Share Activity | 9 Months Ended |
Sep. 30, 2013 |
Equity [Abstract] | ' |
Share Activity | ' |
Note H - Share Activity |
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Common Stock |
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During the year ended December 31, 2006, the Company issued 6,000,000 shares to Mitch Brown in exchange for license rights and equipment. These shares were valued at $165,000. |
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On January 14, 2008, Cono, LLC was sold to Cono, Inc. (Delaware) for the total consideration of $426,000. In exchange for the 100% interest in Cono, LLC, the sole member of the LLC received 6,000,000 shares of Cono, Inc. (Delaware) valued at $114,000 and was issued a promissory note for $312,000. Mitchell Brown is also a principal stockholder in Cono Inc. (Delaware) |
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The transaction was accounted for as a recapitalization of Cono, Inc. and Cono LLC as both companies were under common control. As such, the assets and liabilities of Cono LLC were carried over to Cono, Inc. (Delaware) at the historical carrying values. |
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At the time of the sale of Cono, LLC to Cono, Inc. (Delaware), Cono, LLC had a tangible net book value of $114,700. Since the assets and liabilities of Cono, LLC were recorded at their historical carrying amounts after the merger and recapitalization, the excess of the consideration paid of $426,000 over the carrying value of $114,700 had been recorded as a distribution to the stockholder. |
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During the year ended December 31, 2008, the Company issued 44,250,000 shares to vendors in exchange for services. These shares were valued at $478,744 based on the closing price at the dates of grants. |
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During the year ended December 31, 2008, the Company issued 3,000,000 shares to prior owners for license rights. These shares were valued at $57,000 based on the per share value of the Cono LLC equity on January 14, 2008. |
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On November 12, 2009 Cono Inc. (Delaware) entered into a share exchange agreement whereby Cono Inc. (Delaware) would exchange all of its common stock for the stock of Tiger Renewable Energy, Inc. (TRE) (a shell company) on a share of share basis. Prior to entering into the share exchange agreement, the principal stockholder of Cono Inc. (Delaware) became a stockholder of TRE, either through direct ownership or through an entity in which he controlled, effectively gaining control of TRE, and on August 10, 2009, TRE changed its name to Conon Italiano, Inc., a Nevada corporation. As an inducement for Cono (Delaware) to enter the share exchange agreement, TRE’s largest shareholder has agreed to the cancellation of 242,557 shares of Cono (Nevada) stock. |
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On August 10, 2009, the Company conducted a one for sixty reverse stock split. |
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During the year ended December 31, 2009, the Company issued 262,000 shares for cash received in the amount of $64,870. |
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During the year ended December 31, 2009 the Company issued 500,000 shares for related party expense in the amount of $70,000 based upon the amount due to the related party. |
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During the year ended December 31, 2009, the Company issued 18,000,000 shares for a note payable conversion. These shares were valued at $18,000 based upon the note payable conversion agreement and therefore no gain or loss was recorded on conversion. |
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During the year ended December 31, 2009, the Company issued 7,616,428 shares to vendors in exchange for services. These shares were valued at $186,393 based on the closing price at the dates of grants. |
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During the year ended December 31, 2009 the Company’s stockholders’ equity was recapitalized to give effect to the shares received by the existing shareholders of the Company from the share exchange agreement with Tiger Renewable Energy Inc. |
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During the year ended December 31, 2009, the Company issued 10,000 shares to a vendor in exchange for services rendered to Tiger Renewable Energy and whose payables were assumed in the share exchange. These shares were valued at $3,500 based upon the amount due to the vendor. |
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During the year ended December 31, 2010, the Company issued 125,000 shares to Pino Gelato, Inc. at a value of $75,816 as per the licensing agreement. |
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During the year ended December 31, 2010, the Company issued 10,000,000 shares to vendors in exchange for services. These shares were valued at $93,880 based on the closing price at the dates of grants. |
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During the year ended December 31, 2010, the Company issued 2,000,000 shares for a note payable conversion. These shares were valued at $184,547 based upon the note payable conversion agreement and therefore no gain or loss was recorded on conversion. |
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During the year ended December 31, 2011, the Company issued 3,325,000 shares to vendors in exchange for services. These shares were valued at $156,249 based on the closing price at the dates of grants. |
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During the year ended December 31, 2011, the Company issued 4,000,000 shares as per a stock subscription agreement entered into on July 11, 2011. Total value of the stock subscription agreement was $200,000 including 525,640 shares included in common stock subscribed. |
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On July 11, 2011 the Company signed a subscription agreement with an individual to purchase 4,525,640 shares of the Company’s common stock in four (4) installments of $50,000 each, totaling $200,000. As of December 31, 2011 all of the four installments had been received totaling $200,000. The Company has issued 4,000,000 shares of the 4,525,640 that were to be issued. 525,640 shares of common stock are due to the individual for his investment therefore, common stock subscribed is $526 at December 31, 2011. During the year ended December 31, 2012 the Company issued the individual the 525,640 shares due him under the subscription agreement and in accordance with this agreement since the individual was entitled to 4.9% of the outstanding shares of the Company at the date of the final issuance the individual received an additional 374,360 shares of common stock. |
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During the year ended December 31, 2011, the Company cancelled 3,280,000 shares returned from vendors for services not performed in the amount of $31,116. |
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During the year ended December 31, 2011, the Company issued 3,184,000 to prior owners in the amount of $93,520 based on the closing prices at the date of the grant. |
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During the year ended December 31, 2012, the Company issued 2,000,000 shares for cash received in the amount of $75,000. |
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During the year ended December 31, 2012, the Company issued 4,100,000 shares to vendors in exchange for services. These shares were valued at $141,000 based on the closing price at the dates of grants. |
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During the year ended December 31, 2012, the Company issued 998,099 shares to TCA in consideration for the Equity Facility fee. These shares were valued at $52,500 based on the closing document. |
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During the year ended December 31, 2012, the Company issued 900,000 shares to an investor in fulfillment of a stock subscription agreement. |
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On January 17, 2013, the Company issued 2,000,000 shares to MSU Canada, (a customer) as a selling incentive. These shares were valued at $60,000 at the date of the grant. |
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On February 11, 2013, the Company issued 769,078 shares to TCA in exchange for equity financing in the amount of $16,735 as calculated after the nine month evaluation date. The shares were valued when contractually owed and accrued for at December 31, 2012. The related liability was relieved with the issuance. |
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