Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Mar. 31, 2014 | 14-May-14 | |
Document And Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'INFINITY REAL ESTATE HOLDINGS Corp | ' |
Entity Central Index Key | '0001534628 | ' |
Current Fiscal Year End Date | '--09-30 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 52,800,000 |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
CONDENSED_BALANCE_SHEETS
CONDENSED BALANCE SHEETS (USD $) | Mar. 31, 2014 | Sep. 30, 2013 |
CURRENT ASSETS: | ' | ' |
Cash | ' | ' |
TOTAL ASSETS | ' | ' |
CURRENT LIABILITIES: | ' | ' |
Accrued expenses | 1,250 | ' |
TOTAL LIABILITIES | 1,250 | ' |
STOCKHOLDERS' DEFICIT: | ' | ' |
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; none issued or outstanding | ' | ' |
Common stock, $0.0001 par value; 200,000,000 shares authorized; 52,800,000 and 26,350,000 shares issued and outstanding as of March 31, 2014 and September 30, 2013 | 5,280 | 2,635 |
Additional paid-in capital | 6,478 | 9,113 |
Deficit accumulated during the development stage | -13,008 | -11,748 |
TOTAL STOCKHOLDERS' DEFICIT | -1,250 | ' |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | ' | ' |
CONDENSED_BALANCE_SHEETS_Paren
CONDENSED BALANCE SHEETS (Parentheticals) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | ' | ' |
Preferred stock, shares outstanding | ' | ' |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 52,800,000 | 26,350,000 |
Common stock, shares outstanding | 52,800,000 | 26,350,000 |
CONDENSED_STATEMENTS_OF_OPERAT
CONDENSED STATEMENTS OF OPERATIONS (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | 29 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | |
Income Statement [Abstract] | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' |
Operating expenses | ' | ' | ' | ' | ' |
General and administrative | 1,260 | 40 | 1,260 | 6,644 | 13,008 |
Operating loss | 1,260 | 40 | 1,260 | 6,644 | 13,008 |
Net loss | ($1,260) | ($40) | ($1,260) | ($6,644) | ($13,008) |
Basic and diluted net loss per share (in dollars per share) | $0 | $0 | $0 | $0 | ' |
Shares used in basic and diluted net loss per share calculation (in shares) | 52,800,000 | 26,350,000 | 52,800,000 | 26,350,000 | ' |
CONDENSED_STATEMENTS_OF_CASH_F
CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 6 Months Ended | 29 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | |
OPERATING ACTIVITIES: | ' | ' | ' |
Net loss | ($1,260) | ($6,644) | ($13,008) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' | ' |
Stock-based compensation | 10 | ' | 10 |
Changes in operating assets and liabilities: | ' | ' | ' |
Accrued expenses | 1,250 | ' | 1,250 |
Net cash used in operating activities | ' | -6,644 | -11,748 |
FINANCING ACTIVITIES: | ' | ' | ' |
Proceeds from the issuance of common stock | ' | ' | 4,335 |
Shareholder advances | ' | 6,548 | 7,413 |
Change in bank overdraft | ' | 40 | ' |
Net cash provided by financing activities | ' | 6,588 | 11,748 |
Net increase (decrease) in cash | ' | -56 | ' |
Cash at beginning of period | ' | 56 | ' |
Cash at end of period | ' | ' | ' |
ORGANIZATION_AND_SUMMARY_OF_SI
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended | ||
Mar. 31, 2014 | |||
Organization And Summary Of Significant Accounting Policies [Abstract] | ' | ||
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | ||
NOTE 1 | - | ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: | |
(a) | Organization and Business: | ||
Infinity Real Estate Holdings Corporation (formally known as Accelerated Acquisitions XVI, Inc.) (the "Company") was incorporated in the state of Delaware on October 21, 2011 for the purpose of raising capital that is intended to be used in connection with its business plan which may include a possible merger, acquisition or other business combination with an operating business. | |||
On July 23, 2012, Sole Comfort Shoes, Inc. ("Purchaser") agreed to acquire 23,350,000 shares of the Company's common stock par value $0.0001 for a price of $0.0001 per share. At the same time, Accelerated Venture Partners, LLC agreed to tender 3,500,000 of their 5,000,000 shares of the Company's common stock par value $0.0001 for cancellation. Following these transactions, Sole Comfort Shoes, Inc. owned approximately 94% of the Company's 24,850,000 issued and outstanding shares of common stock par value $0.0001 and the interest of Accelerated Venture Partners, LLC was reduced to approximately 6% of the total issued and outstanding shares. Simultaneously with the share purchase, Timothy Neher resigned from the Company's Board of Directors and Onkar Dhaliwal was simultaneously appointed to the Company's Board of Directors. Such action represents a change of control of the Company. The Purchaser used their working capital to acquire the Shares. The Purchaser did not borrow any funds to acquire the Shares. | |||
On September 3, 2013, pursuant to Article V, Section 5.3 of the Company's by-laws the Board of Directors authorized Sole Comfort Shoes, Inc. the Company's majority stockholder to transfer 23,350,000 shares (100% of its holdings) of the Company's common stock having a ($0.0001) par value to Infinity Financial Group, Inc. Following the transaction, Infinity Financial Group, Inc. owns approximately 88.61% of the Company's 26,350,000 issued and outstanding shares of common stock have a ($0.0001) par value Simultaneously with the share transfer, Onkar Dhaliwal resigned as the Company's Chairman of the Board, President, Chief Executive Officer, Secretary and Treasurer and David Lavoie was simultaneously appointed to be Company's Chairman of the Board, President, Chief Executive Officer, Secretary and Treasurer. Such action represents a change of control of the Company. Concurrent with the transfer of the shares, the Company filed a Certificate of Amendment to its Certificate of Incorporation with the Secretary of State of Delaware in order to change its name to "Infinity Real Estate Holdings Corporation". | |||
On September 3, 2013, a meeting of the shareholders holding a majority of voting shares consented in writing in lieu of a shareholder meeting as provided for under Article I, Section 1.1 of the By-laws, and approved the amendment of its articles of incorporation authorizing the name of the Corporation to be changed from "Accelerated Acquisition XVI, Inc." to "Infinity Real Estate Corporation" and further approved the increase of authorized common stock to 200,000,000 shares having a ($0.0001) par value and 10,000,000 shares of preferred stock having a ($0.0001) par value, and further approved an amendment setting forth the name and address of the appointed director of the corporation to David Lavoie. The amendment was duly adopted in accordance with the provisions of Section 242 of the General Corporation Law of the State of Delaware. | |||
On March 1, 2014, Infinity Real Estate Holdings Corporation, entered into a five year Executive Employment Agreement with its Chief Executive Officer David Lavoie. Pursuant to the agreement, Mr. Lavoie shall be responsible for performing the duties and responsibilities of Chief Executive Officer. The Executive agrees that the Executive's position title, assignments, duties, responsibilities, and reporting arrangements may be changed from time to time, with reasonable notice, by the Company, at its sole discretion. Subject to the terms and conditions of the Agreement, the Company shall pay the Executive an annual gross base salary of $240,000.00 USD. The Executive's salary shall be reviewed annually by the Board of Directors of the Company. The Salary will be paid in accordance with the Company's payroll policies and procedures and is subject to all appropriate traditional and normal statutory and benefit deductions. The Executive shall be entitled to participate in an Incentive Compensation Plan in accordance with the terms and conditions of the Company's Incentive Compensation Plan, as amended from time to time and as outlined in the Company's Employment Policies and Procedures. | |||
On March 1, 2014, Infinity Real Estate Holdings Corporation, entered into a five year Executive Employment Agreement with its President Frederick E. Apple, Jr. Pursuant to the agreement, Mr. Apple shall be responsible for performing the duties and responsibilities of President. The Executive agrees that the Executive's position title, assignments, duties, responsibilities, and reporting arrangements may be changed from time to time, with reasonable notice, by the Company, at its sole discretion. Subject to the terms and conditions of the Agreement, the Company shall pay the Executive an annual gross base salary of $180,000.00 USD. The Executive's salary shall be reviewed annually by the Board of Directors of the Company. The Salary will be paid in accordance with the Company's payroll policies and procedures and is subject to all appropriate traditional and normal statutory and benefit deductions. The Executive shall be entitled to participate in an Incentive Compensation Plan in accordance with the terms and conditions of the Company's Incentive Compensation Plan, as amended from time to time and as outlined in the Company's Employment Policies and Procedures. | |||
On March 1, 2014, Infinity Real Estate Holdings Corporation, entered into a five year Executive Employment Agreement with its Chief Operations Officer Thomas Howell. Pursuant to the agreement, Mr. Howell shall be responsible for performing the duties and responsibilities of Chief Operations Officer. The Executive agrees that the Executive's position title, assignments, duties, responsibilities, and reporting arrangements may be changed from time to time, with reasonable notice, by the Company, at its sole discretion. Subject to the terms and conditions of the Agreement, the Company shall pay the Executive an annual gross base salary of $180,000.00 USD. The Executive's salary shall be reviewed annually by the Board of Directors of the Company. The Salary will be paid in accordance with the Company's payroll policies and procedures and is subject to all appropriate traditional and normal statutory and benefit deductions. The Executive shall be entitled to participate in an Incentive Compensation Plan in accordance with the terms and conditions of the Company's Incentive Compensation Plan, as amended from time to time and as outlined in the Company's Employment Policies and Procedures. | |||
On March 4, 2014 Rising Tide Holdings, LLC ("Purchaser") agreed to acquire 23,350,000 shares of the Company's common stock par value $0.0001 for a price of $0.0001 per share. Following this transaction, Rising Tide Holdings, LLC owned approximately 44.30% of the Company's 52,700,000 issued and outstanding shares of common stock par value $0.0001. Simultaneously with the share purchase, David Lavoie resigned as the Company's President and Frederick E. Apple, Jr. was simultaneously appointed as President and to the Company's Board of Directors, furthermore, Thomas Howell was simultaneously appointed as Chief Operations Officer and to the Company's Board of Directors. The Purchaser used their working capital to acquire the Shares. The Purchaser did not borrow any funds to acquire the Shares. | |||
Prior to the purchase of the shares, the Purchaser was not affiliated with the Company. However, the Purchaser will be deemed an affiliate of the Company after the share purchase as a result of their stock ownership interest in the Company. The purchase of the shares by the Purchaser was completed pursuant to written Subscription Agreements with the Company. The purchase was not subject to any other terms and conditions other than the sale of the shares in exchange for the cash payment. | |||
On March 4, 2014 Accelerated Venture Partners, LLC. an affiliate of the Company agreed to acquire 3,000,000 shares of the Company's common stock par value $0.0001 for a price of $0.0001 per share. The Company was granted a repurchase option for 1,500,000 of the shares at a price of $0.0001 per share in the event the Company fails to complete funding as detailed in the Consulting Services Agreement entered into Accelerated Venture Partners, LLC on July 23, 2012. Following these transactions and current holdings, Accelerated Venture Partners, LLC owned approximately 11.38% of the Company's 52,700,000 issued and outstanding shares of common stock par value $0.0001. | |||
On March 13, 2014, Infinity Real Estate Holdings Corporation, entered into a five year Executive Employment Agreement with Trevor Erridge. Pursuant to the agreement, Mr. Erridge shall be responsible for performing the duties and responsibilities of Chief Financial Officer, Principal Accounting Officer and Treasurer. The Executive agrees that the Executive's position title, assignments, duties, responsibilities, and reporting arrangements may be changed from time to time, with reasonable notice, by the Company, at its sole discretion. Subject to the terms and conditions of the Agreement, the Company shall pay the Executive an annual gross base salary of $240,000.00 USD and was granted 100,000 shares of common stock at a price of .0001per share, the shares are restricted from resale for twelve months. The Executive's salary shall be reviewed annually by the Board of Directors of the Company. The Salary will be paid in accordance with the Company's payroll policies and procedures and is subject to all appropriate traditional and normal statutory and benefit deductions. The Executive shall be entitled to participate in an Incentive Compensation Plan in accordance with the terms and conditions of the Company's Incentive Compensation Plan, as amended from time to time and as outlined in the Company's Employment Policies and Procedures. | |||
The Company is currently in the development stage. All activities of the Company to date relate to its organization, initial funding and share issuances. | |||
(b) | Basis of Presentation – Development Stage and Going Concern | ||
The Company has not earned any revenue from operations since inception. Accordingly, the Company's activities have been accounted for as those of a "Development Stage Enterprise" as set forth in ASC 915, "Development Stage Entities." Among the disclosures required by ASC 915, are that the Company's financial statements be identified as those of a development stage company, and that the statements of operations, stockholders' equity and cash flows disclose activity since the date of the Company's inception. | |||
The Company sustained operating losses and accumulated deficit of $13,008 as of March 31, 2014. The Company's continuation as a going concern is dependent on its ability to generate sufficient cash flows from operations to meet its obligations and/or obtain additional financing, as may be required. | |||
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern; however, the above condition raises substantial doubt about the Company's ability to do so. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result should the Company be unable to continue as a going concern. | |||
The financial statements have been prepared by us pursuant to the rules and regulations of the Securities and Exchange Commission. The information furnished herein reflects all adjustments (consisting of normal recurring accruals and adjustments) which are, in the opinion of management, necessary to fairly present the operating results for the respective periods. Certain information and footnote disclosures normally present in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted pursuant to such rules and regulations. These financial statements should be read in conjunction with the audited financial statements and notes for the year ended September 30, 2013 included in our Annual Report on Form 10-K. The results of the three month period ended March 31, 2014 is not necessarily indicative of the results to be expected for the full year ending September 30, 2014. | |||
(c) | Use of Estimates: | ||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance sheet and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||
(d) | Cash and Cash Equivalents | ||
For purposes of the statement of cash flows, the Company considers highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents. The Company had no cash equivalent at March 31, 2014 and no cash at March 31, 2013. | |||
(e) | Loss per Common Share | ||
Basic loss per share is calculated using the weighted-average number of common shares outstanding during each reporting period. Diluted per share includes potentially dilutive securities such as outstanding options and warrants, using various methods such as the treasury stock or modified treasury stock method in the determination of dilutive shares outstanding during each reporting period. The Company has incurred a loss during the current period, therefore any potentially dilutive shares are excluded, as they would be anti-dilutive. The Company does not have any potentially dilutive instruments for this reporting period. | |||
(f) | Fair Value of Financial Instruments | ||
The Financial Accounting Standards Board (FASB) issued Accounting Standards Codification (ASC) 820-10, (formerly SFAS No.157), "Fair Value Measurements and Disclosures" for financial assets and liabilities. FASB ASC 820-10 provides a framework for measuring fair value and requires expanded disclosures regarding fair value measurements. FASB ASC 820-10 defines fair value as the price that would be received for an asset or the exit price that would be paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. FASB ASC 820-10 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs, where available. | |||
- | Level 1: Quoted prices in active markets for identical assets or liabilities. | ||
- | Level 2: Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities. | ||
- | Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | ||
The carrying amounts of financial assets such as cash approximate their fair values because of the short maturity of these instruments. | |||
(g) | Recent Accounting Pronouncements | ||
Adopted | |||
In February 2013, the FASB issued ASU No. 2013-02, Reporting of Amounts Reclassified out of Accumulated Other Comprehensive (ASU 2013-02). This guidance is the culmination of the FASB's deliberation on reporting reclassification adjustments from accumulated other comprehensive income (AOCI). The amendments in ASU 2013-02 do not change the current requirements for reporting net income or other comprehensive income. However, the amendments require disclosure of amounts reclassified out of AOCI in its entirety, by component, on the face of the statement of operations or in the notes thereto. Amounts that are not required to be reclassified in their entirety to net income must be cross-referenced to other disclosures that provide additional detail. The adoption of this update did not have a material impact on the financial statements. | |||
Not Adopted | |||
In April 2013, the FASB issued ASU No. 2013-07, Presentation of Financial Statements (Top 205): Liquidation Basis of Accounting. The objective of ASU No. 2013-07 is to clarify when an entity should apply the liquidation basis of accounting and to provide principles for the measurement of assets and liabilities under the liquidation basis of accounting, as well as any required disclosures. The amendments in this standard is effective prospectively for entities that determine liquidation is imminent during annual reporting periods beginning after December 15, 2013, and interim reporting periods therein. We are evaluating the effect, if any, adoption of ASU No. 2013-07 will have on our financial statements | |||
In December 2011, the FASB issued ASU No. 2011-11: Balance Sheet (topic 210): Disclosures about Offsetting Assets and Liabilities, which requires new disclosure requirements mandating that entities disclose both gross and net information about instruments and transactions eligible for offset in the statement of financial position as well as instruments and transactions subject to an agreement similar to a master netting arrangement. In addition, the standard requires disclosure of collateral received and posted in connection with master netting agreements or similar arrangements. This ASU is effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. Entities should provide the disclosures required retrospectively for all comparative periods presented. We are currently evaluating the impact of adopting ASU 2011-11 on the financial statements. | |||
Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the American Institute of Certified Public Accountants, and the United States Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company's present or future financial statements. |
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended | ||
Mar. 31, 2014 | |||
Related Party Transactions [Abstract] | ' | ||
RELATED PARTY TRANSACTIONS | ' | ||
NOTE 2 | - | RELATED PARTY TRANSACTIONS | |
On October 21, 2011(inception) the Registrant sold 5,000,000 shares of Common Stock to Accelerated Venture Partners, LLC for an aggregate investment of $2,000.00. The Registrant sold these shares of Common Stock under the exemption from registration provided by Section 4(2) of the Securities Act. | |||
On July 23, 2012, Sole Comfort Shoes, Inc. ("Purchaser") agreed to acquire 23,350,000 shares of the Company's common stock par value $0.0001 for a price of $0.0001 per share. At the same time, Accelerated Venture Partners, LLC agreed to tender 3,500,000 of their 5,000,000 shares of the Company's common stock par value $0.0001 for cancellation. Following these transactions, Sole Comfort Shoes, Inc. owned approximately 94% of the Company's 24,850,000 issued and outstanding shares of common stock par value $0.0001 and the interest of Accelerated Venture Partners, LLC was reduced to approximately 6% of the total issued and outstanding shares. Simultaneously with the share purchase, Timothy Neher resigned from the Company's Board of Directors and Onkar Dhaliwal was simultaneously appointed to the Company's Board of Directors. Such action represents a change of control of the Company. The Purchaser used their working capital to acquire the Shares. The Purchaser did not borrow any funds to acquire the Shares. | |||
Prior to the purchase of the shares, the Purchaser was not affiliated with the Company. However, the Purchaser will be deemed an affiliate of the Company after the share purchase as a result of their stock ownership interest in the Company. The purchase of the shares by the Purchaser was completed pursuant to written Subscription Agreements with the Company. The purchase was not subject to any other terms and conditions other than the sale of the shares in exchange for the cash payment. Concurrent with the sale of the shares, the Company will file a Certificate of Amendment to its Certificate of Incorporation with the Secretary of State of Delaware in order to change its name to "Sole Comfort Shoes, Inc.". | |||
On July 23, 2012, the Company entered into a Consulting Services Agreement with AVP. The agreement requires AVP to provide the Company with certain advisory services that include reviewing the Company's business plan, identifying and introducing prospective financial and business partners, and providing general business advice regarding the Company's operations and business strategy in consideration of (a) an option granted by the Company to AVP to purchase 1,500,000 shares of the Company's common stock at a price of $0.0001 per share (the "AVP Option") (which was immediately exercised by the holder) subject to a repurchase option granted to the Company to repurchase the shares at a price of $0.0001 per share in the event the Company fails to complete funding as detailed in the agreement subject to the following milestones: | |||
● | Milestone 1 – Company's right of repurchase will lapse with respect to 60% of the shares upon securing $5 million in available cash from funding; | ||
● | Milestone 2 – Company's right of repurchase will lapse with respect to 40% of the Shares upon securing $10 million in available cash (inclusive of any amounts attributable to Milestone 1); | ||
and (b) cash compensation at a rate of $33,333 per month. The payment of the cash compensation is subject to the Company's achievement of certain designated milestones, specifically, cash compensation of $400,000 is due consultant upon the achievement of Milestone 1, and an additional $400,000 is due upon the achievement of Milestone 2. Upon achieving each Milestone, the cash compensation is to be paid to consultant in the amount then due at the rate of $66,667 per month. The total cash compensation to be received by the consultant is not to exceed $800,000 unless the Company receives an amount of funding in excess of the amount specified in Milestone 2. If the Company receives equity or debt financing that is an amount less than Milestone 1, in between any of the above Milestones or greater than the above Milestones, the cash compensation earned by the Consultant under this Agreement will be prorated according to the above Milestones. The Company also has the option to make a lump sum payment to AVP in lieu of the monthly cash payments. | |||
On September 3, 2013, pursuant to Article V, Section 5.3 of the Company's by-laws the Board of Directors authorized Sole Comfort Shoes, Inc. the Company's majority stockholder to transfer 23,350,000 shares (100% of its holdings) of the Company's common stock having a ($0.0001) par value to Infinity Financial Group, Inc. Following the transaction, Infinity Financial Group, Inc. owns approximately 88.61% of the Company's 26,350,000 issued and outstanding shares of common stock have a ($0.0001) par value Simultaneously with the share transfer, Onkar Dhaliwal resigned as the Company's Chairman of the Board, President, Chief Executive Officer, Secretary and Treasurer and David Lavoie was simultaneously appointed to be Company's Chairman of the Board, President, Chief Executive Officer, Secretary and Treasurer. Such action represents a change of control of the Company. Concurrent with the transfer of the shares, the Company filed a Certificate of Amendment to its Certificate of Incorporation with the Secretary of State of Delaware in order to change its name to "Infinity Real Estate Holdings Corporation". | |||
On September 3, 2013, a meeting of the shareholders holding a majority of voting shares consented in writing in lieu of a shareholder meeting as provided for under Article I, Section 1.1 of the By-laws, and approved the amendment of its articles of incorporation authorizing the name of the Corporation to be changed from "Accelerated Acquisition XVI, Inc." to "Infinity Real Estate Corporation" and further approved the increase of authorized common stock to 200,000,000 shares having a ($0.0001) par value and 10,000,000 shares of preferred stock having a ($0.0001) par value, and further approved an amendment setting forth the name and address of the appointed director of the corporation to David Lavoie. The amendment was duly adopted in accordance with the provisions of Section 242 of the General Corporation Law of the State of Delaware. | |||
On March 1, 2014, Infinity Real Estate Holdings Corporation entered into a five year Executive Employment Agreement with its Chief Executive Officer David Lavoie the president and CEO of Infinity Financial Group, Inc., a shareholder of the Company. Pursuant to the agreement, Mr. Lavoie shall be responsible for performing the duties and responsibilities of Chief Executive Officer. The Executive agrees that the Executive's position title, assignments, duties, responsibilities, and reporting arrangements may be changed from time to time, with reasonable notice, by the Company, at its sole discretion. Subject to the terms and conditions of the Agreement, the Company shall pay the Executive an annual gross base salary of$240,000.00 USD. The Executive's salary shall be reviewed annually by the Board of Directors of the Company. The Salary will be paid in accordance with the Company's payroll policies and procedures and is subject to all appropriate traditional and normal statutory and benefit deductions. The Executive shall be entitled to participate in an Incentive Compensation Plan in accordance with the terms and conditions of the Company's Incentive Compensation Plan, as amended from time to time and as outlined in the Company's Employment Policies and Procedures. | |||
On March 4, 2014 Accelerated Venture Partners, LLC. an affiliate of the Company agreed to acquire 3,000,000 shares of the Company's common stock par value $0.0001 for a price of $0.0001 per share. The Company was granted a repurchase option for 1,500,000 of the shares at a price of $0.0001 per share in the event the Company fails to complete funding as detailed in the Consulting Services Agreement entered into Accelerated Venture Partners, LLC on July 23, 2012. Following these transactions and current holdings, Accelerated Venture Partners, LLC owned approximately 11.38% of the Company's 52,700,000 issued and outstanding shares of common stock par value $0.0001. | |||
The officers and directors of the Company are involved in other business activities and may, in the future, become involved in additional business opportunities that become available. A conflict may arise in selecting between the Company and other business interests. The Company has not formulated a policy for the resolution of such conflicts. | |||
We depend on our officers and directors, to provide the Company with the necessary funds to implement our business plan, as necessary. The Company does not have a funding commitment or any written agreement for our future required cash needs. | |||
The Company does not own or lease property or lease office space. The office space used by the Company was arranged by our officers and directors of the Company to use at no charge. | |||
The above amount is not necessarily indicative of the amount that would have been incurred had a comparable transaction been entered into with independent parties. | |||
Accelerated Venture Partners, LLC, the only shareholder of the Company, paid $6,596 operating expenses on behalf of the Company and re-invoice the full amount of expenses to the Company for the year ended September 30, 2013. | |||
Accelerated Venture Partners, LLC, advances $6,588 to the Company and forgive the full amount during the year ended September 30, 2013. |
COMMON_STOCK
COMMON STOCK | 6 Months Ended | ||
Mar. 31, 2014 | |||
Equity [Abstract] | ' | ||
COMMON STOCK | ' | ||
NOTE 3 | - | COMMON STOCK | |
The Company is currently issuing only one class of common stock, and this has been issued at two different prices since inception. The Company is authorized to issue 200,000,000 shares of common stock. As of September 30, 2013, 26,350,000 shares of common stock were issued and outstanding. | |||
On October 21, 2011 (inception date), the company issued 5,000,000 shares for cash of $2,000 to the founder of the Company. | |||
On July 23, 2012, Sole Comfort Shoes, Inc. ("Purchaser") agreed to acquire 23,350,000 shares of the Company's common stock par value $0.0001 for a price of $0.0001 per share. At the same time, Accelerated Venture Partners, | |||
LLC agreed to tender 3,500,000 of their 5,000,000 shares of the Company's common stock par value $0.0001 for cancellation. Following these transactions, Sole Comfort Shoes, Inc. owned approximately 94% of the Company's 24,850,000 issued and outstanding shares of common stock par value $0.0001 and the interest of Accelerated Venture Partners, LLC was reduced to approximately 6% of the total issued and outstanding shares. Simultaneously with the share purchase, Timothy Neher resigned from the Company's Board of Directors and Onkar Dhaliwal was simultaneously appointed to the Company's Board of Directors. Such action represents a change of control of the Company. The Purchaser used their working capital to acquire the Shares. The Purchaser did not borrow any funds to acquire the Shares. | |||
Prior to the purchase of the shares, the Purchaser was not affiliated with the Company. However, the Purchaser will be deemed an affiliate of the Company after the share purchase as a result of their stock ownership interest in the Company. The purchase of the shares by the Purchaser was completed pursuant to written Subscription Agreements with the Company. The purchase was not subject to any other terms and conditions other than the sale of the shares in exchange for the cash payment. Concurrent with the sale of the shares, the Company will file a Certificate of Amendment to its Certificate of Incorporation with the Secretary of State of Delaware in order to change its name to "Sole Comfort Shoes, Inc.". | |||
On July 23, 2012, the Company entered into a Consulting Services Agreement with AVP. The agreement requires AVP to provide the Company with certain advisory services that include reviewing the Company's business plan, identifying and introducing prospective financial and business partners, and providing general business advice regarding the Company's operations and business strategy in consideration of (a) an option granted by the Company to AVP to purchase 1,500,000 shares of the Company's common stock at a price of $0.0001 per share (the "AVP Option") (which was immediately exercised by the holder) subject to a repurchase option granted to the Company to repurchase the shares at a price of $0.0001 per share in the event the Company fails to complete funding as detailed in the agreement subject to the following milestones: | |||
● | Milestone 1 – Company's right of repurchase will lapse with respect to 60% of the shares upon securing $5 million in available cash from funding; | ||
● | Milestone 2 – Company's right of repurchase will lapse with respect to 40% of the Shares upon securing $10 million in available cash (inclusive of any amounts attributable to Milestone 1); | ||
On September 3, 2013, pursuant to Article V, Section 5.3 of the Company's by-laws the Board of Directors authorized Sole Comfort Shoes, Inc. the Company's majority stockholder to transfer 23,350,000 shares (100% of its holdings) of the Company's common stock having a ($0.0001) par value to Infinity Financial Group, Inc. Following the transaction, Infinity Financial Group, Inc. owns approximately 88.61% of the Company's 26,350,000 issued and outstanding shares of common stock have a ($0.0001) par value Simultaneously with the share transfer, Onkar Dhaliwal resigned as the Company's Chairman of the Board, President, Chief Executive Officer, Secretary and Treasurer and David Lavoie was simultaneously appointed to be Company's Chairman of the Board, President, Chief Executive Officer, Secretary and Treasurer. Such action represents a change of control of the Company. Concurrent with the transfer of the shares, the Company filed a Certificate of Amendment to its Certificate of Incorporation with the Secretary of State of Delaware in order to change its name to "Infinity Real Estate Holdings Corporation". | |||
On September 3, 2013, a meeting of the shareholders holding a majority of voting shares consented in writing in lieu of a shareholder meeting as provided for under Article I, Section 1.1 of the By-laws, and approved the amendment of its articles of incorporation authorizing the name of the Corporation to be changed from "Accelerated Acquisition XVI, Inc." to "Infinity Real Estate Corporation" and further approved the increase of authorized common stock to 200,000,000 shares having a ($0.0001) par value and 10,000,000 shares of preferred stock having a ($0.0001) par value, and further approved an amendment setting forth the name and address of the appointed director of the corporation to David Lavoie c/o, 53 Cranarch Court SE Calgary, AB T3M 0S6". The amendment was duly adopted in accordance with the provisions of Section 242 of the General Corporation Law of the State of Delaware. | |||
On March 4, 2014 Rising Tide Holdings, LLC ("Purchaser") agreed to acquire 23,350,000 shares of the Company's common stock par value $0.0001 for a price of $0.0001 per share. Following this transaction, Rising Tide Holdings, LLC owned approximately 44.30% of the Company's 52,700,000 issued and outstanding shares of common stock par value $0.0001. Simultaneously with the share purchase, David Lavoie resigned as the Company's President and | |||
Frederick E. Apple, Jr. was simultaneously appointed as President and to the Company's Board of Directors, furthermore, Thomas Howell was simultaneously appointed as Chief Operations Officer and to the Company's Board of Directors. The Purchaser used their working capital to acquire the Shares. The Purchaser did not borrow any funds to acquire the Shares. | |||
Prior to the purchase of the shares, the Purchaser was not affiliated with the Company. However, the Purchaser will be deemed an affiliate of the Company after the share purchase as a result of their stock ownership interest in the Company. The purchase of the shares by the Purchaser was completed pursuant to written Subscription Agreements with the Company. The purchase was not subject to any other terms and conditions other than the sale of the shares in exchange for the cash payment. | |||
On March 4, 2014 Accelerated Venture Partners, LLC. an affiliate of the Company agreed to acquire 3,000,000 shares of the Company's common stock par value $0.0001 for a price of $0.0001 per share. The Company was granted a repurchase option for 1,500,000 of the shares at a price of $0.0001 per share in the event the Company fails to complete funding as detailed in the Consulting Services Agreement entered into Accelerated Venture Partners, LLC on July 23, 2012. Following these transactions and current holdings, Accelerated Venture Partners, LLC owned approximately 11.38% of the Company's 52,700,000 issued and outstanding shares of common stock par value $0.0001. | |||
On March 13, 2014, Infinity Real Estate Holdings Corporation, entered into a five year Executive Employment Agreement with Trevor Erridge. Pursuant to the agreement, Mr. Erridge shall be responsible for performing the duties and responsibilities of Chief Financial Officer, Principal Accounting Officer and Treasurer. The Executive agrees that the Executive's position title, assignments, duties, responsibilities, and reporting arrangements may be changed from time to time, with reasonable notice, by the Company, at its sole discretion. Subject to the terms and conditions of the Agreement, the Company shall pay the Executive an annual gross base salary of $240,000.00 USD and was granted 100,000 shares of common stock at a price of .0001per share, the shares are restricted from resale for twelve months. The Executive's salary shall be reviewed annually by the Board of Directors of the Company. The Salary will be paid in accordance with the Company's payroll policies and procedures and is subject to all appropriate traditional and normal statutory and benefit deductions. The Executive shall be entitled to participate in an Incentive Compensation Plan in accordance with the terms and conditions of the Company's Incentive Compensation Plan, as amended from time to time and as outlined in the Company's Employment Policies and Procedures. |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
SUBSEQUENT EVENTS | ' |
NOTE 4 - SUBSEQUENT EVENTS | |
On April 16, 2014, Accelerated Venture Partners elected to terminate the AVP Consulting Services Agreement entered into on July 23, 2012 with the Company. On April 28, 2014 Infinity Real Estate Holdings Corporation exercised it's right to repurchase the 5% of the Company's total "fully-diluted" capitalization which was issued to AVP representing 3,000,000 shares at $0.0001 per share totaling a repurchase price of $300.00. |
ORGANIZATION_AND_SUMMARY_OF_SI1
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended | |
Mar. 31, 2014 | ||
Accounting Policies [Abstract] | ' | |
Basis of Presentation - Development Stage and Going Concern | ' | |
(b) | Basis of Presentation – Development Stage and Going Concern | |
The Company has not earned any revenue from operations since inception. Accordingly, the Company's activities have been accounted for as those of a "Development Stage Enterprise" as set forth in ASC 915, "Development Stage Entities." Among the disclosures required by ASC 915, are that the Company's financial statements be identified as those of a development stage company, and that the statements of operations, stockholders' equity and cash flows disclose activity since the date of the Company's inception. | ||
The Company sustained operating losses and accumulated deficit of $13,008 as of March 31, 2014. The Company's continuation as a going concern is dependent on its ability to generate sufficient cash flows from operations to meet its obligations and/or obtain additional financing, as may be required. | ||
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern; however, the above condition raises substantial doubt about the Company's ability to do so. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result should the Company be unable to continue as a going concern. | ||
The financial statements have been prepared by us pursuant to the rules and regulations of the Securities and Exchange Commission. The information furnished herein reflects all adjustments (consisting of normal recurring accruals and adjustments) which are, in the opinion of management, necessary to fairly present the operating results for the respective periods. Certain information and footnote disclosures normally present in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted pursuant to such rules and regulations. These financial statements should be read in conjunction with the audited financial statements and notes for the year ended September 30, 2013 included in our Annual Report on Form 10-K. The results of the three month period ended March 31, 2014 is not necessarily indicative of the results to be expected for the full year ending September 30, 2014. | ||
Use of Estimates | ' | |
(c) | Use of Estimates: | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance sheet and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||
Cash and Cash Equivalents | ' | |
(d) | Cash and Cash Equivalents | |
For purposes of the statement of cash flows, the Company considers highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents. The Company had no cash equivalent at March 31, 2014 and no cash at March 31, 2013. | ||
Loss per Common Share | ' | |
(e) | Loss per Common Share | |
Basic loss per share is calculated using the weighted-average number of common shares outstanding during each reporting period. Diluted per share includes potentially dilutive securities such as outstanding options and warrants, using various methods such as the treasury stock or modified treasury stock method in the determination of dilutive shares outstanding during each reporting period. The Company has incurred a loss during the current period, therefore any potentially dilutive shares are excluded, as they would be anti-dilutive. The Company does not have any potentially dilutive instruments for this reporting period. | ||
Fair Value of Financial Instruments | ' | |
(f) | Fair Value of Financial Instruments | |
The Financial Accounting Standards Board (FASB) issued Accounting Standards Codification (ASC) 820-10, (formerly SFAS No.157), "Fair Value Measurements and Disclosures" for financial assets and liabilities. FASB ASC 820-10 provides a framework for measuring fair value and requires expanded disclosures regarding fair value measurements. FASB ASC 820-10 defines fair value as the price that would be received for an asset or the exit price that would be paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. FASB ASC 820-10 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs, where available. | ||
- | Level 1: Quoted prices in active markets for identical assets or liabilities. | |
- | Level 2: Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities. | |
- | Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | |
The carrying amounts of financial assets such as cash approximate their fair values because of the short maturity of these instruments. | ||
Recent Accounting Pronouncements | ' | |
(g) | Recent Accounting Pronouncements | |
Adopted | ||
In February 2013, the FASB issued ASU No. 2013-02, Reporting of Amounts Reclassified out of Accumulated Other Comprehensive (ASU 2013-02). This guidance is the culmination of the FASB's deliberation on reporting reclassification adjustments from accumulated other comprehensive income (AOCI). The amendments in ASU 2013-02 do not change the current requirements for reporting net income or other comprehensive income. However, the amendments require disclosure of amounts reclassified out of AOCI in its entirety, by component, on the face of the statement of operations or in the notes thereto. Amounts that are not required to be reclassified in their entirety to net income must be cross-referenced to other disclosures that provide additional detail. The adoption of this update did not have a material impact on the financial statements. | ||
Not Adopted | ||
In April 2013, the FASB issued ASU No. 2013-07, Presentation of Financial Statements (Top 205): Liquidation Basis of Accounting. The objective of ASU No. 2013-07 is to clarify when an entity should apply the liquidation basis of accounting and to provide principles for the measurement of assets and liabilities under the liquidation basis of accounting, as well as any required disclosures. The amendments in this standard is effective prospectively for entities that determine liquidation is imminent during annual reporting periods beginning after December 15, 2013, and interim reporting periods therein. We are evaluating the effect, if any, adoption of ASU No. 2013-07 will have on our financial statements | ||
In December 2011, the FASB issued ASU No. 2011-11: Balance Sheet (topic 210): Disclosures about Offsetting Assets and Liabilities, which requires new disclosure requirements mandating that entities disclose both gross and net information about instruments and transactions eligible for offset in the statement of financial position as well as instruments and transactions subject to an agreement similar to a master netting arrangement. In addition, the standard requires disclosure of collateral received and posted in connection with master netting agreements or similar arrangements. This ASU is effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. Entities should provide the disclosures required retrospectively for all comparative periods presented. We are currently evaluating the impact of adopting ASU 2011-11 on the financial statements. | ||
Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the American Institute of Certified Public Accountants, and the United States Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company's present or future financial statements. |
ORGANIZATION_AND_SUMMARY_OF_SI2
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Detail Textuals) (USD $) | Mar. 31, 2014 | Mar. 04, 2014 | Sep. 30, 2013 | Sep. 03, 2013 | Sep. 03, 2013 | Mar. 04, 2014 | Sep. 03, 2013 | Jul. 23, 2012 | Sep. 03, 2013 | Mar. 04, 2014 | Jul. 23, 2012 | Mar. 04, 2014 |
Infinity Financial Group, Inc. | Sole Comfort Shoes, Inc. ("Purchaser") | Sole Comfort Shoes, Inc. ("Purchaser") | Sole Comfort Shoes, Inc. ("Purchaser") | Sole Comfort Shoes, Inc. ("Purchaser") | Accelerated Venture Partners, LLC | Accelerated Venture Partners, LLC | Rising Tide Holdings Llc | |||||
Infinity Financial Group, Inc. | ||||||||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares acquired | ' | ' | ' | ' | ' | 3,000,000 | ' | 23,350,000 | ' | 3,000,000 | ' | 23,350,000 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 | $0.00 | $0.00 | ' | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
Price per shares issued to purchaser | ' | ' | ' | ' | ' | $0.00 | ' | $0.00 | ' | $0.00 | ' | $0.00 |
Number of shares cancelled which are held by related party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,500,000 | ' |
Number of shares held by related party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' |
Ownership interest of acquirer | ' | ' | ' | ' | ' | 11.38% | ' | 94.00% | ' | 11.38% | 6.00% | 44.30% |
Common stock, shares issued | 52,800,000 | 52,700,000 | 26,350,000 | ' | 26,350,000 | 52,700,000 | ' | 24,850,000 | ' | ' | ' | ' |
Common stock, shares outstanding | 52,800,000 | 52,700,000 | 26,350,000 | ' | 26,350,000 | 52,700,000 | ' | 24,850,000 | ' | ' | ' | ' |
Number of shares transferred | ' | ' | ' | ' | ' | ' | 23,350,000 | ' | 23,350,000 | ' | ' | ' |
Percentage of shares transferred | ' | ' | ' | ' | ' | ' | 100.00% | ' | 100.00% | ' | ' | ' |
Percentage of ownership interest by parent | ' | ' | ' | ' | 88.61% | ' | ' | 94.00% | ' | ' | ' | ' |
Common stock, shares authorized | 200,000,000 | ' | 200,000,000 | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares authorized | 10,000,000 | ' | 10,000,000 | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, par value (in dollars per share) | $0.00 | ' | $0.00 | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase of option for shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | 1,500,000 | ' |
Price per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.00 | $0.00 | ' |
ORGANIZATION_AND_SUMMARY_OF_SI3
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Detail Textuals 1) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 01, 2014 | Mar. 01, 2014 | Mar. 01, 2014 | Mar. 13, 2014 |
Executive employment agreement | Executive employment agreement | Executive employment agreement | Executive employment agreement | |||
Infinity Financial Group, Inc. | Infinity Financial Group, Inc. | Infinity Financial Group, Inc. | Infinity Financial Group, Inc. | |||
David Lavoie | Frederick E. Apple, Jr. | Thomas Howell | Trevor Erridge | |||
Organization And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' |
Period of executive employment Agreement | ' | ' | '5 years | '5 years | '5 years | '5 years |
Annual gross base salary | ' | ' | $240,000 | $180,000 | $180,000 | $240,000 |
Granted shares of common stock | ' | ' | ' | ' | ' | 100,000 |
Price per share | ' | ' | ' | ' | ' | $0.00 |
Deficit accumulated during the development stage | $13,008 | $11,748 | ' | ' | ' | ' |
RELATED_PARTY_TRANSACTIONS_Det
RELATED PARTY TRANSACTIONS (Detail Textuals) (USD $) | Mar. 31, 2014 | Mar. 04, 2014 | Sep. 30, 2013 | Sep. 03, 2013 | Mar. 04, 2014 | Jul. 23, 2012 | Sep. 03, 2013 | Mar. 04, 2014 | Jul. 23, 2012 | Oct. 21, 2011 |
Sole Comfort Shoes, Inc. ("Purchaser") | Sole Comfort Shoes, Inc. ("Purchaser") | Sole Comfort Shoes, Inc. ("Purchaser") | Accelerated Venture Partners, LLC | Accelerated Venture Partners, LLC | Accelerated Venture Partners, LLC | |||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock - Founders for cash, Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 |
Issuance of common stock - Founders for cash, value | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,000 |
Number of shares acquired | ' | ' | ' | ' | 3,000,000 | 23,350,000 | ' | 3,000,000 | ' | ' |
Common stock, par value (in dollars per share) | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ' |
Price per shares issued to purchaser | ' | ' | ' | ' | $0.00 | $0.00 | ' | $0.00 | ' | ' |
Agreed to tender shares (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 3,500,000 | ' |
Number of shares held by related party | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' |
Percentage of ownership interest by noncontrolling owners | ' | ' | ' | ' | 11.38% | 94.00% | ' | 11.38% | 6.00% | ' |
Common stock, shares issued | 52,800,000 | 52,700,000 | 26,350,000 | ' | 52,700,000 | 24,850,000 | ' | ' | ' | ' |
Common stock, shares outstanding | 52,800,000 | 52,700,000 | 26,350,000 | ' | 52,700,000 | 24,850,000 | ' | ' | ' | ' |
RELATED_PARTY_TRANSACTIONS_Det1
RELATED PARTY TRANSACTIONS (Detail Textuals 1) (USD $) | 0 Months Ended | 1 Months Ended |
Mar. 04, 2014 | Jul. 23, 2012 | |
Consulting Services Agreement | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Cash compensation due to related party | ' | $66,667 |
Consulting Services Agreement | Milestone 1 | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Percentage of repurchase lapse | ' | 60.00% |
Available cash from funding Milestone | ' | 5,000,000 |
Compensation rate per month | ' | 33,333 |
Cash compensation due upon achievement of milestone | ' | 400,000 |
Consulting Services Agreement | Milestone 2 | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Percentage of repurchase lapse | ' | 40.00% |
Available cash from funding Milestone | ' | 10,000,000 |
Cash compensation due upon achievement of milestone | ' | 400,000 |
Maximum cash compensation to consultant | ' | $800,000 |
Accelerated Venture Partners, LLC | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Repurchase of option for shares | 1,500,000 | 1,500,000 |
Price per share | $0.00 | $0.00 |
Repurchase shares price per shares | ' | $0.00 |
Accelerated Venture Partners, LLC | Consulting Services Agreement | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Repurchase of option for shares | ' | 1,500,000 |
Price per share | ' | $0.00 |
RELATED_PARTY_TRANSACTIONS_Det2
RELATED PARTY TRANSACTIONS (Detail Textuals 2) (USD $) | Mar. 31, 2014 | Mar. 04, 2014 | Sep. 30, 2013 | Sep. 03, 2013 | Sep. 03, 2013 | Mar. 04, 2014 | Jul. 23, 2012 | Mar. 04, 2014 | Jul. 23, 2012 | Sep. 03, 2013 |
Sole Comfort Shoes, Inc. ("Purchaser") | Sole Comfort Shoes, Inc. ("Purchaser") | Sole Comfort Shoes, Inc. ("Purchaser") | Accelerated Venture Partners, LLC | Accelerated Venture Partners, LLC | Infinity Financial Group, Inc. | |||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares transferred | ' | ' | ' | ' | 23,350,000 | ' | ' | ' | ' | ' |
Percentage of shares transferred | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' |
Percentage of ownership interest by parent | ' | ' | ' | ' | ' | ' | 94.00% | ' | ' | 88.61% |
Common stock, shares issued | 52,800,000 | 52,700,000 | 26,350,000 | ' | ' | 52,700,000 | 24,850,000 | ' | ' | 26,350,000 |
Common stock, shares outstanding | 52,800,000 | 52,700,000 | 26,350,000 | ' | ' | 52,700,000 | 24,850,000 | ' | ' | 26,350,000 |
Common stock, shares authorized | 200,000,000 | ' | 200,000,000 | 200,000,000 | ' | ' | ' | ' | ' | ' |
Common stock, par value (in dollars per share) | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
Preferred stock, shares authorized | 10,000,000 | ' | 10,000,000 | 10,000,000 | ' | ' | ' | ' | ' | ' |
Preferred stock, par value (in dollars per share) | $0.00 | ' | $0.00 | $0.00 | ' | ' | ' | ' | ' | ' |
RELATED_PARTY_TRANSACTIONS_Det3
RELATED PARTY TRANSACTIONS (Detail Textuals 3) (Infinity Financial Group, Inc., Executive employment agreement, David Lavoie, USD $) | 0 Months Ended |
Mar. 01, 2014 | |
Infinity Financial Group, Inc. | Executive employment agreement | David Lavoie | ' |
Related Party Transaction [Line Items] | ' |
Period of executive employment Agreement | '5 years |
Annual gross base salary | $240,000 |
RELATED_PARTY_TRANSACTIONS_Det4
RELATED PARTY TRANSACTIONS (Detail Textuals 4) (USD $) | Mar. 31, 2014 | Mar. 04, 2014 | Sep. 30, 2013 | Sep. 03, 2013 | Mar. 04, 2014 | Jul. 23, 2012 | Sep. 30, 2013 |
Accelerated Venture Partners, LLC | Accelerated Venture Partners, LLC | Accelerated Venture Partners, LLC | |||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Number of shares acquired | ' | ' | ' | ' | 3,000,000 | ' | ' |
Price per shares issued to purchaser | ' | ' | ' | ' | $0.00 | ' | ' |
Repurchase of option for shares | ' | ' | ' | ' | 1,500,000 | 1,500,000 | ' |
Price per share | ' | ' | ' | ' | $0.00 | $0.00 | ' |
Ownership interest of acquirer | ' | ' | ' | ' | 11.38% | 6.00% | ' |
Common stock, shares issued | 52,800,000 | 52,700,000 | 26,350,000 | ' | ' | ' | ' |
Common stock, shares outstanding | 52,800,000 | 52,700,000 | 26,350,000 | ' | ' | ' | ' |
Common stock, par value (in dollars per share) | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ' |
Operating expenses | ' | ' | ' | ' | ' | ' | $6,596 |
Advances to the company | ' | ' | ' | ' | ' | ' | $6,588 |
COMMON_STOCK_Detail_Textuals
COMMON STOCK (Detail Textuals) (USD $) | Mar. 31, 2014 | Mar. 04, 2014 | Sep. 30, 2013 | Sep. 03, 2013 | Mar. 04, 2014 | Jul. 23, 2012 | Sep. 03, 2013 | Mar. 04, 2014 | Jul. 23, 2012 | Mar. 31, 2014 | Sep. 30, 2013 | Oct. 21, 2011 |
Sole Comfort Shoes, Inc. ("Purchaser") | Sole Comfort Shoes, Inc. ("Purchaser") | Sole Comfort Shoes, Inc. ("Purchaser") | Accelerated Venture Partners, LLC | Accelerated Venture Partners, LLC | Common Stock | Common Stock | Common Stock | |||||
Founder | ||||||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares authorized | 200,000,000 | ' | 200,000,000 | 200,000,000 | ' | ' | ' | ' | ' | 200,000,000 | ' | ' |
Common stock, shares issued | 52,800,000 | 52,700,000 | 26,350,000 | ' | 52,700,000 | 24,850,000 | ' | ' | ' | ' | 26,350,000 | ' |
Common stock, shares outstanding | 52,800,000 | 52,700,000 | 26,350,000 | ' | 52,700,000 | 24,850,000 | ' | ' | ' | ' | 26,350,000 | ' |
Number of shares issued for cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 |
Value of shares issued for cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,000 |
Number of shares acquired | ' | ' | ' | ' | 3,000,000 | 23,350,000 | ' | 3,000,000 | ' | ' | ' | ' |
Common stock, par value (in dollars per share) | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ' | ' | ' |
Price per shares issued to purchaser | ' | ' | ' | ' | $0.00 | $0.00 | ' | $0.00 | ' | ' | ' | ' |
Number of shares held by related party | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' |
Agreed to tender shares (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 3,500,000 | ' | ' | ' |
Percentage of ownership interest by parent | ' | ' | ' | ' | ' | 94.00% | ' | ' | ' | ' | ' | ' |
Percentage of ownership interest by noncontrolling owners | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | ' | ' | ' |
COMMON_STOCK_Details_Textuals_
COMMON STOCK (Details Textuals 1) (USD $) | 0 Months Ended | 1 Months Ended |
In Millions, except Share data, unless otherwise specified | Mar. 04, 2014 | Jul. 23, 2012 |
Consulting Services Agreement | Milestone 1 | ' | ' |
Class of Stock [Line Items] | ' | ' |
Percentage of repurchase lapse | ' | 60.00% |
Available cash from funding Milestone | ' | $5 |
Consulting Services Agreement | Milestone 2 | ' | ' |
Class of Stock [Line Items] | ' | ' |
Percentage of repurchase lapse | ' | 40.00% |
Available cash from funding Milestone | ' | $10 |
Accelerated Venture Partners, LLC | ' | ' |
Class of Stock [Line Items] | ' | ' |
Repurchase of option for shares | 1,500,000 | 1,500,000 |
Price per share | $0.00 | $0.00 |
Repurchase shares price per shares | ' | $0.00 |
Accelerated Venture Partners, LLC | Consulting Services Agreement | ' | ' |
Class of Stock [Line Items] | ' | ' |
Repurchase of option for shares | ' | 1,500,000 |
Price per share | ' | $0.00 |
COMMON_STOCK_Details_Textuals_1
COMMON STOCK (Details Textuals 2) (USD $) | Mar. 31, 2014 | Mar. 04, 2014 | Sep. 30, 2013 | Sep. 03, 2013 | Sep. 03, 2013 | Mar. 04, 2014 | Jul. 23, 2012 | Mar. 04, 2014 | Jul. 23, 2012 | Sep. 03, 2013 |
Sole Comfort Shoes, Inc. ("Purchaser") | Sole Comfort Shoes, Inc. ("Purchaser") | Sole Comfort Shoes, Inc. ("Purchaser") | Accelerated Venture Partners, LLC | Accelerated Venture Partners, LLC | Infinity Financial Group, Inc. | |||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares transferred | ' | ' | ' | ' | 23,350,000 | ' | ' | ' | ' | ' |
Percentage of shares transferred | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' |
Percentage of ownership interest by parent | ' | ' | ' | ' | ' | ' | 94.00% | ' | ' | 88.61% |
Common stock, shares issued | 52,800,000 | 52,700,000 | 26,350,000 | ' | ' | 52,700,000 | 24,850,000 | ' | ' | 26,350,000 |
Common stock, shares outstanding | 52,800,000 | 52,700,000 | 26,350,000 | ' | ' | 52,700,000 | 24,850,000 | ' | ' | 26,350,000 |
Common stock, shares authorized | 200,000,000 | ' | 200,000,000 | 200,000,000 | ' | ' | ' | ' | ' | ' |
Common stock, par value (in dollars per share) | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
Preferred stock, shares authorized | 10,000,000 | ' | 10,000,000 | 10,000,000 | ' | ' | ' | ' | ' | ' |
Preferred stock, par value (in dollars per share) | $0.00 | ' | $0.00 | $0.00 | ' | ' | ' | ' | ' | ' |
COMMON_STOCK_Details_Textuals_2
COMMON STOCK (Details Textuals 3) (USD $) | Mar. 31, 2014 | Mar. 04, 2014 | Sep. 30, 2013 | Sep. 03, 2013 | Mar. 04, 2014 | Mar. 04, 2014 | Jul. 23, 2012 |
Rising Tide Holdings Llc | Accelerated Venture Partners, LLC | Accelerated Venture Partners, LLC | |||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Number of shares acquired | ' | ' | ' | ' | 23,350,000 | 3,000,000 | ' |
Price per shares issued to purchaser | ' | ' | ' | ' | $0.00 | $0.00 | ' |
Repurchase of option for shares | ' | ' | ' | ' | ' | 1,500,000 | 1,500,000 |
Price per share | ' | ' | ' | ' | ' | $0.00 | $0.00 |
Percentage of ownership interest by noncontrolling owners | ' | ' | ' | ' | 44.30% | 11.38% | 6.00% |
Common stock, shares issued | 52,800,000 | 52,700,000 | 26,350,000 | ' | ' | ' | ' |
Common stock, shares outstanding | 52,800,000 | 52,700,000 | 26,350,000 | ' | ' | ' | ' |
Common stock, par value (in dollars per share) | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
COMMON_STOCK_Details_Textuals_3
COMMON STOCK (Details Textuals 4) (Infinity Financial Group, Inc., Executive employment agreement, Trevor Erridge, USD $) | 0 Months Ended |
Mar. 13, 2014 | |
Infinity Financial Group, Inc. | Executive employment agreement | Trevor Erridge | ' |
Class of Stock [Line Items] | ' |
Period of executive employment Agreement | '5 years |
Annual gross base salary | $240,000 |
Granted shares of common stock | 100,000 |
Price per share | $0.00 |
SUBSEQUENT_EVENTS_Detail_Textu
SUBSEQUENT EVENTS (Detail Textuals) (Subsequent Event, AVP Consulting Services Agreement, USD $) | 1 Months Ended |
Apr. 28, 2014 | |
Subsequent Event | AVP Consulting Services Agreement | ' |
Subsequent Event [Line Items] | ' |
Stock repurchase percentage | 5.00% |
Number of shares repurchase | 3,000,000 |
Price per shares repurchase | $0.00 |
Value of shares repurchase | $300 |