Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Aug. 31, 2014 | Dec. 15, 2014 | Nov. 30, 2014 | |
Document And Entity Information | |||
Entity Registrant Name | Embarr Downs, Inc. | ||
Entity Central Index Key | 1552719 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | -23 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Well-known Seasoned Issuer | No | ||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Aug-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Entity Common Stock, Shares Outstanding | 53,744,990 | ||
Entity Public Float | $96,000 |
Balance_Sheet
Balance Sheet (USD $) | Aug. 31, 2014 | Aug. 31, 2013 |
ASSETS: | ||
Cash or cash equivalents | $23,973 | $2,902 |
Note receivable form sale of company | 10,000 | |
Derivative assets | 80,000 | |
Thoroughbreds | 43,096 | 55,000 |
Securities available for sale | 128,460 | |
Total current assets | 285,529 | 57,902 |
Real estate | 69,890 | |
Renovations | 23,550 | |
Total fixed assets | 93,440 | |
Long term assets | ||
Securities available for sale | 425,570 | |
Total long term assets | 425,570 | |
Total assets | 804,539 | 57,902 |
LIABILITIES AND SHAREHOLDER EQUITY | ||
Accounts payable | 5,071 | |
Note payable for acquisition of company | 10,000 | |
Convertible Note payable | 95,500 | |
Notes payable- related party | 113,705 | 13,000 |
Mortgage for acquired property | 13,342 | |
Deferred revenue- securities available for sale | 536,673 | |
Accrued dividends | 19,819 | |
Total liabilities | 794,110 | 13,000 |
Shareholder Equity: | ||
Common stock, par value $.0001, 1,000,000 shares authorized, 51,346,435 and 78,284 issued and outstanding as of August 31, 2014 and August 31, 2013, respectively. | 5,135 | 8 |
Additional paid in capital | 2,220,532 | 61,117 |
Shareholder receivable | -342,872 | |
Accumulated deficit | -1,844,776 | -20,223 |
Total Embarr stockholders' equity | 43,599 | 44,902 |
Non-controlling interest | -33,170 | |
Total shareholders' equity | 10,429 | 44,902 |
Total liabilities and shareholders' equity | 804,539 | 57,902 |
Preferred Stock Series A | ||
Shareholder Equity: | ||
Preferred Stock | 4,000 | 4,000 |
Preferred Stock Series B | ||
Shareholder Equity: | ||
Preferred Stock | 1,566 | |
Preferred Stock Series C | ||
Shareholder Equity: | ||
Preferred Stock | $14 |
Balance_Sheet_Parenthetical
Balance Sheet (Parenthetical) (USD $) | Aug. 31, 2014 | Aug. 31, 2013 |
Common stock par value (in Dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 1,000,000 | 1,000,000 |
Common stock, shares issued | 51,346,435 | 78,284 |
Common stock, shares outstanding | 51,346,435 | 78,284 |
Preferred Stock Series A | ||
Preferred stock par value (in Dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 4,000,000 | 4,000,000 |
Preferred stock, shares outstanding | 4,000,000 | 4,000,000 |
Preferred Stock Series B | ||
Preferred stock par value (in Dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 1,565,696 | 0 |
Preferred stock, shares outstanding | 1,565,696 | 0 |
Preferred Stock Series C | ||
Preferred stock par value (in Dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized | 1,000,000 | 15,000,000 |
Preferred stock, shares issued | 13,797 | 0 |
Preferred stock, shares outstanding | 13,797 | 0 |
Statement_of_Operations_Unaudi
Statement of Operations (Unaudited) (USD $) | 12 Months Ended | |
Aug. 31, 2014 | Aug. 31, 2013 | |
Statement Of Operations | ||
Sales, net | $79,257 | |
Sales of Thoroughbred | 26,610 | |
Total sales | 106,367 | |
Thoroughbred expenses | 77,167 | 4,099 |
Operating expenses | ||
SG&A | 1,717,671 | 9,574 |
Rent or lease | 21,100 | |
Depreciation | 20,876 | |
Total operating expenses | 1,759,647 | 9,574 |
Loss on Derivative | -28,182 | |
Interest Expense | -71,270 | |
Total other income (expense) | -99,452 | |
Net loss | -1,829,899 | -13,673 |
Net loss attributable to non-controlling interest | -33,170 | |
Net loss attributable to Embarr | -1,796,729 | -13,673 |
Dividends declared | 27,824 | |
Net loss attributable to common shareholders' | ($1,824,553) | ($13,673) |
Earnings Per Share, Basic and Diluted | ($0.05) | ($0.35) |
Weighted average number of shares outstanding | 36,445,751 | 39,548 |
Statement_of_Changes_in_Stockh
Statement of Changes in Stockholders' (Deficit) Equity (USD $) | Common Stock | Series A Preferred Stock | Series B Preferred Stock | Series C Preferred Stock | Additional Paid-In Capital | Non-Controlling Interest | Accumulated Deficit | Shareholder Receivable | Total |
Beginning Balance, Amount at Aug. 31, 2012 | $4 | $4,000 | ($4,121) | ($6,550) | $1,575 | ||||
Beginning Balance, Shares at Aug. 31, 2012 | 38,400 | 4,000,000 | |||||||
Reverse merger adjustment, Shares | 30,084 | ||||||||
Reverse merger adjustment, Amount | 3 | -3 | |||||||
Common shares issued for thoroughbred, Shares | 9,800 | ||||||||
Common shares issued for thoroughbred, Amount | 1 | 48,999 | 49,000 | ||||||
Contributed Capital | 8,000 | 8,000 | |||||||
Net Loss | -13,673 | -13,673 | |||||||
Ending Balance, Amount at Aug. 31, 2013 | 8 | 4,000 | 61,117 | -20,223 | 44,902 | ||||
Ending Balance, Shares at Aug. 31, 2013 | 78,284 | 4,000,000 | |||||||
Common shares issued for services, Shares | 45,000,000 | 45,000,000 | |||||||
Common shares issued for services, Amount | 4,500 | 940,500 | 945,000 | ||||||
Common shares issued for cash, Shares | 2,055,857 | ||||||||
Common shares issued for cash, Amount | 206 | 616,551 | -342,872 | 273,885 | |||||
Common shares issued for the settlement of debt, Shares | 944,143 | ||||||||
Common shares issued for the settlement of debt, Amount | 94 | 283,149 | 283,243 | ||||||
Common shares issued for convertible debt, Shares | 3,268,151 | ||||||||
Common shares issued for convertible debt, Amount | 327 | 38,673 | 39,000 | ||||||
Reclass of Derivative to APIC for conversion | 136,364 | 136,364 | |||||||
Series B Preferred Shares issued as compensation, Shares | 1,565,696 | ||||||||
Series B Preferred Shares issued as compensation, Amount | 1,566 | -1,566 | |||||||
Series C Preferred Shares issued as compensation, Shares | 13,797 | ||||||||
Series C Preferred Shares issued as compensation, Amount | 14 | -14 | |||||||
Distrubition to related party | -95,928 | -95,928 | |||||||
Dividends | -27,824 | -27,824 | |||||||
Stock compensation of subsidiary | 250,000 | 250,000 | |||||||
Adjustment to Additional paid in capital for related company distribution | -8,314 | -8,314 | |||||||
Net Loss | -33,170 | -1,796,729 | -1,829,899 | ||||||
Ending Balance, Amount at Aug. 31, 2014 | $5,135 | $4,000 | $1,566 | $14 | $2,220,532 | ($33,170) | ($1,844,776) | ($342,872) | $10,429 |
Ending Balance, Shares at Aug. 31, 2014 | 51,346,435 | 4,000,000 | 1,565,696 | 13,797 |
Statement_of_Cash_Flows_Unaudi
Statement of Cash Flows (Unaudited) (USD $) | 12 Months Ended | |
Aug. 31, 2014 | Aug. 31, 2013 | |
Cash flows from operating activities | ||
Net income (loss) | ($1,796,729) | ($13,673) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Non-controlling interest | -33,170 | |
Revenue from securities for consulting | -67,358 | |
Depreciation expense | 20,876 | |
Amortization of debt discount | 68,182 | |
Stock based compensation | 945,000 | |
Stock based compensation of subsidiary | 250,000 | |
Loss on derivative | 28,182 | |
Changes in operating assets and liabilities: | ||
Thoroughbred - Inventory | 19,028 | |
Deferred revenue - securities held | 10,000 | |
Accounts Payable | 5,072 | |
Accrued Interest | 2,743 | |
Net cash used in operating activities | -548,174 | -13,673 |
Cash paid for real estate | -69,890 | |
Cash paid for thoroughbred | -28,000 | |
Cash paid for renovations | -23,550 | |
Net cash used in investing activities | -121,440 | 0 |
Cash flows from financing activities | ||
Proceeds from sale of stock | 273,885 | 8,000 |
Dividend payment | -8,005 | |
Borrowed from third party | 133,000 | |
Borrowed on line of credit | 282,000 | |
Mortgage note payable | 13,342 | |
Distribution to related party | -104,242 | |
Payment on debt from - related party | -27,465 | |
Borrowings on debt from - related party | 128,170 | 7,000 |
Net cash provided by financing activities | 690,685 | 15,000 |
Net cash provided by financing activities | 21,071 | 1,327 |
Cash balance, beginning of periods | 2,902 | 1,575 |
Cash balance, end of periods | 23,973 | 2,902 |
Non-cash investing and financing transactions | ||
Subscription Receivables | 342,872 | |
Shares issued for the settlement of debt and accrued interest | 283,243 | |
Series B Preferred Shares issued to Common Stock Share holder | 1,566 | |
Series C Preferred Shares issued to Common Stock Share holder | 14 | |
Note receivable/payable for sale and purchase of shell | 10,000 | |
Conversion of debt to shares | 39,000 | |
Record derivative on convertible notes | 68,182 | |
Reclass of derivative to additional paid in capital | 136,364 | |
Accrued dividends | $19,819 |
Nature_of_Operations
Nature of Operations | 12 Months Ended | |||
Aug. 31, 2014 | ||||
Notes to Financial Statements | ||||
Note 1 - Nature of Operations | Embarr Downs, Inc. (“we”, “us”, “our”, the "Company" or the "Registrant") was originally incorporated in the State of Florida on June 27, 1997 under the name of July Project III Corp. and changed our name to Globalgroup Investment Holdings, Inc. on October 18, 2000 and subsequently changed our name to Embarr Downs, Inc. on August 20, 2013. The Company was reincorporated in Nevada on March 12, 2012. The Company is domiciled in the state of Nevada, and its corporate headquarters are located in the Los Angeles area of California. On August 20, 2013, the Company entered into an Agreement whereby the Company acquired 100% of Embarr Downs of California, Inc., incorporated in the State of California on February 23, 2013, and all operations of Embarr Downs, Inc., along with all the prior assets and liabilities were spun off through Sovereign Oil, Inc. On August 20, 2013, the acquisition closed and under the terms of the Agreement the Embarr Downs was the surviving entity. The Company selected August 31 as its fiscal year end. On August 21, 2014, the Company acquired 100% WB Partners from its majority shareholders. As part of the acquisition of WB Partners the company also acquired 87% of SouthCorp Capital and 99% of Torrent Energy as operating subsidiaries of the Company. The Company and WB Partners were under common control at the date of merger and therefore have been accounted for as a merger of entities under common control under ASC 805-50 and historical cost of WB Partners and its subsidiaries have been used in combining WB Partners and the Company as if they had been combined since the inception of WB Partners which was June 2014. | |||
The Company is a holding company that operates through its 4 operating subsidiaries. This is the current corporate organization: | ||||
Embarr Downs of California: Is in business is the buying, selling and racing of thoroughbreds. The company’s focus is acquiring partial ownership in horses that can race in allowance or stakes level races. Allowance races are a race other than claiming for which the racing secretary drafts certain conditions. Stakes races are the top level races. The purse money is significantly higher in allowance and stakes level races. Claiming refers to the process by which a licensed person may purchase a horse entered in a race designated as a “claiming race” for a predetermined price. When a horse has been claimed, its new owner assumes title after the starting gate opens although the former owner is entitled to all purse money earned in that race. Claiming races are lowest level in thoroughbred racing. Stakes and allowance races are races in which the horses are not for sale. | ||||
The Company currently owns the following horses | ||||
Horse | Location | Percent Owned | Deprecation(2) | |
Rock Off | California | 100% | $24,445 | |
Street Car | California | 100% | $366(3) | |
Lone Warrior | California | 10% | $0(1) | |
_______________ | ||||
(1) Our CEO provided the 10% interest for $0. Unrelated 3rd parties own the remaining 90%. | ||||
(2) The Company had $648 in deprecation for thoroughbreds sold or claimed from the Company. | ||||
(3) Street Car was injured in March 2014 and began training again in October 2014. The Company didn’t deprecate during the time the horse was not in training. | ||||
SouthCorp Capital, Inc.: Southcorp Capital, Inc. is a Delaware corporation. The Company’s focus is on the acquisition and renovation of single-family and mutli-family properties in the U.S with the intent of reselling or renting the property after renovations have occurred. Our real estate investments are expected to focus properties undervalued and/or in need of some repairs. | ||||
We seek potential property acquisitions meeting the above criteria and which are located throughout the United States. We believe the most important criteria for evaluating the markets in which we intend to purchase properties include: | ||||
· | historic and projected population growth; | |||
· | historically high levels of tenant demand and lower historic investment volatility for the type of property being acquired; | |||
· | markets with historic and growing numbers of a qualified and affordable workforce; | |||
· | high historic and projected employment growth; | |||
· | markets where demographics support need for senior living and healthcare related facilities; | |||
· | markets with high levels of insured populations; | |||
· | stable household income and general economic stability; and | |||
· | sound real estate fundamentals, such as high occupancy rates and strong rent rate potential. | |||
The markets in which we invest may not meet all of these criteria and the relative importance that we assign to any one or more of these criteria may differ from market to market or change as general economic and real estate market conditions evolve. We may also consider additional important criteria in the future. In order to diversify our portfolio, we may acquire a portion of our real estate investments through joint ventures with affiliates and third parties, such as institutional investors. | ||||
WB Partners: WB Partners provides consulting services to companies. The Company provides consulting services to a wide variety of both financially sound and distressed organizations by helping clients in diverse industries improve performance, transform the enterprise, reduce costs, leverage technology, process and review large amounts of complex data, address regulatory changes, recover from distress and stimulate growth, or to go public. Our professionals employ their expertise in finance, operations, strategy and technology to provide our clients with specialized analyses and customized advice and solutions that are tailored to address each client's particular challenges and opportunities to deliver sustainable and measurable results. | ||||
Torrent Energy: Torrent Energy Corp. is a Colorado corporation. The Company developing various gourmet food products. The Company has begun development of compound butter and expects to begin development of a pancake and waffle syrup in November 2014. The company has begun developing compound butter flavors of: Maple, Pecan Brown Sugar, Blueberry, Strawberry, Orange Balsamic Vinegar, Cinnamon and Pumpkin Spice. | ||||
Going Concern | ||||
The Company's financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. However, the Company does not have significant cash or other current assets, nor does it have an established source of revenues sufficient to cover its operating costs and to allow it to continue as a going concern. | ||||
Under the going concern assumption, an entity is ordinarily viewed as continuing in business for the foreseeable future with neither the intention nor the necessity of liquidation, ceasing trading, or seeking protection from creditors pursuant to laws or regulations. Accordingly, assets and liabilities are recorded on the basis that the entity will be able to realize its assets and discharge its liabilities in the normal course of business. | ||||
The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plan described in the preceding paragraph and eventually attain profitable operations. The accompanying financial statements do not include any adjustments that may be necessary if the Company is unable to continue as a going concern. | ||||
In the coming year, the Company’s foreseeable cash requirements will relate to continual development of the operations of its business, maintaining its good standing and making the requisite filings with the Securities and Exchange Commission, and the payment of expenses associated with operations and business developments. The Company may experience a cash shortfall and be required to raise additional capital. | ||||
Historically, it has mostly relied upon internally generated funds such as shareholder loans and advances to finance its operations and growth. Management may raise additional capital by retaining net earnings or through future public or private offerings of the Company’s stock or through loans from private investors, although there can be no assurance that it will be able to obtain such financing. The Company’s failure to do so could have a material and adverse affect upon it and its shareholders. |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended | ||||||||||||||||
Aug. 31, 2014 | |||||||||||||||||
Notes to Financial Statements | |||||||||||||||||
Note 2 - Significant Accounting Policies | Accounting Method | ||||||||||||||||
The Company's financial statements are prepared using the accrual method of accounting. The Company has elected a fiscal year ending on August 31. | |||||||||||||||||
Consolidation of Subsidiaries | |||||||||||||||||
Our consolidated financial statements include the accounts of majority-owned, controlled subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. | |||||||||||||||||
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 and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||||||
Cash and cash equivalents | |||||||||||||||||
The Company considers all highly liquid investments with maturities of three months or less at the time of purchase to be cash equivalents. | |||||||||||||||||
Depreciation | |||||||||||||||||
The Company depreciates horses that it acquires a 50% or greater position in. The Company depreciates the horse via straight-line depreciation over its useful life of 3 years. | |||||||||||||||||
The Company depreciates houses that it acquires a 50% or greater position in. The Company depreciates the house via straight-line depreciation over its useful life of 27.5 years. | |||||||||||||||||
Basic and diluted net loss per share | |||||||||||||||||
The Company computes loss per share in accordance with ASC 260, Earnings per Share. ASC 260 requires presentation of both basic and diluted earnings per share (“EPS”) on the face of the income statement. Basic EPS is computed by dividing net loss available to common shareholders (numerator) by the weighted average number of common shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period including stock options, using 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 common shares if their effect is anti-dilutive. Common stock equivalents pertaining to the convertible debt, options, warrants and convertible preferred shares were not included in the computation of diluted net loss per common share because the effect would have been anti-dilutive due to the net loss for the years ended August 31, 2014 and 2013. | |||||||||||||||||
Income taxes | |||||||||||||||||
The Company accounts for income taxes under ASC 740 "Income Taxes" which codified SFAS 109, "Accounting for Income Taxes" and FIN 48 “Accounting for Uncertainty in Income Taxes – an Interpretation of FASB Statement No. 109.” Under the asset and liability method of ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under ASC 740, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period the enactment occurs. A valuation allowance is provided for certain deferred tax assets if it is more likely than not that the Company will not realize tax assets through future operations. | |||||||||||||||||
Research and Development | |||||||||||||||||
Costs associated with the thoroughbred research are charged to expense as incurred. | |||||||||||||||||
Revenue Recognition | |||||||||||||||||
Real Estate Revenue Recognition | |||||||||||||||||
The company pursues opportunities to realize revenues from two principal activities: sale of houses it renovates and rental income. It is the company’s policy that revenues and gains will be recognized in accordance with ASC Topic 360. | |||||||||||||||||
Sale of the Company’s real estate property will occur through the use of a sales contract where revenues from renovated real estate property sales will be recognized upon closing of the sale. In accordance with FASB ASC 360-20, the Company will use the accrual method and recognize revenue on the sale of its properties when the earnings process is complete and the collectability of the sales price and additional proceeds is reasonably assured, which is typically when the sale of the property closes. At the time of sale the Company will determine it the transaction will be recognized under the full accrual method, installment method, cost recovery method, deposit method or reduced profit method. Rental Income is recognized at the time the Company deposits the monies. | |||||||||||||||||
Thoroughbred Revenue Recognition | |||||||||||||||||
The company pursues opportunities to realize revenues from two principal activities: purse winnings from racing horses and selling its horses in claiming races. It is the company’s policy that revenues and gains will be recognized in accordance with ASC Topic 605-10-25, “Revenue Recognition.” Under ASC Topic 605-10-25, revenue earning activities such as horse races are recognized upon claiming the purse winnings and the company has substantially accomplished all it must do to be entitled to the benefits represented by the revenue. Gains or losses from the sale of the horses are recognized when the horse is sold or otherwise disposed of, the cost and associated accumulated depreciation are removed from the accounts and the resulting gain or loss is recognized in the statement of operations. | |||||||||||||||||
Consulting Revenue Recognition | |||||||||||||||||
The company pursues opportunities to realize revenues from consulting services. It is the company’s policy that revenues and gains will be recognized in accordance with ASC Topic 605-10-25, “Revenue Recognition.” Under ASC Topic 605-10-25, revenue earning activities are recognized when all of the following criteria are met: (i) persuasive evidence of an arrangement exists, (ii) the product has been shipped or the services have been rendered to the customer, (iii) the sales price is fixed or determinable, and (iv) collectability is reasonably assured. In cases where the company receives equity instruments of its customers in exchange for services provided, the Company follows ASC 505-50-30 for determining when to measure the value of the equity instruments received. | |||||||||||||||||
Investments | |||||||||||||||||
The Company accounts for its investment in marketable securities in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 320, Investments – Debt and Equity Securities. See Note 3 for further information. FASB ASC 320 requires certain securities to be classified into three categories: | |||||||||||||||||
Held-to-maturity – Debt securities that the entity has the positive intent and ability to hold to maturity are reported at amortized cost. | |||||||||||||||||
Trading securities – Debt and equity securities that are bought and held primarily for the purpose of selling in the near term are reported at fair value, with unrealized gains and losses included in earnings. | |||||||||||||||||
Available-for-sale – Debt and equity securities not classified as either securities held-to-maturity or trading securities are reported at fair value with unrealized gains or losses excluded from earnings and reported as a separate component of shareholders’ equity. | |||||||||||||||||
Fair Value Measurements | |||||||||||||||||
As defined in ASC 820 “Fair Value Measurements”, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable. The Company classifies fair value balances based on the observability of those inputs. ASC 820 establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurement). | |||||||||||||||||
The three levels of the fair value hierarchy defined by ASC 820 are as follows: | |||||||||||||||||
Level 1 – Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of financial instruments such as exchange-traded derivatives, marketable securities and listed equities. | |||||||||||||||||
Level 2 – Pricing inputs are other than quoted prices in active markets included in level 1, which are either directly or indirectly observable as of the reported date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors, and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. Instruments in this category generally include non-exchange-traded derivatives such as commodity swaps, interest rate swaps, options and collars. | |||||||||||||||||
Level 3 – Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value. | |||||||||||||||||
The following table sets forth by level with the fair value hierarchy the Company’s financial assets and liabilities measured at fair value on August 31, 2014: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets | |||||||||||||||||
Derivative financial instruments | $ | - | $ | - | $ | 80,000 | $ | 80,000 | |||||||||
Marketable securities available for sale | $ | 128,460 | $ | 425,570 | $ | - | $ | 554,030 | |||||||||
Liabilities | |||||||||||||||||
Derivative financial instruments | $ | - | $ | - | $ | - | $ | - | |||||||||
Recently issued accounting standards | |||||||||||||||||
The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
Related_Party_Transaction
Related Party Transaction | 12 Months Ended |
Aug. 31, 2014 | |
Notes to Financial Statements | |
Note 3 - Related Party Transaction | As of August 31, 2014, a note payable of $113,705 was due to the Company’s officers compared to $13,000 on August 31, 2013. Through the end of the fiscal year August 31, 2014, the Company’s officers contributed $128,170 as a note payable and repaid $27,465 for a total remaining amount owed of $113,705. This note is unsecured, non-interest bearing and matures on December 31, 2015. The Company and WB Partners were under common control through Joseph Wade at the date of merger and therefore have been accounted for as a merger of entities under common control under ASC 805-50 and historical cost of WB Partners and its subsidiaries have been used in combining WB Partners and the Company as if they had been combined since the inception of WB Partners which was June 2014. |
On August 20, 2013, the acquisition closed and under the terms of the Agreement the Embarr Downs was the surviving entity. The Company selected August 31 as its fiscal year end. On August 21, 2014, the Company acquired 100% WB Partners from its majority shareholders. As part of the acquisition of WB Partners the company also acquired 87% of SouthCorp Capital and 99% of Torrent Energy as operating subsidiaries of the Company. The Company recognized $250,000 of stock compensation related to the subsidiary during year ended August 31, 2014. | |
The Company’s subsidiary SouthCorp Capital booked a one-time $250,000 in expenses related stock issuance of Southorp Capital stock to its CEO and COO. | |
The Company also had expenses of 95,928 related to distributions to related parties and $8,314 in adjustment to Additional Paid in Capital for relate company distribution. | |
Convertible_Notes_Payable
Convertible Notes Payable | 12 Months Ended |
Aug. 31, 2014 | |
Notes to Financial Statements | |
Note 4 - Convertible Notes Payable | KBM Worldwide December 30, 2013 convertible note. On December 30, 2013 the Company received a note in the amount of $37,500 from KBM Worldwide, Inc. The note bears a simple interest of 8% per annum from the date hereof (the “Issue Date”) until it becomes due and payable, whether at maturity date on September 30, 2013. The note is convertible into shares of Common Stock, $0.0001 par value per share. This note has been converted for the entire amount of this note through the issuance of 3,268,151 shares. As such there is no amount owned on this note. |
KBM Worldwide April 28, 2014 convertible note. On April 28, 2014 the Company received a note in the amount of $53,000 from KBM Worldwide, Inc. The note bears a simple interest of 8% per annum from the date hereof (the “Issue Date”) until it becomes due and payable, whether at maturity date on January 28, 2014. The note is convertible into shares of Common Stock, $0.0001 par value per share 180 days from the issue date. As of August 31, 2014 this note is not considered to be a derivative. | |
KBM Worldwide July 16, 2014 convertible note. On July 16, 2014 the Company received a note in the amount of $42,500 from KBM Worldwide, Inc. The note bears a simple interest of 8% per annum from the date hereof (the “Issue Date”) until it becomes due and payable, whether at maturity date on April 15, 2015. The note is convertible into shares of Common Stock, $0.0001 par value per share 180 days from the issue date. As of August 31, 2014 this note is not considered to be a derivative. |
Derivative_Liabilities
Derivative Liabilities | 12 Months Ended | ||||
Aug. 31, 2014 | |||||
Notes to Financial Statements | |||||
Note 5 - Derivative Liabilities | The Company issued convertible notes that are convertible into Class A common shares at a discount from the market price of the Company’s Common Stock price. The Company analyzed the conversion options embedded in the convertible notes for derivative accounting consideration under ASC 815, Derivatives and Hedging, and determined that the instruments embedded in the above referenced convertible promissory notes should be classified as liabilities and recorded at fair value due to their being no explicit limit to the number of shares to be delivered upon settlement of the conversion options. Because the number of shares to be issued upon settlement of the above referenced convertible promissory notes cannot be determined under this instrument, Company cannot determine whether it will have sufficient authorized shares at a given date to settle any other future share instruments. On the date the notes became convertible, the conversion options were classified as derivative liabilities at their fair value. | ||||
During 2014, certain notes payable were converted resulting in settlement of the related derivative liabilities. The Company re-measured the embedded conversion options at fair value on the date of settlement and recorded these amounts to additional paid-in capital. | |||||
The following table summarizes the changes in the derivative liabilities during the year ended August 31, 2014: | |||||
Balance as of August 31, 2014 | $ | - | |||
Additions from new convertible notes issued | 68,182 | ||||
Reclassification of derivative liabilities to additional paid-in capital due to conversion of related notes payable | (136,364 | ) | |||
Change in fair value | 68,182 | ||||
Ending balance as of August 31, 2014 | $ | - | |||
The Company used Black Scholes model, assuming maximum value to determine effectively the stock price on the date of measurement of the derivative liability. |
Common_and_Preferred_Stock
Common and Preferred Stock | 12 Months Ended |
Aug. 31, 2014 | |
Notes to Financial Statements | |
Note 6 - Common and Preferred Stock | Shares issued for services |
During the nine months ended May 31, 2014, the Company issued 45,000,000 shares of common stock to employees and third party consultants as compensation. The fair value of the shares was determined to be $945,000. | |
Shares issued for settlement of debt and accrued interest | |
The company issued 944,143 of common shares to settle $282,000 of the line of credit outstanding as well as $1,243 of accrued interest with the third party. The fair value of the shares issued was $246,421. The Company recorded $36,822 as a gain on settlement of debt. | |
Shares issued for cash | |
During the fiscal year end August 31, 2014, the company issued 2,055,857 shares of common stock to a third party for the proceeds of $616,757. As of August 31, 2014, the company has received $273,885 of the $616,757 with the remaining $342,872 outstanding as a stock subscription. | |
Shares issued for conversion of convertible debt | |
The Company issued 3,268,151 shares for the conversion of convertible debt of $37,500 and interest of $1,500. The Company recorded $136,364 to additional paid in capital for the reclassification of derivative liabilities due to conversion of convertible notes. | |
Reverse stock split | |
On September 20, 2013, the Company executed a Fifty Thousand to One (50,000:1) reverse stock split of issued and outstanding shares of its Common Stock. As part of the reverse, the total authorized shares of Common Stock were reduced to 500,000,000 shares. The Company accounted for the reverse stock split retrospectively and is presented accordingly in the Company’s financial statements. | |
Common Stock | |
The Certificate of Incorporation, as amended, authorizes the Company to issue up to 500,000,000 shares of Common Stock ($0.0001 par value). As of August 31, 2014, there are 51,346,461 shares of our Common Stock issued and outstanding compared to 78,284 on August 31, 2014. All outstanding shares of Common Stock are of the same class and have equal rights and attributes. Holders of our Common Stock are entitled to one vote per share on matters to be voted on by shareholders and also are entitled to receive such dividends, if any, as may be declared from time to time by our Board of Directors in its discretion out of funds legally available therefore. | |
Series A Preferred | |
The Series A Preferred Stock consist of 5,000,000 authorized and 4,000,000 are issued and outstanding as of the date of this filing. There were 4,000,000 shares outstanding as of August 31, 2013. | |
The Series A Preferred has the following terms and rights: | |
Dividend: No dividend rights | |
Ranks: Ranks superior to the Company’s Common Stock as to distributions of assets upon liquidation, dissolution or winding up of the Corporation, whether voluntary or involuntary, including the payment of dividends. | |
Conversion Provisions. Each Series A Preferred Share cannot be converted into Common Shares, unless it is approved by the Board of Directors and agreed upon by the Series A Preferred Shareholders. | |
Voting Rights. Except as otherwise required by law, each Series A Preferred Share shall have voting rights and shall carry a voting weight equal to two thousand five hundred (2,500) Common Shares. Except as otherwise required by law or by these Articles, the holders of shares of Common Stock and Preferred Stock shall vote together. | |
Series B Preferred Stock | |
On September 20, 2012, the Company approved of the issuance of Series B Preferred Stock to its Common Stock shareholders. Each common stock shareholders, prior to the reverse stock split, received one share of Series B Preferred Stock for each 2,500 common stock shares owned. As a result 1,565,696 of Series B Preferred Stocks were issued for a total fair value of $1,566. The stock dividend is considered an equity transaction due to all shareholders participating in the issuance. | |
The Series B Preferred Stock consists of 2,000,000 authorized and 1,565,696 are issued and outstanding as of the date of this filing. The Series B Preferred has the following terms and rights: | |
Dividend: No dividend rights | |
Ranks: All shares of Preferred Stock shall rank superior with all of the Corporation's Common Stock, $.0001 par value (the "Common Stock"), now or hereafter issued, as to distributions of assets upon liquidation, dissolution or winding up of the Corporation, whether voluntary or involuntary, including the payment of dividends. | |
Conversion Provisions. | |
(a) The company may convert, at any time by an affirmative vote of the Board of Directors, the shares of the Series B Preferred Stock into Common Stock equal to a rate equal to $1.00 divided by the closing price of the Company’s Common Stock as listed by OTC Markets (“Market Value”) for the date the conversion was approved by the Board of Directors. If no closing price is available, then the Market Value shall be assumed to be $1.00 per common share. Any fractional share shall be rounded up to the nearest share. | |
(b) Each share of the Series B Preferred Stock, unless previously converted, will automatically convert on August 31, 2018 (the “mandatory conversion date”), into a number of shares of common stock equal to a rate equal to $1.00 divided by the closing price of the Company’s Common Stock as listed by OTC Markets (“Market Value”) for the date the conversion was approved by the Board of Directors. If no closing price is available, then the Market Value shall be assumed to be $1.00 per common share. Any fractional share shall be rounded up to the nearest share. | |
Voting Rights. The holders of the mandatory convertible preferred stock do not have voting rights other than those specifically required by Nevada law. | |
Series C Preferred Stock | |
On April 16, 2014, the Company approved of the issuance of Series C Preferred Stock to its Common Stock shareholders. Each common stock shareholders received one share of Series B Preferred Stock for each 3,500 common stock shares owned. As a result 13,797 of Series B Preferred Stocks were issued for a total fair value of $1. The stock dividend is considered an equity transaction due to all shareholders participating in the issuance. | |
The Series C Preferred Stock consists of 15,000,000 authorized and 113,797 are issued and outstanding as of the date of this filing. The Series C Preferred has the following terms and rights: | |
Rank. All shares of Preferred Stock shall rank superior with all of the Corporation's Common Stock, no par value (the "Common Stock"), now or hereafter issued, as to distributions of assets upon liquidation, dissolution or winding up of the Corporation, whether voluntary or involuntary, including the payment of dividends. | |
Dividends. No dividend shall be declared or paid on the Preferred Stock unless approved and declared by the Board of Directors. | |
No Liquidation Preference. In the event of any voluntary or involuntary liquidation, dissolution, or winding-up of the Corporation, the Series C Preferred shares shall have no priority on liquidation superior to that of the other Preferred Stock. The Series C Preferred shareholders will be entitled to preferential amounts paid in to the Corporation and be paid in full, for funds paid for the Series C Preferred Shares, if sufficient funds exist . The holders of shares of other series of Preferred Stock shall be entitled to participate with the Common Stock in all of the remaining assets of the Corporation available for distribution to its stockholders, ratably with the holders of Common Stock in proportion to the number of shares of Common Stock held by them, assuming for each holder of Preferred Stock on the record date for such distribution that each holder was the holder of record of the number (including any fraction) of shares of Common Stock into which the shares of Preferred Stock then held by such holder are then convertible. A liquidation, dissolution, or winding-up of the Corporation, as such terms are used in this Section 5, shall not be deemed to be occasioned by or to include any merger of the Corporation with or into one or more corporations or other entities, any acquisition or exchange of the outstanding shares of one or more classes or series of the Corporation, or any sale, lease, exchange, or other disposition of all or a part of the assets of the Corporation. | |
Voting Rights. The holders of the preferred stock do not have voting rights other than those specifically required by Nevada law. | |
No Redemption. The shares of Preferred Stock are not redeemable, unless approved by the Board of Directors and agreed upon by the Series C Preferred Shareholders. | |
Dividends | |
During the Fiscal Year ending August 31, 2014, the Company declared $27,824 in dividends. As of August 31, 2014, the company paid $8,005 and has accrued $19,819 in dividends. |
Note_Receivable_Mortgage_and_S
Note Receivable, Mortgage and Securities Available for sale | 12 Months Ended | ||||||
Aug. 31, 2014 | |||||||
Notes to Financial Statements | |||||||
Note 7 - Note Receivable, Mortgage and Securities Available for sale | Note receivable from consulting services | ||||||
The Company, through WB Partners, provides consulting services to clients. The Company typically is paid in cash or stock. During the fiscal year ending August 31, 2014, the Company received a note receivable for consulting services performed. The amount of the note is $40,000. The Company may convert the note into shares of Signal Bay at a conversion price of 50% of the market price at the time of conversion. The Company recorded $80,000 in derivative asset related to this note receivable | |||||||
Securities available for sale | |||||||
The Company, through WB Partners, provides consulting services to clients. The Company typically is paid in cash or stock. When paid in stock the Company books the stock as Securities Available For Sale. The Company recognizes the revenue based on the current price per share of the stock received at the date the services are complete and prior to completion, interim measurements are taken at each reporting date. At the time the Company sells or otherwise disposes the shares, the company will record any realized gain or loss on the sale of the stock. After a measurement date has been reached for revenue recognition purposes, interim changes in fair value of the stock are reflected in Other Comprehensive Income (Loss) as an unrealized gain (loss). | |||||||
The table below shows the number of shares WB Partners received as compensation for services and how they were accounted for: | |||||||
Nate’s Food Co.: The Company received the following shares as compensation: | |||||||
Issuer | Type | Share # | Revenue | Deferred Revenue | Net Revenue | Long Term/Short Term | |
Nate's Food | Common | 600,000 | 15,960 | 0 | 15,960 | Short | |
Nate's Food | Preferred | 1,250 | 332,500 | 304,903 | 27,597 | Long | |
Nate's Food | Warrants | 6,000,000 | 0 | 0 | 0 | Short | |
As such, the Company received a total of $348,460 on total compensation with $304,903 deferred over the 24-month consulting contract with Nate’s Food. | |||||||
Vortex Brands: The Company received the following shares as compensation: | |||||||
Issuer | Type | Share # | Revenue | Deferred Revenue | Net Revenue | Long Term/Short Term | |
Vortex | Common | 9,000,000 | 36,900 | 22,837 | 14,063 | Short | |
Vortex | Preferred | 19,000 | 77,900 | 68,162 | 9,738 | Long | |
Signal Bay: The Company received the following shares as compensation: | |||||||
Issuer | Type | Share # | Revenue | Deferred Revenue | Net Revenue | Long Term/Short Term | |
Signal Bay | Common | 1,850,000 | 15,170 | 0 | 15,170 | Long | |
Signal Bay | Cash | - | 10,000 | 0 | 10,000 | - | |
Signal Bay | Derivative asset | 80,000 | 65,170 | 14,830 | Long | ||
The derivative asset relates to promissory note the Company received from Signal Bay for $40,000 for services rendered. The Company may convert the note into shares of Signal Bay at a conversion price of 50% of the market price at the time of conversion. The Company recorded $80,000 in derivative asset related to this note receivable. | |||||||
Mortgage for acquired property | |||||||
The Company financed the purchase of one of its properties. The amount owed as of August 31, 2014 was $13,342. The Company pays $350 per month with a balloon payment of $9,750 due on April 1, 2015. The interest rate is 0% and is secured by the property. | |||||||
Property_Information
Property Information | 12 Months Ended | ||||
Aug. 31, 2014 | |||||
Notes to Financial Statements | |||||
Note 8 - Property Information | The table below includes the properties owned by the Company as of August 31, 2014: | ||||
Property | City, State | Acquisition Date | Type | Purchase Price | |
808 N. Franklin Street | Portland, Indiana | 14-Apr | Single Family | $1,500 | |
465 Fulton | Berne, Indiana | 14-Apr | Vacant Land | $1,500 | |
Jefferson Street | Berne, Indiana | 14-Apr | Vacant Industrial | $2,500 | |
356 Franklin Street | Berne, Indiana | 14-Apr | Single Family | $16,000 | |
163 Behring Street | Berne, Indiana | 14-Apr | Commercial | $35,000 | |
8841 N. Pearl Street | Bryant, Indiana | 14-Apr | Single Family | $1,500 | |
237 E. Delaware Street | Redkey, Indiana | 14-Apr | Single Family | $1,500 | |
8218 N 950W | Montpelier, Indiana | 14-Apr | Single Family | $2,500 | |
7003 Balsam Lane | Fort Wayne, Indiana | 14-May | Single Family | $6,000 | |
1063 Winchester | Decauter, Indiana | 14-Aug | Single Family | $1,890 | |
Except for 356 Franklin and 1063 Winchester, the properties list above were purchased by our CEO and a note was issued to our CEO. The property located at 356 Franklin was financed by the seller who carried back a mortgage that the Company pays $350 per month with the balance due April 2015. The property located at 1063 Winchester was paid n cash by the Company. | |||||
Renovations: The Company is currently renovating 7003 Balsam Lane. Through August 31, 2014, the Company has spent $23,550 in renovations to the property. Once these renovations are complete the Company will begin renovations on 356 Franklin Street. |
Segment_Information
Segment Information | 12 Months Ended | ||||
Aug. 31, 2014 | |||||
Notes to Financial Statements | |||||
Note 9 - Segment Information | The Company is organized as, and operates in, real estate, consulting and thoroughbred racing/breeding. The Company’s chief operating decision-maker is its Chief Executive Officer. The Company’s Chief Executive Officer reviews financial information presented on a consolidated basis for purposes of evaluating financial performance and allocating resources, accompanied by information about revenue by geographic regions. The Company’s assets are primarily located in the United States of America and not allocated to any specific region and it does not measure the performance of its geographic regions based upon asset-based metrics. Therefore, geographic information is presented only for revenue. Revenue by geographic region is based on the ship to address on the customer order. At August 31, 2013, thoroughbred racing was the only segment of operations for the Company. | ||||
Segments: | |||||
Embarr Downs Of California – owns and operates the Company’s thoroughbreds. | |||||
Embarr Downs of California | Year Ended August 31, 2014 | ||||
Revenue | $ | 26,604 | |||
Cost of Goods | 30,973 | ||||
Operating Expenses | 50,109 | ||||
Total Loss | $ | (54,478 | ) | ||
Embarr Downs of California | Year Ended August 31, 2014 | ||||
Cash | $ | 20,515 | |||
Thoroughbreds | 43,096 | ||||
Liabilities | - | ||||
Total Equity | $ | 63,611 | |||
This segment also had $20,876 in deprecation. This segment has no interest expense or income or extraordinary items. | |||||
WB Partners – provides consulting work to companies. | |||||
WB Partners | Year Ended August 31, 2014 | ||||
Sales, net | $ | 74,257 | |||
Operating Expenses | - | ||||
Total Profit | $ | 74,257 | |||
WB Partners | Year Ended August 31, 2014 | ||||
Cash | $ | - | |||
Current assets | 90,000 | ||||
Long term assets | 554,030 | ||||
Deferred revenue | 536,673 | ||||
Liabilities | 10,000 | ||||
Total Equity | $ | 97,357 | |||
This segment has no deprecation, interest expense or income or extraordinary items. | |||||
SouthCorp Capital – owns and manages the Company’s real estate. | |||||
SouthCorp Capital | Year Ended August 31, 2014 | ||||
Sales, net | $ | 5,500 | |||
Cost of Goods | - | ||||
Operating Expenses | 267,914 | ||||
Total Loss | $ | (262,414 | ) | ||
SouthCorp Capital | Year Ended August 31, 2014 | ||||
Cash | $ | 3,458 | |||
Real Estate | 93,440 | ||||
Liabilities | 131,736 | ||||
Total Equity | $ | (34,838 | ) | ||
This segment has no deprecation, interest expense or income or extraordinary items. | |||||
Torrent Energy – currently does not have any operations. | |||||
Torrent Energy | Year Ended August 31, 2014 | ||||
Revenue | $ | - | |||
Cost of Goods | - | ||||
Operating Expenses | - | ||||
Total Profit | $ | - | |||
Torrent Energy | Year Ended August 31, 2014 | ||||
Assets | $ | - | |||
Liabilities | - | ||||
This segment has no deprecation, interest expense or income or extraordinary items. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||
Aug. 31, 2014 | |||||||||
Notes to Financial Statements | |||||||||
Note 10 - Income Taxes | We did not provide any current or deferred U.S. federal income tax provision or benefit for any of the periods presented because we have experienced operating losses since inception. Under ACS 740 “Income Taxes,” when it is more likely than not that a tax asset cannot be realized through future income the Company must allow for this future tax benefit. We provided a full valuation allowance on the net deferred tax asset, consisting of net operating loss carryforwards, because management has determined that it is more likely than not that we will not earn income sufficient to realize the deferred tax assets during the carryforward period. | ||||||||
The Company has not taken a tax position that, if challenged, would have a material effect on the financial statements for the periods ended August 31, 2014, applicable under ACS 740. As a result of the adoption of ACS 740, we did not recognize any adjustment to the liability for uncertain tax position and therefore did not record any adjustment to the beginning balance of accumulated deficit on the balance sheet. The company has a net operating loss carry forward of approximately $504,000 and $20,000 for the year ended August 31, 2014 and 2013, respectively which start to expires in 2032. This carry forward may be limited upon the consummation of a business combination under IRC Section 381. | |||||||||
The component of the Company’s deferred tax asset as of August 31, 2014 and 2013 are as follows: | |||||||||
2014 | 2013 | ||||||||
Deferred Tax Assets | $ | 171,602 | $ | 7,078 | |||||
Valuation allowance | (171,602 | ) | (7,078 | ) | |||||
Net deferred tax asset | $ | - | $ | - | |||||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Aug. 31, 2014 | |
Notes to Financial Statements | |
Note 11 - Subsequent Events | In August 2014, the Company agreed to sell 3 of its properties for $105,000. The closing occurred on September 15, 2014 and the Company provided financing to the buyer. The Company will receive $291.66 per month with a balloon payment on March 15, 2017 of $99,750. |
KBM Worldwide September 5, 2014 convertible note. On September 5, 2014 the Company received a note in the amount of $42,500 from KBM Worldwide, Inc. The note bears a simple interest of 8% per annum from the date hereof (the “Issue Date”) until it becomes due and payable, whether at maturity date on June 5, 2015. The note is convertible into shares of Common Stock, $0.0001 par value per share. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||||||
Aug. 31, 2014 | |||||||||||||||||
Significant Accounting Policies Policies | |||||||||||||||||
Accounting Method | The Company's financial statements are prepared using the accrual method of accounting. The Company has elected a fiscal year ending on August 31. | ||||||||||||||||
Consolidation of Subsidiaries | Our consolidated financial statements include the accounts of majority-owned, controlled subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. | ||||||||||||||||
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 and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||||||||||||||||
Cash and cash equivalents | The Company considers all highly liquid investments with maturities of three months or less at the time of purchase to be cash equivalents. | ||||||||||||||||
Depreciation | The Company depreciates horses that it acquires a 50% or greater position in. The Company depreciates the horse via straight-line depreciation over its useful life of 3 years. | ||||||||||||||||
The Company depreciates houses that it acquires a 50% or greater position in. The Company depreciates the house via straight-line depreciation over its useful life of 27.5 years. | |||||||||||||||||
Basic and diluted net loss per share | The Company computes loss per share in accordance with ASC 260, Earnings per Share. ASC 260 requires presentation of both basic and diluted earnings per share (“EPS”) on the face of the income statement. Basic EPS is computed by dividing net loss available to common shareholders (numerator) by the weighted average number of common shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period including stock options, using 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 common shares if their effect is anti-dilutive. Common stock equivalents pertaining to the convertible debt, options, warrants and convertible preferred shares were not included in the computation of diluted net loss per common share because the effect would have been anti-dilutive due to the net loss for the years ended August 31, 2014 and 2013. | ||||||||||||||||
Income taxes | The Company accounts for income taxes under ASC 740 "Income Taxes" which codified SFAS 109, "Accounting for Income Taxes" and FIN 48 “Accounting for Uncertainty in Income Taxes – an Interpretation of FASB Statement No. 109.” Under the asset and liability method of ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under ASC 740, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period the enactment occurs. A valuation allowance is provided for certain deferred tax assets if it is more likely than not that the Company will not realize tax assets through future operations. | ||||||||||||||||
Research and Development | Costs associated with the thoroughbred research are charged to expense as incurred. | ||||||||||||||||
Revenue Recognition | Real Estate Revenue Recognition | ||||||||||||||||
The company pursues opportunities to realize revenues from two principal activities: sale of houses it renovates and rental income. It is the company’s policy that revenues and gains will be recognized in accordance with ASC Topic 360. | |||||||||||||||||
Sale of the Company’s real estate property will occur through the use of a sales contract where revenues from renovated real estate property sales will be recognized upon closing of the sale. In accordance with FASB ASC 360-20, the Company will use the accrual method and recognize revenue on the sale of its properties when the earnings process is complete and the collectability of the sales price and additional proceeds is reasonably assured, which is typically when the sale of the property closes. At the time of sale the Company will determine it the transaction will be recognized under the full accrual method, installment method, cost recovery method, deposit method or reduced profit method. Rental Income is recognized at the time the Company deposits the monies. | |||||||||||||||||
Thoroughbred Revenue Recognition | The company pursues opportunities to realize revenues from two principal activities: purse winnings from racing horses and selling its horses in claiming races. It is the company’s policy that revenues and gains will be recognized in accordance with ASC Topic 605-10-25, “Revenue Recognition.” Under ASC Topic 605-10-25, revenue earning activities such as horse races are recognized upon claiming the purse winnings and the company has substantially accomplished all it must do to be entitled to the benefits represented by the revenue. Gains or losses from the sale of the horses are recognized when the horse is sold or otherwise disposed of, the cost and associated accumulated depreciation are removed from the accounts and the resulting gain or loss is recognized in the statement of operations. | ||||||||||||||||
Consulting Revenue Recognition | The company pursues opportunities to realize revenues from consulting services. It is the company’s policy that revenues and gains will be recognized in accordance with ASC Topic 605-10-25, “Revenue Recognition.” Under ASC Topic 605-10-25, revenue earning activities are recognized when all of the following criteria are met: (i) persuasive evidence of an arrangement exists, (ii) the product has been shipped or the services have been rendered to the customer, (iii) the sales price is fixed or determinable, and (iv) collectability is reasonably assured. In cases where the company receives equity instruments of its customers in exchange for services provided, the Company follows ASC 505-50-30 for determining when to measure the value of the equity instruments received. | ||||||||||||||||
Investments | The Company accounts for its investment in marketable securities in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 320, Investments – Debt and Equity Securities. See Note 3 for further information. FASB ASC 320 requires certain securities to be classified into three categories: | ||||||||||||||||
Held-to-maturity – Debt securities that the entity has the positive intent and ability to hold to maturity are reported at amortized cost. | |||||||||||||||||
Trading securities – Debt and equity securities that are bought and held primarily for the purpose of selling in the near term are reported at fair value, with unrealized gains and losses included in earnings. | |||||||||||||||||
Available-for-sale – Debt and equity securities not classified as either securities held-to-maturity or trading securities are reported at fair value with unrealized gains or losses excluded from earnings and reported as a separate component of shareholders’ equity. | |||||||||||||||||
Fair Value Measurements | As defined in ASC 820 “Fair Value Measurements”, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable. The Company classifies fair value balances based on the observability of those inputs. ASC 820 establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurement). | ||||||||||||||||
The three levels of the fair value hierarchy defined by ASC 820 are as follows: | |||||||||||||||||
Level 1 – Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of financial instruments such as exchange-traded derivatives, marketable securities and listed equities. | |||||||||||||||||
Level 2 – Pricing inputs are other than quoted prices in active markets included in level 1, which are either directly or indirectly observable as of the reported date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors, and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. Instruments in this category generally include non-exchange-traded derivatives such as commodity swaps, interest rate swaps, options and collars. | |||||||||||||||||
Level 3 – Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value. | |||||||||||||||||
The following table sets forth by level with the fair value hierarchy the Company’s financial assets and liabilities measured at fair value on August 31, 2014: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets | |||||||||||||||||
Derivative financial instruments | $ | - | $ | - | $ | 80,000 | $ | 80,000 | |||||||||
Marketable securities available for sale | $ | 128,460 | $ | 425,570 | $ | - | $ | 554,030 | |||||||||
Liabilities | |||||||||||||||||
Derivative financial instruments | $ | - | $ | - | $ | - | $ | - | |||||||||
Recently issued accounting standards | The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
Nature_of_Operations_Tables
Nature of Operations (Tables) | 12 Months Ended | |||
Aug. 31, 2014 | ||||
Nature Of Operations Tables | ||||
The Company owns the horses | The Company currently owns the following horses | |||
Horse | Location | Percent Owned | Deprecation(2) | |
Rock Off | California | 100% | $24,445 | |
Street Car | California | 100% | $366(3) | |
Lone Warrior | California | 10% | $0(1) |
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||
Aug. 31, 2014 | |||||||||||||||||
Significant Accounting Policies Tables | |||||||||||||||||
Financial assets and liabilities measured at fair value | The following table sets forth by level with the fair value hierarchy the Company’s financial assets and liabilities measured at fair value on August 31, 2014: | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets | |||||||||||||||||
Derivative financial instruments | $ | - | $ | - | $ | 80,000 | $ | 80,000 | |||||||||
Marketable securities available for sale | $ | 128,460 | $ | 425,570 | $ | - | $ | 554,030 | |||||||||
Liabilities | |||||||||||||||||
Derivative financial instruments | $ | - | $ | - | $ | - | $ | - |
Derivative_Liabilities_Tables
Derivative Liabilities (Tables) | 12 Months Ended | ||||
Aug. 31, 2014 | |||||
Derivative Liabilities Tables | |||||
Changes in the derivative liabilities during | The following table summarizes the changes in the derivative liabilities during the year ended August 31, 2014: | ||||
Balance as of August 31, 2014 | $ | - | |||
Additions from new convertible notes issued | 68,182 | ||||
Reclassification of derivative liabilities to additional paid-in capital due to conversion of related notes payable | (136,364 | ) | |||
Change in fair value | 68,182 | ||||
Ending balance as of August 31, 2014 | $ | - | |||
Note_Receivable_Mortgage_and_S1
Note Receivable, Mortgage and Securities Held for sale (Tables) | 12 Months Ended | ||||||
Aug. 31, 2014 | |||||||
NateBs Food Co. [Member] | |||||||
Shares as compensation | The Company received the following shares as compensation: | ||||||
Issuer | Type | Share # | Revenue | Deferred Revenue | Net Revenue | Long Term/Short Term | |
Nate's Food | Common | 600,000 | 15,960 | 0 | 15,960 | Short | |
Nate's Food | Preferred | 1,250 | 332,500 | 304,903 | 27,597 | Long | |
Nate's Food | Warrants | 6,000,000 | 0 | 0 | 0 | Short | |
Vortex Brands [Member] | |||||||
Shares as compensation | The Company received the following shares as compensation: | ||||||
Issuer | Type | Share # | Revenue | Deferred Revenue | Net Revenue | Long Term/Short Term | |
Vortex | Common | 9,000,000 | 36,900 | 22,837 | 14,063 | Short | |
Vortex | Preferred | 19,000 | 77,900 | 68,162 | 9,738 | Long | |
Signal Bay [Member] | |||||||
Shares as compensation | The Company received the following shares as compensation: | ||||||
Issuer | Type | Share # | Revenue | Deferred Revenue | Net Revenue | Long Term/Short Term | |
Signal Bay | Common | 1,850,000 | 15,170 | 0 | 15,170 | Long | |
Signal Bay | Cash | - | 10,000 | 0 | 10,000 | - | |
Signal Bay | Derivative asset | 80,000 | 65,170 | 14,830 | Long |
Property_Information_Tables
Property Information (Tables) | 12 Months Ended | ||||
Aug. 31, 2014 | |||||
Property Information Tables | |||||
Properties owned by the Company | The table below includes the properties owned by the Company as of August 31, 2014: | ||||
Property | City, State | Acquisition Date | Type | Purchase Price | |
808 N. Franklin Street | Portland, Indiana | 14-Apr | Single Family | $1,500 | |
465 Fulton | Berne, Indiana | 14-Apr | Vacant Land | $1,500 | |
Jefferson Street | Berne, Indiana | 14-Apr | Vacant Industrial | $2,500 | |
356 Franklin Street | Berne, Indiana | 14-Apr | Single Family | $16,000 | |
163 Behring Street | Berne, Indiana | 14-Apr | Commercial | $35,000 | |
8841 N. Pearl Street | Bryant, Indiana | 14-Apr | Single Family | $1,500 | |
237 E. Delaware Street | Redkey, Indiana | 14-Apr | Single Family | $1,500 | |
8218 N 950W | Montpelier, Indiana | 14-Apr | Single Family | $2,500 | |
7003 Balsam Lane | Fort Wayne, Indiana | 14-May | Single Family | $6,000 | |
1063 Winchester | Decauter, Indiana | 14-Aug | Single Family | $1,890 | |
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||
Aug. 31, 2014 | |||||
Segment Information Tables | |||||
Total revenue by segment for the year ended | Embarr Downs of California | Year Ended | |||
31-Aug-14 | |||||
Revenue | $ | 26,604 | |||
Cost of Goods | 30,973 | ||||
Operating Expenses | 50,109 | ||||
Total Loss | $ | (54,478 | ) | ||
WB Partners | Year Ended | ||||
31-Aug-14 | |||||
Sales, net | $ | 74,257 | |||
Operating Expenses | - | ||||
Total Profit | $ | 74,257 | |||
SouthCorp Capital | Year Ended | ||||
31-Aug-14 | |||||
Sales, net | $ | 5,500 | |||
Cost of Goods | - | ||||
Operating Expenses | 267,914 | ||||
Total Loss | $ | (262,414 | ) | ||
Torrent Energy | Year Ended | ||||
31-Aug-14 | |||||
Revenue | $ | - | |||
Cost of Goods | - | ||||
Operating Expenses | - | ||||
Total Profit | $ | - | |||
Total assets and liabilities by segment for the year ended | Embarr Downs of California | Year Ended | |||
31-Aug-14 | |||||
Cash | $ | 20,515 | |||
Thoroughbreds | 43,096 | ||||
Liabilities | - | ||||
Total Equity | $ | 63,611 | |||
WB Partners | Year Ended | ||||
31-Aug-14 | |||||
Cash | $ | - | |||
Current assets | 90,000 | ||||
Long term assets | 554,030 | ||||
Deferred revenue | 536,673 | ||||
Liabilities | 10,000 | ||||
Total Equity | $ | 97,357 | |||
SouthCorp Capital | Year Ended | ||||
31-Aug-14 | |||||
Cash | $ | 3,458 | |||
Real Estate | 93,440 | ||||
Liabilities | 131,736 | ||||
Total Equity | $ | (34,838 | ) | ||
Torrent Energy | Year Ended August 31, 2014 | ||||
Assets | $ | - | |||
Liabilities | - |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||
Aug. 31, 2014 | |||||||||
Income Taxes Tables | |||||||||
Deferred tax asset | The component of the Company’s deferred tax asset as of August 31, 2014 and 2013 are as follows: | ||||||||
2014 | 2013 | ||||||||
Deferred Tax Assets | $ | 171,602 | $ | 7,078 | |||||
Valuation allowance | (171,602 | ) | (7,078 | ) | |||||
Net deferred tax asset | $ | - | $ | - |
Nature_of_Operations_Details
Nature of Operations (Details) (USD $) | 12 Months Ended |
Aug. 31, 2014 | |
Rock Off Horse [Member] | |
Location | California |
Percent Owned | 100.00% |
Deprecation | $24,445 |
Street Car Horse [Member] | |
Location | California |
Percent Owned | 100.00% |
Deprecation | 366 |
Lone Warrior Horse [Member] | |
Location | California |
Percent Owned | 10.00% |
Deprecation | $0 |
Significant_Accounting_Policie3
Significant Accounting Policies (Details) (USD $) | Aug. 31, 2014 |
Assets | |
Derivative financial instruments | $80,000 |
Marketable securities available for sale | 554,030 |
Liabilities | |
Derivative financial instruments | |
Fair Value, Inputs, Level 1 [Member] | |
Assets | |
Derivative financial instruments | |
Marketable securities available for sale | 128,460 |
Liabilities | |
Derivative financial instruments | |
Fair Value, Inputs, Level 2 [Member] | |
Assets | |
Derivative financial instruments | |
Marketable securities available for sale | 425,570 |
Liabilities | |
Derivative financial instruments | |
Fair Value, Inputs, Level 3 [Member] | |
Assets | |
Derivative financial instruments | 80,000 |
Marketable securities available for sale | |
Liabilities | |
Derivative financial instruments |
Related_Party_Transaction_Deta
Related Party Transaction (Details Narrative) (USD $) | 12 Months Ended | |
Aug. 31, 2014 | Aug. 31, 2013 | |
Related Party Transaction Details Narrative | ||
Notes Payable Due | $113,705 | $13,000 |
Proceeds from Related Party Debt | 128,170 | 7,000 |
Note payable repaid | 27,465 | |
Stock compensation related to subsidiary | $250,000 |
Derivative_Liabilities_Details
Derivative Liabilities (Details) (USD $) | 12 Months Ended |
Aug. 31, 2014 | |
Derivative Liabilities Details | |
Beginning Balance | |
Additions from new convertible notes issued | 68,182 |
Reclassification of derivative liabilities to additional paid-in capital due to conversion of related notes payable | -136,364 |
Change in fair value | 68,182 |
Ending Balance |
Common_and_Preferred_Stock_Det
Common and Preferred Stock (Details Narrative) (USD $) | 12 Months Ended | |
Aug. 31, 2014 | Aug. 31, 2013 | |
Stock Issued During Period, Shares, Issued for Services | 45,000,000 | |
Stock Issued During Period, Value, Issued for Services (in Dollars) | $945,000 | |
Shares issued for settlement of debt and accrued interest | 246,421 | |
Shares issued for settlement of Debt and accrued interest, Shares | 944,143 | |
Accrued Interest | 2,743 | |
Cash proceeds from sale of stock for settlement of debt and Accrued interest | 36,822 | |
Shares issued for cash, value | 616,757 | |
Shares issued for cash, shares | 2,055,857 | |
Subscription receivable | 342,872 | |
Cash received from stock subscriptions | 273,885 | |
Shares issued for conversion of convertible debt | 37,500 | |
Shares issued for conversion of convertible debt, Shares | 3,268,151 | |
Interest | 1,500 | |
Reclassification of derivative liabilities to additional paid-in capital due to conversion of related notes payable | 136,364 | |
Common stock, shares issued | 51,346,435 | 78,284 |
Common stock, shares outstanding | 51,346,435 | 78,284 |
Dividends accrued | 19,819 | |
Dividend declared | 27,824 | |
Dividend paid | $8,005 | |
Preferred Stock Series C | ||
Preferred stock, shares authorized | 1,000,000 | 15,000,000 |
Preferred stock, shares issued | 13,797 | 0 |
Preferred stock, shares outstanding | 13,797 | 0 |
Preferred Stock Series B | ||
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 1,565,696 | 0 |
Preferred stock, shares outstanding | 1,565,696 | 0 |
Preferred Stock Series A | ||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 4,000,000 | 4,000,000 |
Preferred stock, shares outstanding | 4,000,000 | 4,000,000 |
Note_Receivable_Mortgage_and_S2
Note Receivable, Mortgage and Securities Available for sale (Details) (USD $) | 12 Months Ended | |
Aug. 31, 2014 | Aug. 31, 2013 | |
Net Revenue | $79,257 | |
Nates Food [Mermber] | ||
Type of shares | Common | |
Shares | 600,000 | |
Revenue | 15,960 | |
Deferred Revenue | 0 | |
Net Revenue | 15,960 | |
Long Term/Short Term | Short | |
Nates Food One [Mermber] | ||
Type of shares | Preferred | |
Shares | 1,250 | |
Revenue | 332,500 | |
Deferred Revenue | 304,903 | |
Net Revenue | 27,597 | |
Long Term/Short Term | Long | |
Nates Food Two [Mermber] | ||
Type of shares | Warrants | |
Shares | 6,000,000 | |
Revenue | 0 | |
Deferred Revenue | 0 | |
Net Revenue | 0 | |
Long Term/Short Term | Short | |
Vortex [Mermber] | ||
Type of shares | Common | |
Shares | 9,000,000 | |
Revenue | 36,900 | |
Deferred Revenue | 22,837 | |
Net Revenue | 14,063 | |
Long Term/Short Term | Short | |
Vortex One [Mermber] | ||
Type of shares | Preferred | |
Shares | 19,000 | |
Revenue | 77,900 | |
Deferred Revenue | 68,162 | |
Net Revenue | 9,738 | |
Long Term/Short Term | Long | |
Signal Bay [Mermber] | ||
Type of shares | Common | |
Shares | 1,850,000 | |
Revenue | 15,170 | |
Deferred Revenue | 0 | |
Net Revenue | 15,170 | |
Long Term/Short Term | Long | |
Signal Bay One [Mermber] | ||
Type of shares | Cash | |
Shares | ||
Revenue | 10,000 | |
Deferred Revenue | 0 | |
Net Revenue | 10,000 | |
Signal Bay Two [Mermber] | ||
Type of shares | Derivative asset | |
Shares | ||
Revenue | 80,000 | |
Deferred Revenue | 65,170 | |
Net Revenue | $14,830 | |
Long Term/Short Term | Long |
Note_Receivable_Mortgage_and_S3
Note Receivable, Mortgage and Securities Held for sale (Details Narrative) (USD $) | 12 Months Ended | |
Aug. 31, 2014 | Aug. 31, 2013 | |
Note receivable for consulting services | $40,000 | |
Total compensation | 250,000 | |
Amount owed | 13,342 | |
Nates Food [Mermber] | ||
Total compensation | 348,460 | |
Deferred compensation | $304,903 | |
Consulting contract | 24 months |
Property_Information_Details
Property Information (Details) (USD $) | 12 Months Ended |
Aug. 31, 2014 | |
Property Information [Member] | |
Address of property | 808 N. Franklin Street |
City, State | Portland, Indiana |
Acquisition Date | 14-Apr |
Type of property | Single Family |
Purchase price of property | $1,500 |
Property Information One [Member] | |
Address of property | 465 Fulton |
City, State | Berne, Indiana |
Acquisition Date | 14-Apr |
Type of property | Vacant Land |
Purchase price of property | 1,500 |
Property Information Two [Member] | |
Address of property | Jefferson Street |
City, State | Berne, Indiana |
Acquisition Date | 14-Apr |
Type of property | Vacant Industrial |
Purchase price of property | 2,500 |
Property Information Three [Member] | |
Address of property | 356 Franklin Street |
City, State | Berne, Indiana |
Acquisition Date | 14-Apr |
Type of property | Single Family |
Purchase price of property | 16,000 |
Property Information Four [Member] | |
Address of property | 163 Behring Street |
City, State | Berne, Indiana |
Acquisition Date | 14-Apr |
Type of property | Commercial |
Purchase price of property | 35,000 |
Property Information Five [Member] | |
Address of property | 8841 N. Pearl Street |
City, State | Bryant, Indiana |
Acquisition Date | 14-Apr |
Type of property | Single Family |
Purchase price of property | 1,500 |
Property Information Six [Member] | |
Address of property | 237 E. Delaware Street |
City, State | Redkey, Indiana |
Acquisition Date | 14-Apr |
Type of property | Single Family |
Purchase price of property | 1,500 |
Property Information Seven [Member] | |
Address of property | 8218 N 950W |
City, State | Montpelier, Indiana |
Acquisition Date | 14-Apr |
Type of property | Single Family |
Purchase price of property | 2,500 |
Property Information Eight [Member] | |
Address of property | B 7003 Balsam Lane |
City, State | Fort Wayne, Indiana |
Acquisition Date | 14-May |
Type of property | Single Family |
Purchase price of property | 6,000 |
Property Information Nine [Member] | |
Address of property | 1063 Winchester |
City, State | Decauter, Indiana |
Acquisition Date | 14-Aug |
Type of property | Single Family |
Purchase price of property | $1,890 |
Property_Information_Details_N
Property Information (Details Narrative) (USD $) | 12 Months Ended | |
Aug. 31, 2014 | Aug. 31, 2013 | |
Property Information Details Narrative | ||
Cash paid for renovations | $23,550 |
Segment_Information_Details
Segment Information (Details) (USD $) | 12 Months Ended | |
Aug. 31, 2014 | Aug. 31, 2013 | |
Sales, net | $79,257 | |
Operating Expenses | 1,759,647 | 9,574 |
Embarr Downs of California [Member] | ||
Revenue | 26,604 | |
Cost of Goods | 30,973 | |
Operating Expenses | 50,109 | |
Total Profit/Loss | -54,478 | |
WB Partners [Member] | ||
Sales, net | 74,257 | |
Operating Expenses | ||
Total Profit/Loss | 74,257 | |
SouthCorp Capital [Member] | ||
Sales, net | 5,500 | |
Cost of Goods | ||
Operating Expenses | 267,914 | |
Total Profit/Loss | -262,414 | |
Torrent Energy [Member] | ||
Revenue | ||
Cost of Goods | ||
Operating Expenses | ||
Total Profit/Loss |
Segment_Information_Details_1
Segment Information (Details 1) (USD $) | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2012 |
Thoroughbreds | $43,096 | $55,000 | |
Current assets | 285,529 | 57,902 | |
Long term assets | 425,570 | ||
Deferred revenue | 536,673 | ||
Real estate | 69,890 | ||
Assets | 804,539 | 57,902 | |
Liabilities | 794,110 | 13,000 | |
Total Equity | 10,429 | 44,902 | 1,575 |
Embarr Downs of California [Member] | |||
Cash | 20,515 | ||
Thoroughbreds | 43,096 | ||
Liabilities | |||
Total Equity | 63,611 | ||
WB Partners [Member] | |||
Cash | |||
Current assets | 90,000 | ||
Long term assets | 554,030 | ||
Deferred revenue | 536,673 | ||
Liabilities | 10,000 | ||
Total Equity | 97,357 | ||
SouthCorp Capital [Member] | |||
Cash | 3,458 | ||
Real estate | 93,440 | ||
Liabilities | 131,736 | ||
Total Equity | -34,838 | ||
Torrent Energy [Member] | |||
Assets | |||
Liabilities |
Income_Taxes_Details
Income Taxes (Details) (USD $) | Aug. 31, 2014 | Aug. 31, 2013 |
Income Taxes Details | ||
Deferred Tax Assets | $171,602 | $7,078 |
Valuation allowance | -171,602 | -7,078 |
Net deferred tax asset |
Income_Taxes_Details_Narrative
Income Taxes (Details Narrative) (USD $) | 12 Months Ended | |
Aug. 31, 2014 | Aug. 31, 2013 | |
Income Taxes Details Narrative | ||
Net operating loss carry forward | $504,000 | $20,000 |
Net operating loss carry forward expires | 2032 |