Subsequent Events | 12 Months Ended |
Sep. 30, 2013 |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
11 | Subsequent Events | |
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| a) | On October 1, 2013, the Company issued a promissory note to Anatom for the principal amount of $5,500 bearing interest at the rate of 8% per annum and maturing on the one year anniversary of the date of issuance. |
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| b) | On October 2, 2013, the Company issued a promissory note to Anatom for the principal amount of $75,000 bearing interest at the rate of 8% per annum and maturing on the one year anniversary of the date of issuance. |
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| c) | On October 11, 2013, the Company entered into a lease agreement pursuant which the Company agreed to lease a five-acre parcel of land located at Village Mahal Khurd, District SBS Nagar, Punjab, India for an initial term of 10 years, commencing on October 15, 2013, until October 14, 2023, for the sole permitted purpose of building and operating a greenhouse growing facility. The rent under the lease agreement is 10% of the net profits of the facility, payable within 90 days of the end of each fiscal year, and $7,000 per year payable as: |
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| · | A prepayment of $50,000 in shares of Series D convertible preferred stock of the Company; and |
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| · | $2,000 per year, payable in cash in two equal semi-annual payments. |
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| | Pursuant to the lease agreement, the shares of Series D convertible preferred stock of the Company and the initial $2,000 are due and payable upon execution of the agreement. On October 16, 2013, the Company issued 50,000 shares of Series D convertible preferred stock as prepayment of rent due under the lease agreement. The lease is renewable by mutual written consent for an additional term of 5 years based upon a fixed annual rent of $25,000, payable semi-annually, and 20% of net profits of the facility. |
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| d) | On October 16, 2013, the Company issued a promissory note to Anatom for the principal amount of $13,500 bearing interest at the rate of 8% per annum and maturing on the one year anniversary of the date of issuance. |
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| e) | On October 16, 2013, the Company filed a Certificate of Designation with the Nevada Secretary of State for the purposes of establishing a series of Preferred Stock, designated as the Company’s “Series D Convertible Preferred Stock,” from the Company’s shares of authorized “blank check” Preferred Stock, par value $0.0001 per share (the “Series D Preferred Stock”). The Certificate of Designation was effective upon filing. The Company issued an aggregate of 50,000 shares of Series D Preferred Stock to Bakhshish Gurm (the “Landlord”) pursuant a lease agreement, dated October 11, 2013, between Pan Asia and the Landlord for a certain five-acre parcel of land located at Village Mahal Khurd, District SBS Nagar, Punjab, India for an initial term of ten years, commencing on October 15, 2013 until October 14, 2023, for the sole permitted purpose of building and operating a greenhouse growing facility (the “Facility”). |
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| f) | On October 18, 2013, the Company amended the Certificate of Designations for the Company’s Series C preferred stock in which the Company removed the provision prohibiting the issuance of additional shares of Series C preferred stock and decreased the liquidation value from $1.00 per share to $0.0001 per share. |
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| g) | On October 18, 2013, the Company issued 3,000,000 shares of Series C convertible preferred stock pursuant to the conversion of 300,000,000 shares of common stock. |
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| h) | On October 28, 2013, the Company entered into a Stock Purchase Agreement with Regency Yamuna Energy Limited (“Regency”), a privately held corporation formed in India, pursuant to which the Company agreed to purchase a 100% ownership in Regency in exchange for an aggregate of 387,500,000 Indian Rupees (“Rs.”) (approximately $6,352,459 USD). |
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| · | Upon the First Closing, the Company will purchase 2,758,621 shares of Regency in consideration for Rs. 40,000,000 (approximately $655,738 USD) no later than the 5th business day after the debenture issue date (Note 11(e)). |
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| · | Upon the Second Closing, the Company will purchase 6,896,552 shares of Regency in consideration for an aggregate of Rs. 100,000,000 (approximately $1,639,344 USD) and 1,230,542 shares of Regency in consideration for shares of Preferred Stock of Pan Global having a stated face value of Rs. 17,842,861 (approximately $292,506 USD). |
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| · | Upon the Third Closing, the Company will have a registration statement on Form S-1 filed with the United States Securities and Exchange Commission (“SEC”) within 90 days after the commercial operation date of the hydro project being completed by Regency. In addition, the Company agreed to purchase 15,195,468 of the remaining outstanding shares of Regency in exchange for an aggregate of Rs. 247,500,000 (approximately $4,057,377 USD) within 30 days after the SEC declares the Company’s registration statement to be effective. |
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| i) | On October 28, 2013, the Company purchased a debenture of Rs. 4,200,000 (approximately $68,852 USD) from Regency, which bears interest at a rate of 15% per annum and matures on October 18, 2014. The debenture is convertible into shares of Regency at the rate of Rs. 14.50 (approximately $0.24 USD) per share. |
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| j) | On October 28, 2013, the Company issued a promissory note to Anatom for the principal amount of $30,000 bearing interest at the rate of 8% per annum and maturing on the one year anniversary of the date of issuance. |
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| k) | On November 4, 2013, the Company entered into a Loan Agreement pursuant to which the lender agreed to purchase one or more promissory notes up to a maximum of $1,000,000 bearing interest at a rate of 8% per annum and maturing on the first anniversary of the date of issuance. |
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| l) | On November 7, 2013, Company issued a promissory note to Brookstone Partners, LLC for the principal amount of $100,000 bearing interest at the rate of 8% per annum and maturing on the one year anniversary of the date of issuance. |
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| m) | On November 15, 2013, the Company issued a promissory note to Anatom for the principal amount of $200,000 bearing interest at the rate of 8% per annum and maturing on the one year anniversary of the date of issuance. |
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| n) | On November 18, 2013, the Company issued a promissory note to a third party for the principal amount of $100,000 bearing interest at the rate of 8% per annum and maturing on the one year anniversary of the date of issuance. |
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| o) | On November 28, 2013, the Company issued a promissory note to Anatom for the principal amount of $193,000 bearing interest at the rate of 8% per annum and maturing on the one year anniversary of the date of issuance. |
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| p) | On December 2, 2013, the Company consummated the First Tranche of the First Closing under the Stock Purchase Agreement with Regency dated October 28, 2013. Accordingly, the Company purchased 331,034 shares of Regency in consideration for Rs. 4,799,993 (approximately $77,022 USD). In addition, the Company also converted the outstanding Rs. 4,200,012 convertible debenture, which was previously purchased on October 28, 2013, into 289,656 shares of Regency. |
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| q) | On December 24, 2013, the Company consummated the Second Tranche of the First Closing (the “Second Tranche Closing”). At the Second Tranche Closing, the Company purchased an aggregate of 620,690 RYEL Common Shares from RYEL in consideration for Rs. 9,000,005 (equivalent to approximately $145,575 USD based on the exchange rate of 1 INR =0.016175 USD on the closing date of the Second Tranche Closing). |