Stockholders' Equity | 6 Months Ended |
Aug. 31, 2013 |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | Note 4 - Stockholders’ Equity |
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Authorizations and Designations |
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The Company is authorized to issue 190,000,000 shares of its $0.001 par value common stock and 10,000,000 shares of its $ 0.001 par value preferred stock. To date, no preferred stock has been issued. |
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Common Stock |
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During the three months ended May 31, 2013, 125,000 shares valued at $154,750 and during the three months ended August 31, 2013, 125,000 shares valued at $35,000 were earned by the Contract CTA are due to be transferred to the Contract CTA from the Company’s 2,000,000 shares held in treasury. Certificates for these shares have not yet been delivered. However, these shares are reflected as outstanding in the accompanying financial statements and notes herein. The shares were fully vested on the dates of transfer and stock compensation expense of $189,750 was recorded during the six months ended August 31, 2013. The compensation expense was determined based on the estimated fair value of the common stock which was deemed to be on the date of such transfers were earned and due. On October 1, 2013, the value of the 125,000 shares earned by the Contract CTA and due to be transferred to the Contract CTA was valued at $88,750. |
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Contributed Services |
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During the period from Inception to August 31, 2013, services were provided by Safa Movassaghi and Scott Gerardi. From June through November 2012, Safa Movassaghi waived his salary during the commencement of operations, valued at $7,500 per month, plus accrued taxes. These unpaid services are considered contributed service to the Company. The fair value of contributed services were based on negotiated monthly salary and has been recognized in the statement of stockholders’ equity as contributed services, and the accompanying statements of operations as general and administrative expenses. Total salaries and accrued taxes waived during the three and six months ended August 31, 2013, and since Inception to August 31, 2013 were $0, $0 and $73,750, respectively. |
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During the three months ended May 31, 2013, accrued salaries of $12,000, plus accrued taxes of $1,200 for Scott Gerardi pursuant to his employment contract were waived by his consent and board resolution in May 2013. Scott Gerardi’s employment agreement ended May 31, 2013 and was not renewed. Contributed services totaling $0, $13,200, and $52,800 for the three and six months ended August 31, 2013, and since Inception to August 31, 2013, respectively, have been recognized in the statements of stockholders’ equity as contributed services, and the accompanying statements of operations as general and administrative expense. |
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Walter Grieves and Leeward Ventures have agreed to privately pay the contributed services discussed above. |
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Contributed Capital |
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During the three months ended August 31, 2013, Leeward Ventures contributed $62,000 to the Company for 620,000 shares at $0.10 per share under a $500,000 subscription agreement to purchase 5,000,000 shares from an existing shareholder. As a result, no new shares were or will be issued by the Company. Under the agreement, $108,746 is remaining to be funded. If there is an unfunded amount under the agreement, any shares held related to such will be returned to the Company. |