres of land and we expect to enter into 50 year leases for these parcels of land. Assuming that the Company completes these lease transactions—of which there can be no assurance--we expect to stake, demarcate and survey the land and ready the leases for recording with the Ghana government.