Document and Entity Information
Document and Entity Information - USD ($) | 3 Months Ended | |
Nov. 30, 2014 | Feb. 28, 2014 | |
Document and Entity Information: | ||
Entity Registrant Name | RJD Green, Inc. | |
Document Type | 10-Q | |
Document Period End Date | Nov. 30, 2014 | |
Trading Symbol | rjdg | |
Amendment Flag | false | |
Entity Central Index Key | 1,498,210 | |
Current Fiscal Year End Date | --08-31 | |
Entity Common Stock, Shares Outstanding | 137,090,000 | |
Entity Public Float | $ 380,000 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | Yes | |
Entity Well-known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q1 |
RJD Green Inc. - Consolidated B
RJD Green Inc. - Consolidated Balance Sheets - USD ($) | Nov. 30, 2014 | Aug. 31, 2014 |
Stockholders' equity | ||
Accumulated deficit | $ (1,800,985) | |
Unaudited | ||
Current assets | ||
Cash | 33,293 | |
Accounts receivable | 290,245 | |
Inventory | 212,237 | |
Due from related party | 36,250 | |
Total Current Assets | 572,025 | |
Deposits | 28,879 | |
Property and Equipment | 2,088 | |
Total assets | 602,992 | |
Current liabilities | ||
Accounts payable | 807,277 | |
Accrued liabilities | 306,230 | |
Due to related party | 30,000 | |
Contingently convertible debt | 133,006 | |
Current portion of long-term debt | 61,111 | |
Total Current Liablities | 1,337,624 | |
Long-term debt | 160,040 | |
Total Liabilities | 1,497,664 | |
Stockholders' equity | ||
Common stock, 750,000,000 shares authorized, with a par value of $0.001; 137,090,000 shares issued and outstanding (August 31, 2014 - 167,090,000) | 137,090 | |
Donated capital | 3,800 | |
Additional paid-in capital | 735,423 | |
Accumulated deficit | (1,800,985) | |
RJD Stockholders' Deficiency | (924,672) | |
Non-controlling interest | 30,000 | |
Total stockholders' equity | (894,672) | |
Total liabilities and stockholders' equity | $ 602,992 | |
Audited | ||
Current assets | ||
Cash | $ 16,906 | |
Accounts receivable | 247,192 | |
Inventory | 131,853 | |
Due from related party | 36,250 | |
Total Current Assets | 432,201 | |
Deposits | 28,879 | |
Property and Equipment | 619 | |
Total assets | 461,699 | |
Current liabilities | ||
Accounts payable | 797,118 | |
Accrued liabilities | 304,287 | |
Due to related party | 30,000 | |
Contingently convertible debt | 143,589 | |
Current portion of long-term debt | 61,111 | |
Total Current Liablities | 1,336,105 | |
Long-term debt | 174,797 | |
Total Liabilities | 1,510,902 | |
Stockholders' equity | ||
Common stock, 750,000,000 shares authorized, with a par value of $0.001; 137,090,000 shares issued and outstanding (August 31, 2014 - 167,090,000) | 167,090 | |
Donated capital | 0 | |
Additional paid-in capital | 700,891 | |
Accumulated deficit | (1,917,184) | |
RJD Stockholders' Deficiency | (1,049,203) | |
Non-controlling interest | 0 | |
Total stockholders' equity | (1,049,203) | |
Total liabilities and stockholders' equity | $ 461,699 |
RJD Green, Inc. - Consolidated
RJD Green, Inc. - Consolidated Balance Sheets (Parentheticals)(USD $) - $ / shares | Nov. 30, 2014 | Aug. 31, 2014 |
Statement of Financial Position | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 750,000,000 | 750,000,000 |
Common stock, shares issued | 137,090,000 | 167,090,000 |
Common stock, shares outstanding | 137,090,000 | 167,090,000 |
RJD Green Inc. - Consolidated S
RJD Green Inc. - Consolidated Statement of Operations - USD ($) | 3 Months Ended | |
Nov. 30, 2014 | Nov. 30, 2013 | |
Income Statement | ||
Revenue | $ 803,216 | $ 651,220 |
Cost of Sales | 446,849 | 487,738 |
Gross Profit | 356,367 | 163,482 |
Operating Expenses: | ||
Bank charges and interest | 7,747 | 5,701 |
Consulting fees | 9,690 | 24,200 |
General and administrative | 5,324 | 5,896 |
Insurance | 11,786 | 10,947 |
Interest on long-term debt | 4,152 | 3,009 |
Maintenance and repairs (recovery) | (1,205) | 2,233 |
Management fees | 18,000 | 18,002 |
Meals and entertainment | 545 | 477 |
Other expenses | 74 | 13,183 |
Payroll and payroll taxes | 90,579 | 79,488 |
Professional fees | 4,263 | 1,774 |
Property taxes | 3,129 | 9,376 |
Rent | 38,779 | 72,568 |
Utilities | 13,597 | 12,131 |
Vehicle | 3,708 | 2,503 |
Total Operating Expenses: | 210,168 | 261,488 |
Net income (loss) for the period | 146,199 | (98,006) |
Net loss and comprehensive income (loss) attributed to: | ||
RJD Stockholders | 116,199 | (98,006) |
Non-Controlling Interest | $ 30,000 | $ 0 |
Net Income (Loss) Per Share - Basic and Diluted | $ 0 | $ 0 |
Weighted Average Number of Shares Outstanding | 150,848,242 | 129,090,000 |
RJD Green Inc. - Consolidated 5
RJD Green Inc. - Consolidated Statement of Cash Flows - USD ($) | 3 Months Ended | |
Nov. 30, 2014 | Nov. 30, 2013 | |
Cash flows from operating activities | ||
Net income (loss) for the period | $ 146,199 | $ (98,006) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Amortization | 31 | 0 |
Donated capital | 3,800 | 0 |
Changes in operating assets and liabilities | ||
Accounts receivable | (43,053) | 1,438 |
Inventory | (80,384) | (71,084) |
Accounts payable and accrued liabilities | 16,624 | 98,000 |
Net Cash Provided By (Used In) Operating Activities | 43,217 | (69,652) |
Cash flows from investing activities | ||
Purchases of property and equipment | (1,500) | 0 |
Net Cash Provided By (Used In) Investing Activities | (1,500) | 0 |
Cash flows from financing activities | ||
Repayment of contingently convertible debt | (10,573) | 0 |
Repayment of long-term debt | (14,757) | 0 |
Proceeds from issuance of long-term debt | 0 | 56,403 |
Net Cash Provided By (Used In) Financing Activities | (25,330) | 56,403 |
Increase (Decrease) in Cash | 16,387 | (12,949) |
Cash - Beginning of Period | 16,906 | 12,949 |
Cash - End of Period | 33,293 | 0 |
Supplemental disclosure | ||
Interest paid | 4,152 | 3,410 |
Income taxes paid | $ 0 | $ 0 |
1. Nature of Operations and Goi
1. Nature of Operations and Going Concern | 3 Months Ended |
Nov. 30, 2014 | |
Notes | |
1. Nature of Operations and Going Concern | 1. NATURE OF OPERATIONS AND GOING CONCERN RJD Green Inc. (the Company) was incorporated under the laws of the State of Nevada on September 10, 2009. On May 21, 2013, the Company entered into a definitive agreement with Silex Holdings, Inc. (Silex). Pursuant to the agreement, and subsequent amendment on November 1, 2013, the Company was to purchase 80% of the outstanding securities of Silex in exchange for 129,090,000 common shares of the Company and the retirement of 387,500,000 shares of the Company. The shares of the Company were issued to the stockholders of Silex and retired respectively during the year ended August 31, 2014 in anticipation of the completion of the agreement. On October 1, 2014, the Company and Silex agreed to waive certain conditions precedent and the agreement closed accordingly. Silex was incorporated as Silex Interiors, Inc. in the State of Oklahoma, USA on February 15, 2006. The name was subsequently amended on June 27, 2012 to Silex Holdings, Inc. The Company For accounting purposes, the transaction has been accounted for as a recapitalization, rather than a business combination. Accordingly, for accounting purposes Silex is considered the acquirer and surviving entity in the recapitalization and the Company is considered the acquiree. The accompanying historical consolidated financial statements prior to the transaction are those of Silex and its wholly-owned subsidiary, Silex Interiors 2 LLC The consolidated financial statements present the previously issued shares of the Companys common stock as having been issued pursuant to the transaction on October 1, 2014, with the consideration received for such issuance being the estimated fair value of the Companys net tangible assets as follows: Consideration $4,522 Estimated fair value of net tangible assets: Cash 10,141 Accounts payable (5,269) 4,522 The shares of common stock of the Company issued to Silexs stockholders under the agreement are presented as having been outstanding since the original issuance of the shares. The adjustment to the common stock has been retroactively applied to all share, weighted average share, and loss per share disclosures. These consolidated financial statements have been prepared on a going concern basis, which implies the Company will continue to realize its assets and discharge its liabilities in the normal course of business. While the Company has generated revenue since inception, it has never paid any dividends and is unlikely to pay dividends or generate significant earnings in the immediate or foreseeable future. The continuation of the Company as a going concern is dependent upon the ability of the Company to obtain necessary equity financing to continue operations, and the attainment of profitable operations. As at November 30, 2014, the Company has a working capital deficiency of $(765,599) and has accumulated losses of $(1,800,985) since inception. These factors raise substantial doubt regarding the Companys ability to continue as a going concern. These consolidated financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. Management plans to obtain funding from its stockholders and other qualified investors to pursue its business plan upon the successful completion of an anticipated S-1 filing. These funds may be raised through equity financing, debt financing, or other sources, which may result in further dilution in the equity ownership of the Companys shares. No assurance can be given that additional financing will be available, or that it can be obtained on terms acceptable to the Company and its stockholders. |
2. Summary of Significant Accou
2. Summary of Significant Accounting Policies | 3 Months Ended |
Nov. 30, 2014 | |
Notes | |
2. Summary of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation These consolidated financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States, and are expressed in US dollars. These consolidated financial statements include the accounts of the Company, its 80% owned subsidiary, Silex Holdings, Inc. and the Companys 80% indirectly owned subsidiary, Silex Interiors 2 LLC. All intercompany transactions and balances have been eliminated. The Companys year-end is August 31. These interim unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Securities and Exchange Commission (SEC) Form 10-Q. They do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. Therefore, these interim financial statements should be read in conjunction with the Silexs audited financial statements and notes thereto for the year ended August 31, 2014, included in the Companys Form 8-K/A filed on January 6, 2016 with the SEC. The financial statements included herein are unaudited; however, they contain all normal recurring accruals and adjustments that, in the opinion of management, are necessary to present fairly the Companys financial position at November 30, 2014, and the results of its operations and cash flows for the three-month periods ended November 30, 2014 and 2013. The results of operations for the period ended November 30, 2014 are not necessarily indicative of the results to be expected for future quarters or the full year. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to long-lived assets, stock-based compensation, allowances for doubtful accounts, inventory reserves, and deferred income tax asset valuations. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. Cash Equivalents Cash equivalents are represented by operating accounts or money market accounts maintained with insured financial institutions. The Company also considers all highly liquid short-term debt instruments with a maturity of three months or less when purchased to be cash equivalents. Accounts Receivable Accounts receivable consist of the unpaid balances due to the Company from its customers. At November 30, 2014 and August 31, 2014, the Company has estimated that all amounts recorded are collectible and, thus has not provided an allowance for uncollectible amounts. Investments The Company determines the appropriate classification of its investments in equity securities at the time of purchase and reevaluates such determinations at each reporting date. Investments in entities in which the Companys ownership is greater than 20% and less than 50%, or which the Company does not control through majority ownership or means other than voting rights, are accounted for by the equity method and are included in long-term assets. The Company accounts for its marketable security investments as available for sale securities in accordance with Accounting Standards Codification (ASC) guidance on accounting for certain investments in debt and equity securities. The Company periodically evaluates whether declines in fair values of its investments below the Companys carrying value are other-than-temporary in accordance with ASC guidance. The Companys policy is to generally treat a decline in the investments quoted market value that has lasted continuously for more than six months as other-than-temporary decline in value. The Company also monitors its investments for events or changes in circumstances that have occurred that may have a significant adverse effect on the fair value of the investment and evaluates qualitative and quantitative factors regarding the severity and duration of the unrealized loss and the Companys ability to hold the investment until a forecasted recovery occurs to determine if the decline in value of an investment is other-than-temporary. Declines in fair value below the Companys carrying value deemed to be other-than-temporary are charged to earnings. Inventory Inventory is determined on an average cost basis and is stated at the lower of cost or market. Market is determined based on the net realizable value, with appropriate consideration given to obsolescence, excessive levels, deterioration and other factors. As at November 30, 2014 and August 31, 2014, inventory consisted of granite, quartz and other countertops, Property and Equipment Property and equipment is recorded at cost when acquired. Amortization is provided principally on the straight-line method over the estimated useful lives of the related assets, which is 3-7 years for equipment, furniture and fixtures, and vehicles. Leasehold improvements are being amortized over a five-year estimated useful life. Expenditures for maintenance and repairs are charged to expense as incurred, whereas expenditures for major renewals and betterments that extend the useful lives of property and equipment are capitalized. Long-Lived Assets In accordance with ASC 360, Property Plant and Equipment, the Company tests long-lived assets or asset groups for recoverability when events or changes in circumstances indicate that their carrying amount may not be recoverable. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed significantly before the end of its estimated useful life. Recoverability is assessed based on the carrying amount of the asset and the sum of the undiscounted cash flows expected to result from the use and the eventual disposal of the asset, as well as specific appraisal in certain instances. An impairment loss is recognized when the carrying amount is not recoverable and exceeds fair value. No impairment charges were incurred during the three-month periods ended November 30, 2014 and 2013. Revenue Recognition Revenue from the sales of products without an installation package is recognized when persuasive evidence of an arrangement exists, the product is delivered to the customer, the price is fixed or determinable, and collectability is reasonably assured. Revenue is recognized under these arrangements either at the time the customer picks up the products or the products are delivered to and accepted by the customer. Revenue from the sales of products that include an installation package is recognized when persuasive evidence of an arrangement exists, the product is delivered and services have been rendered to the customer, the price is fixed or determinable, and collectability is reasonably assured. Revenue is recognized under these arrangements upon the completion and customer acceptance of the installation. Advertising The Company expenses advertising costs as incurred. Such costs totaled approximately $Nil and $Nil for the three-month periods ended November 30, 2014 and 2013, respectively. Stock-Based Compensation The Company accounts for stock-based compensation in accordance with ASC 718, Compensation-Stock Compensation. ASC 718 requires companies to measure the cost of employee services received in exchange for an award of equity instruments, including stock options, based on the grant-date fair value of the award and to recognize it as compensation expense over the period the employee is required to provide service in exchange for the award, usually the vesting period. Income Taxes The Company accounts for income taxes utilizing ASC 740, Income Taxes, which requires the measurement of deferred tax assets for deductible temporary differences and operating loss carry-forwards and measurement of deferred tax liabilities for taxable temporary differences. Measurement of current and deferred tax liabilities and assets is based on provisions of enacted tax law. The effects of future changes in tax laws or rates are not included in the measurement. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. Basic and Diluted Net Income (Loss) Per Share The Company computes net income (loss) per share in accordance with ASC 260, Earnings per Share, which requires presentation of both basic and diluted earnings per share (EPS) on the face of the statement of operations and comprehensive loss. Basic EPS is computed by dividing net income (loss) available to common stockholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is antidilutive. As of November 30, 2014, the Company had no potentially dilutive securities outstanding, other than those potentially issued in conversions of contingently convertible debt (refer to Note 4). However, at November 30, 2014, the number of potentially dilutive shares relating to these financial instruments was indeterminable. Financial Instruments ASC 825, Financial Instruments, requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 825 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instruments categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 825 prioritizes the inputs into three levels that may be used to measure fair value: Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. The Companys financial instruments consist principally of cash, accounts receivable, due from related party, accounts payable, due to related party, contingently convertible debt and long-term debt. Pursuant to ASC 825, the fair value of cash is determined based on Level 1 inputs, which consist of quoted prices in active markets for identical assets. The carrying amount of cash is equal to its fair value. The carrying amounts of accounts receivable, due from related party, accounts payable and due to related party approximates fair values due to the short-term maturity of these instruments. The carrying values of the Companys contingently convertible debt and long-term debt approximates their fair values based on market rates available for similar debt. Assets and liabilities measured at fair value on a recurring basis were presented on the Companys consolidated balance sheet as of November 30, 2014 as follows: Fair Value Measurements Using Quoted Prices in Significant Active Markets Other Significant For Identical Observable Unobservable Balance Instruments Inputs Inputs November 30, (Level 1) $ (Level 2) $ (Level 3) $ 2014 $ Assets: Cash 33,293 33,293 Recently Adopted Accounting Standards In July 2013, ASC guidance was issued related to the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss or a tax credit carryforward exists. The updated guidance requires an entity to net its unrecognized tax benefits against the deferred tax assets for all same jurisdiction net operating loss carryforward, a similar tax loss, or tax credit carryforwards. A gross presentation will be required only if such carryforwards are not available or would not be used by the entity to settle any additional income taxes resulting from disallowance of the uncertain tax position. The update is effective prospectively for the Companys fiscal year beginning September 1, 2014. The adoption of the pronouncement did not have a material effect on the Companys consolidated financial statements. In March 2013, the FASB issued ASU No. 2013-05, Foreign Currency Matters (Topic 830), to clarify the treatment of cumulative translation adjustments when a parent sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a business within a foreign entity. The updated guidance also resolves the diversity in practice for the treatment of business combinations achieved in stages in a foreign entity. The update is effective prospectively for the Companys fiscal year beginning September 1, 2014. The adoption of the pronouncement did not have a material effect on the Companys consolidated financial statements. In April 2014, the FASB issued ASU No. 2014-08, Discontinued Operations (Topic 205 and 360), which changed the criteria for determining which disposals can be presented as discontinued operations and modified related disclosure requirements. The updated guidance requires an entity to only classify discontinued operations due to a major strategic shift or a major effect on an entitys operations in the financial statements. The updated guidance will also require additional disclosures relating to discontinued operations. The update is effective prospectively for the Companys fiscal year beginning September 1, 2014. The adoption of the pronouncement did not have a material effect on the Companys consolidated financial statements. Recently Issued Accounting Standards In June 2014, ASU guidance was issued to resolve the diversity of practice relating to the accounting for stock-based performance awards for which the performance target could be achieved after the employee completes the required service period. The update is effective prospectively or retrospectively for annual reporting periods beginning December 15, 2015. The adoption of the pronouncement is not expected to have a material effect on the Companys consolidated financial statements. In May 2014, ASU guidance was issued related to revenue from contracts with customers. The new standard provides a five-step approach to be applied to all contracts with customers and also requires expanded disclosures about revenue recognition. The ASU is effective for annual reporting periods beginning after December 15, 2016, including interim periods and is to be retrospectively applied. Early adoption is not permitted. The Company has not yet determined whether the adoption of this ASU will have any impact on the Companys consolidated financial statements. In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entitys Ability to Continue as a Going Concern (ASU 2014-15). ASU 2014-15 is intended to define managements responsibility to evaluate whether there is substantial doubt about an organizations ability to continue as a going concern and to provide related footnote disclosure. This ASU provides guidance to an organizations management, with principles and definitions that are intended to reduce diversity in the timing and content of disclosures that are commonly provided by organizations today in the financial statement footnotes. The amendments are effective for annual periods ending after December 15, 2016, and interim periods within annual periods beginning after December 15, 2016. Early adoption is permitted for annual or interim reporting periods for which the financial statements have not previously been issued. The Company is evaluating the impact the revised guidance will have on its consolidated financial statements. |
3. Property and Equipment
3. Property and Equipment | 3 Months Ended |
Nov. 30, 2014 | |
Notes | |
3. Property and Equipment | 3. PROPERTY AND EQUIPMENT Property and equipment consists of the following: As at November 30, 2014 As at August 31, 2014 Cost $ Accumulated Amortization $ Net Book Value $ Cost $ Accumulated Amortization $ Net Book Value $ Vehicles 6,501 5,032 1,469 6,501 6,501 0 Equipment 56,253 55,634 619 54,753 54,134 619 Leasehold improvements 1,748 1,748 0 1,748 1,748 0 Furniture and fixtures 27,287 27,287 0 27,287 27,287 0 Total Property and Equipment 91,789 89,701 2,088 90,289 89,670 619 |
4. Contingently Convertible Deb
4. Contingently Convertible Debt | 3 Months Ended |
Nov. 30, 2014 | |
Notes | |
4. Contingently Convertible Debt | 4. CONTINGENTLY CONVERTIBLE DEBT November 30, 2014 August 31, 2014 Amount due to Equitas Group LLC, bearing interest at 18% per annum, secured by 30,000,000 shares of the Companys common stock, matures in July 2016; convertible into shares of the Companys common stock at a conversion price equal to 50% of the lowest trading price during the 10 trading days prior to the date of the conversion notice, contingent upon the Company becoming publicly traded. 89,606 100,189 Promissory note bearing interest at 10% per annum, unsecured, maturing in August 2016; convertible into shares of the Companys common stock at a conversion price equal to 85% of the 28-day mean trading price prior to the date of the conversion notice, contingent upon the Company becoming publicly traded. 43,400 43,400 Total Contingently Convertible Debt $ 133,006 $ 143,589 |
5. Long-term Debt
5. Long-term Debt | 3 Months Ended |
Nov. 30, 2014 | |
Notes | |
5. Long-term Debt | 5. LONG-TERM DEBT November 30, 2014 August 31, 2014 Loan payable to Borrego Springs Bank, National Association, bearing interest at prime plus 4.5% per annum, blended monthly payments of principal and interest of $755, unsecured, matures in October 2017. $ 25,364 $ 26,794 Note payable to The First National Bank and Trust Company of Broken Arrow, bearing interest at prime plus 2% per annum, monthly principal payments of $527, secured by two fork lifts and a grinder, matures in November 2016. 12,030 13,851 Note payable to Central Bank of Oklahoma (formerly ONB Bank), bearing interest at the higher of prime plus 2% and 6% per annum, blended monthly payments of principal and interest of $4,814, matures in May 2018, secured by certain property and equipment and accounts receivable. 183,757 195,263 Total 221,151 235,908 Less estimated current portion of long-term debt 61,111 61,111 Non-current portion of long-term debt $ 160,040 $ 174,797 |
6. Related Party Transactions a
6. Related Party Transactions and Balances | 3 Months Ended |
Nov. 30, 2014 | |
Notes | |
6. Related Party Transactions and Balances | 6. RELATED PARTY TRANSACTIONS AND BALANCES (a) As at November 30, 2014, the Company was owed $36,250 (August 31, 2014 - $36,250) from a company controlled by a director in common which has been included in due from related party. The amount is unsecured, non-interest bearing and is due on demand. (b) As at November 30, 2014, the Company owed $30,000 (August 31, 2014 - $30,000) to a company controlled by directors in common. The amount is non-interest bearing and has no fixed terms of repayment. (c) During the three-month period ended November 30, 2014, the Company incurred consulting fees to a director of the Company in the amount of $18,000 (2013 - $18,000). As at November 30, 2014, consulting fees payable to the director of $173,800 (August 31, 2014 - $102,000) have been included in accounts payable. (d) During the three-month period ended November 30, 2014, the Company incurred consulting fees to a company controlled by a director in common with the Company in the amount of $0 (2013 - $39,600). As at November 30, 2014, consulting fees payable to the director of $39,600 (August 31, 2014 - $39,600) have been included in accounts payable. (e) During the three-month period ended November 30, 2014, the Company incurred consulting fees to a company controlled by a director in common with the Company in the amount of $0 (2013 - $27,000) and rent expense in the amount of $0 (2013 $6,300). As at November 30, 2014, consulting fees payable to the company controlled by the director of $9,410 (August 31, 2014 - $Nil) have been included in accounts payable. (f) During the three-month period ended November 30, 2014, the Company incurred professional fees to a company controlled by a director in common with the Company in the amount of $0 (2013 - $43,800). As at November 30, 2014, professional fees payable to the director of $43,800 (August 31, 2014 - $43,800) have been included in accounts payable. The transactions were recorded at their exchange amounts, being the amounts agreed upon by the related parties. |
7. Common Stock
7. Common Stock | 3 Months Ended |
Nov. 30, 2014 | |
Notes | |
7. Common Stock | 7. COMMON STOCK The Company is authorized to issue 750,000,000 shares of common stock with a par value of $0.001 per share. All shares have equal voting rights, are non-assessable and have one vote per share. Voting rights are not cumulative and, therefore, the holders of more than 50% of the common stock could, if they choose to do so, elect all of the directors of the Company. On November 20, 2014, Equitas Resources LLC returned, and the Company cancelled, 30,000,000 shares of common stock in treasury that had been previously issued to Equitas Resources, LLC as part of the share purchase agreement for Silex Holdings Inc. (Note 1). As of November 30, 2014, the Company had 137,090,000 common shares issued and outstanding. There were no common shares issued during the three months ended November 30, 2014. |
8. Commitments
8. Commitments | 3 Months Ended |
Nov. 30, 2014 | |
Notes | |
8. Commitments | 8. COMMITMENTS On November 2, 2010, the Company entered into a lease agreement for office and showroom space in Edmond, Oklahoma. The initial lease was for a three-year period, which began on December 1, 2010, and expired on November 30, 2013. The Company did not renew the lease and is currently paying on a month-to-month basis. On March 1, 2012, the Company entered into a lease agreement for office and showroom space in Tulsa, Oklahoma. The lease is began on March 1, 2012, and expires on April 30, 2015. Subsequent to that date, the Company has been paying on a month-to-month basis. Minimum lease payments up until April 30, 2015 are $15,264. |
2. Summary of Significant Acc14
2. Summary of Significant Accounting Policies: Basis of Presentation (Policies) | 3 Months Ended |
Nov. 30, 2014 | |
Policies | |
Basis of Presentation | Basis of Presentation These consolidated financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States, and are expressed in US dollars. These consolidated financial statements include the accounts of the Company, its 80% owned subsidiary, Silex Holdings, Inc. and the Companys 80% indirectly owned subsidiary, Silex Interiors 2 LLC. All intercompany transactions and balances have been eliminated. The Companys year-end is August 31. These interim unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Securities and Exchange Commission (SEC) Form 10-Q. They do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. Therefore, these interim financial statements should be read in conjunction with the Silexs audited financial statements and notes thereto for the year ended August 31, 2014, included in the Companys Form 8-K/A filed on January 6, 2016 with the SEC. The financial statements included herein are unaudited; however, they contain all normal recurring accruals and adjustments that, in the opinion of management, are necessary to present fairly the Companys financial position at November 30, 2014, and the results of its operations and cash flows for the three-month periods ended November 30, 2014 and 2013. The results of operations for the period ended November 30, 2014 are not necessarily indicative of the results to be expected for future quarters or the full year. |
2. Summary of Significant Acc15
2. Summary of Significant Accounting Policies: Use of Estimates (Policies) | 3 Months Ended |
Nov. 30, 2014 | |
Policies | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to long-lived assets, stock-based compensation, allowances for doubtful accounts, inventory reserves, and deferred income tax asset valuations. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. |
2. Summary of Significant Acc16
2. Summary of Significant Accounting Policies: Cash Equivalents (Policies) | 3 Months Ended |
Nov. 30, 2014 | |
Policies | |
Cash Equivalents | Cash Equivalents Cash equivalents are represented by operating accounts or money market accounts maintained with insured financial institutions. The Company also considers all highly liquid short-term debt instruments with a maturity of three months or less when purchased to be cash equivalents. |
2. Summary of Significant Acc17
2. Summary of Significant Accounting Policies: Accounts Receivable (Policies) | 3 Months Ended |
Nov. 30, 2014 | |
Policies | |
Accounts Receivable | Accounts Receivable Accounts receivable consist of the unpaid balances due to the Company from its customers. At November 30, 2014 and August 31, 2014, the Company has estimated that all amounts recorded are collectible and, thus has not provided an allowance for uncollectible amounts. |
2. Summary of Significant Acc18
2. Summary of Significant Accounting Policies: Investments (Policies) | 3 Months Ended |
Nov. 30, 2014 | |
Policies | |
Investments | Investments The Company determines the appropriate classification of its investments in equity securities at the time of purchase and reevaluates such determinations at each reporting date. Investments in entities in which the Companys ownership is greater than 20% and less than 50%, or which the Company does not control through majority ownership or means other than voting rights, are accounted for by the equity method and are included in long-term assets. The Company accounts for its marketable security investments as available for sale securities in accordance with Accounting Standards Codification (ASC) guidance on accounting for certain investments in debt and equity securities. The Company periodically evaluates whether declines in fair values of its investments below the Companys carrying value are other-than-temporary in accordance with ASC guidance. The Companys policy is to generally treat a decline in the investments quoted market value that has lasted continuously for more than six months as other-than-temporary decline in value. The Company also monitors its investments for events or changes in circumstances that have occurred that may have a significant adverse effect on the fair value of the investment and evaluates qualitative and quantitative factors regarding the severity and duration of the unrealized loss and the Companys ability to hold the investment until a forecasted recovery occurs to determine if the decline in value of an investment is other-than-temporary. Declines in fair value below the Companys carrying value deemed to be other-than-temporary are charged to earnings. |
2. Summary of Significant Acc19
2. Summary of Significant Accounting Policies: Inventory (Policies) | 3 Months Ended |
Nov. 30, 2014 | |
Policies | |
Inventory | Inventory Inventory is determined on an average cost basis and is stated at the lower of cost or market. Market is determined based on the net realizable value, with appropriate consideration given to obsolescence, excessive levels, deterioration and other factors. As at November 30, 2014 and August 31, 2014, inventory consisted of granite, quartz and other countertops, |
2. Summary of Significant Acc20
2. Summary of Significant Accounting Policies: Property and Equipment (Policies) | 3 Months Ended |
Nov. 30, 2014 | |
Policies | |
Property and Equipment | Property and Equipment Property and equipment is recorded at cost when acquired. Amortization is provided principally on the straight-line method over the estimated useful lives of the related assets, which is 3-7 years for equipment, furniture and fixtures, and vehicles. Leasehold improvements are being amortized over a five-year estimated useful life. Expenditures for maintenance and repairs are charged to expense as incurred, whereas expenditures for major renewals and betterments that extend the useful lives of property and equipment are capitalized. |
2. Summary of Significant Acc21
2. Summary of Significant Accounting Policies: Long-lived Assets (Policies) | 3 Months Ended |
Nov. 30, 2014 | |
Policies | |
Long-lived Assets | Long-Lived Assets In accordance with ASC 360, Property Plant and Equipment, the Company tests long-lived assets or asset groups for recoverability when events or changes in circumstances indicate that their carrying amount may not be recoverable. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed significantly before the end of its estimated useful life. Recoverability is assessed based on the carrying amount of the asset and the sum of the undiscounted cash flows expected to result from the use and the eventual disposal of the asset, as well as specific appraisal in certain instances. An impairment loss is recognized when the carrying amount is not recoverable and exceeds fair value. No impairment charges were incurred during the three-month periods ended November 30, 2014 and 2013. |
2. Summary of Significant Acc22
2. Summary of Significant Accounting Policies: Revenue Recognition (Policies) | 3 Months Ended |
Nov. 30, 2014 | |
Policies | |
Revenue Recognition | Revenue Recognition Revenue from the sales of products without an installation package is recognized when persuasive evidence of an arrangement exists, the product is delivered to the customer, the price is fixed or determinable, and collectability is reasonably assured. Revenue is recognized under these arrangements either at the time the customer picks up the products or the products are delivered to and accepted by the customer. Revenue from the sales of products that include an installation package is recognized when persuasive evidence of an arrangement exists, the product is delivered and services have been rendered to the customer, the price is fixed or determinable, and collectability is reasonably assured. Revenue is recognized under these arrangements upon the completion and customer acceptance of the installation. |
2. Summary of Significant Acc23
2. Summary of Significant Accounting Policies: Advertising (Policies) | 3 Months Ended |
Nov. 30, 2014 | |
Policies | |
Advertising | Advertising The Company expenses advertising costs as incurred. Such costs totaled approximately $Nil and $Nil for the three-month periods ended November 30, 2014 and 2013, respectively. |
2. Summary of Significant Acc24
2. Summary of Significant Accounting Policies: Stock-based Compensation (Policies) | 3 Months Ended |
Nov. 30, 2014 | |
Policies | |
Stock-based Compensation | Stock-Based Compensation The Company accounts for stock-based compensation in accordance with ASC 718, Compensation-Stock Compensation. ASC 718 requires companies to measure the cost of employee services received in exchange for an award of equity instruments, including stock options, based on the grant-date fair value of the award and to recognize it as compensation expense over the period the employee is required to provide service in exchange for the award, usually the vesting period. |
2. Summary of Significant Acc25
2. Summary of Significant Accounting Policies: Income Taxes (Policies) | 3 Months Ended |
Nov. 30, 2014 | |
Policies | |
Income Taxes | Income Taxes The Company accounts for income taxes utilizing ASC 740, Income Taxes, which requires the measurement of deferred tax assets for deductible temporary differences and operating loss carry-forwards and measurement of deferred tax liabilities for taxable temporary differences. Measurement of current and deferred tax liabilities and assets is based on provisions of enacted tax law. The effects of future changes in tax laws or rates are not included in the measurement. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. |
2. Summary of Significant Acc26
2. Summary of Significant Accounting Policies: Basic and Diluted Net Income (loss) Per Share (Policies) | 3 Months Ended |
Nov. 30, 2014 | |
Policies | |
Basic and Diluted Net Income (loss) Per Share | Basic and Diluted Net Income (Loss) Per Share The Company computes net income (loss) per share in accordance with ASC 260, Earnings per Share, which requires presentation of both basic and diluted earnings per share (EPS) on the face of the statement of operations and comprehensive loss. Basic EPS is computed by dividing net income (loss) available to common stockholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is antidilutive. As of November 30, 2014, the Company had no potentially dilutive securities outstanding, other than those potentially issued in conversions of contingently convertible debt (refer to Note 4). However, at November 30, 2014, the number of potentially dilutive shares relating to these financial instruments was indeterminable. |
2. Summary of Significant Acc27
2. Summary of Significant Accounting Policies: Financial Instruments (Policies) | 3 Months Ended |
Nov. 30, 2014 | |
Policies | |
Financial Instruments | Financial Instruments ASC 825, Financial Instruments, requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 825 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instruments categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 825 prioritizes the inputs into three levels that may be used to measure fair value: Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. The Companys financial instruments consist principally of cash, accounts receivable, due from related party, accounts payable, due to related party, contingently convertible debt and long-term debt. Pursuant to ASC 825, the fair value of cash is determined based on Level 1 inputs, which consist of quoted prices in active markets for identical assets. The carrying amount of cash is equal to its fair value. The carrying amounts of accounts receivable, due from related party, accounts payable and due to related party approximates fair values due to the short-term maturity of these instruments. The carrying values of the Companys contingently convertible debt and long-term debt approximates their fair values based on market rates available for similar debt. Assets and liabilities measured at fair value on a recurring basis were presented on the Companys consolidated balance sheet as of November 30, 2014 as follows: Fair Value Measurements Using Quoted Prices in Significant Active Markets Other Significant For Identical Observable Unobservable Balance Instruments Inputs Inputs November 30, (Level 1) $ (Level 2) $ (Level 3) $ 2014 $ Assets: Cash 33,293 33,293 |
2. Summary of Significant Acc28
2. Summary of Significant Accounting Policies: Recently Adopted Accounting Standards (Policies) | 3 Months Ended |
Nov. 30, 2014 | |
Policies | |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards In July 2013, ASC guidance was issued related to the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss or a tax credit carryforward exists. The updated guidance requires an entity to net its unrecognized tax benefits against the deferred tax assets for all same jurisdiction net operating loss carryforward, a similar tax loss, or tax credit carryforwards. A gross presentation will be required only if such carryforwards are not available or would not be used by the entity to settle any additional income taxes resulting from disallowance of the uncertain tax position. The update is effective prospectively for the Companys fiscal year beginning September 1, 2014. The adoption of the pronouncement did not have a material effect on the Companys consolidated financial statements. In March 2013, the FASB issued ASU No. 2013-05, Foreign Currency Matters (Topic 830), to clarify the treatment of cumulative translation adjustments when a parent sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a business within a foreign entity. The updated guidance also resolves the diversity in practice for the treatment of business combinations achieved in stages in a foreign entity. The update is effective prospectively for the Companys fiscal year beginning September 1, 2014. The adoption of the pronouncement did not have a material effect on the Companys consolidated financial statements. In April 2014, the FASB issued ASU No. 2014-08, Discontinued Operations (Topic 205 and 360), which changed the criteria for determining which disposals can be presented as discontinued operations and modified related disclosure requirements. The updated guidance requires an entity to only classify discontinued operations due to a major strategic shift or a major effect on an entitys operations in the financial statements. The updated guidance will also require additional disclosures relating to discontinued operations. The update is effective prospectively for the Companys fiscal year beginning September 1, 2014. The adoption of the pronouncement did not have a material effect on the Companys consolidated financial statements. Recently Issued Accounting Standards In June 2014, ASU guidance was issued to resolve the diversity of practice relating to the accounting for stock-based performance awards for which the performance target could be achieved after the employee completes the required service period. The update is effective prospectively or retrospectively for annual reporting periods beginning December 15, 2015. The adoption of the pronouncement is not expected to have a material effect on the Companys consolidated financial statements. In May 2014, ASU guidance was issued related to revenue from contracts with customers. The new standard provides a five-step approach to be applied to all contracts with customers and also requires expanded disclosures about revenue recognition. The ASU is effective for annual reporting periods beginning after December 15, 2016, including interim periods and is to be retrospectively applied. Early adoption is not permitted. The Company has not yet determined whether the adoption of this ASU will have any impact on the Companys consolidated financial statements. In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entitys Ability to Continue as a Going Concern (ASU 2014-15). ASU 2014-15 is intended to define managements responsibility to evaluate whether there is substantial doubt about an organizations ability to continue as a going concern and to provide related footnote disclosure. This ASU provides guidance to an organizations management, with principles and definitions that are intended to reduce diversity in the timing and content of disclosures that are commonly provided by organizations today in the financial statement footnotes. The amendments are effective for annual periods ending after December 15, 2016, and interim periods within annual periods beginning after December 15, 2016. Early adoption is permitted for annual or interim reporting periods for which the financial statements have not previously been issued. The Company is evaluating the impact the revised guidance will have on its consolidated financial statements. |
2. Summary of Significant Acc29
2. Summary of Significant Accounting Policies: Financial Instruments: Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Tables) | 3 Months Ended |
Nov. 30, 2014 | |
Tables/Schedules | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | Fair Value Measurements Using Quoted Prices in Significant Active Markets Other Significant For Identical Observable Unobservable Balance Instruments Inputs Inputs November 30, (Level 1) $ (Level 2) $ (Level 3) $ 2014 $ Assets: Cash 33,293 33,293 |
3. Property and Equipment_ Sche
3. Property and Equipment: Schedule of property and equipment (Tables) | 3 Months Ended |
Nov. 30, 2014 | |
Tables/Schedules | |
Schedule of property and equipment | As at November 30, 2014 As at August 31, 2014 Cost $ Accumulated Amortization $ Net Book Value $ Cost $ Accumulated Amortization $ Net Book Value $ Vehicles 6,501 5,032 1,469 6,501 6,501 0 Equipment 56,253 55,634 619 54,753 54,134 619 Leasehold improvements 1,748 1,748 0 1,748 1,748 0 Furniture and fixtures 27,287 27,287 0 27,287 27,287 0 Total Property and Equipment 91,789 89,701 2,088 90,289 89,670 619 |
4. Contingently Convertible D31
4. Contingently Convertible Debt: Schedule of contingently convertible debt (Tables) | 3 Months Ended |
Nov. 30, 2014 | |
Tables/Schedules | |
Schedule of contingently convertible debt | November 30, 2014 August 31, 2014 Amount due to Equitas Group LLC, bearing interest at 18% per annum, secured by 30,000,000 shares of the Companys common stock, matures in July 2016; convertible into shares of the Companys common stock at a conversion price equal to 50% of the lowest trading price during the 10 trading days prior to the date of the conversion notice, contingent upon the Company becoming publicly traded. 89,606 100,189 Promissory note bearing interest at 10% per annum, unsecured, maturing in August 2016; convertible into shares of the Companys common stock at a conversion price equal to 85% of the 28-day mean trading price prior to the date of the conversion notice, contingent upon the Company becoming publicly traded. 43,400 43,400 Total Contingently Convertible Debt $ 133,006 $ 143,589 |
5. Long-term Debt_ Schedule of
5. Long-term Debt: Schedule of Maturities of Long-term Debt (Tables) | 3 Months Ended |
Nov. 30, 2014 | |
Tables/Schedules | |
Schedule of Maturities of Long-term Debt | November 30, 2014 August 31, 2014 Loan payable to Borrego Springs Bank, National Association, bearing interest at prime plus 4.5% per annum, blended monthly payments of principal and interest of $755, unsecured, matures in October 2017. $ 25,364 $ 26,794 Note payable to The First National Bank and Trust Company of Broken Arrow, bearing interest at prime plus 2% per annum, monthly principal payments of $527, secured by two fork lifts and a grinder, matures in November 2016. 12,030 13,851 Note payable to Central Bank of Oklahoma (formerly ONB Bank), bearing interest at the higher of prime plus 2% and 6% per annum, blended monthly payments of principal and interest of $4,814, matures in May 2018, secured by certain property and equipment and accounts receivable. 183,757 195,263 Total 221,151 235,908 Less estimated current portion of long-term debt 61,111 61,111 Non-current portion of long-term debt $ 160,040 $ 174,797 |
1. Nature of Operations and G33
1. Nature of Operations and Going Concern (Details) | Nov. 30, 2014USD ($) |
Details | |
Working capital deficiency | $ (765,599) |
Accumulated deficit | $ (1,800,985) |
4. Contingently Convertible D34
4. Contingently Convertible Debt: Schedule of contingently convertible debt (Details) - USD ($) | Nov. 30, 2014 | Aug. 31, 2014 |
Details | ||
Amount due on Equitas Group LLC convertible debt | $ 89,606 | $ 100,189 |
Promissory note convertible debt | 43,400 | 43,400 |
Total Contingently Convertible Debt | $ 133,006 | $ 143,589 |
5. Long-term Debt_ Schedule o35
5. Long-term Debt: Schedule of Maturities of Long-term Debt (Details) - USD ($) | Nov. 30, 2014 | Aug. 31, 2014 |
Details | ||
Borrego Springs Bank loan payable | $ 25,364 | $ 26,794 |
First National Bank and Trust Company loan payable | 12,030 | 13,851 |
Central Bank of Oklahoma loan payable | 183,757 | 195,263 |
Total long term debt | 221,151 | 235,908 |
Current long term debt | 61,111 | 61,111 |
Non-current long term debt | $ 160,040 | $ 174,797 |
6. Related Party Transactions36
6. Related Party Transactions and Balances (Details) - USD ($) | 3 Months Ended | ||
Nov. 30, 2014 | Nov. 30, 2013 | Aug. 31, 2014 | |
Details | |||
Due from Related Parties, Current | $ 36,250 | $ 36,250 | |
Due to Related Parties, Current | 30,000 | $ 30,000 | |
Consulting fees owed to a director | 18,000 | $ 18,000 | |
Consulting fees owed to a director owned company | 0 | 39,600 | |
Consulting fees to a company controlled by a director in common with the company | 0 | 27,000 | |
Rent expense owed to a director owned company | 0 | 6,300 | |
Professional fees to a company controlled by a director in common with the company | $ 0 | $ 43,800 |