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EXCEL - IDEA: XBRL DOCUMENT - Southern Growth CorpFinancial_Report.xls
10-Q - QUARTERLY REPORT ON FORM 10-Q - Southern Growth Corpsouthern123111_10q.htm
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EX-31 - EXHIBIT 31 - CERTIFICATION - Southern Growth Corpsouthern123111q_ex31.htm
EX-32 - EXHIBIT 32 - CERTIFICATION - Southern Growth Corpsouthern123111q_ex32.htm
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v2.4.0.6
Organization, Business and Operations
6 Months Ended
Dec. 31, 2011
Notes to Financial Statements  
Organization, Business and Operations

NOTE 1 - Organization, Business and Operations

 

On September 27, 2006, Southern Growth Corporation (the "Company") was formed in the Cayman Islands with the objective to acquire, or merge with, an operating business. The Company’s formation and administrative costs of $2,592 were financed through the issuance of 859,375 shares of ordinary shares at par value of $0.000128 per share for consideration of $110 together with a payable to the Founders of $2,482.

 

At December 31, 2011, the Company had not yet commenced operations. All activity from September 27, 2006 (“Date of Inception”) through December 31, 2011 relates to the Company’s formation. The Company selected June 30 as its fiscal year-end.

 

The Company, based on its proposed business activities, is a "blank check" company. The Securities and Exchange Commission defines such a company as “a development stage company” as it either has no specific business plan or purpose, or has indicated that its business plan is to engage in a merger or acquisition with an unidentified company or companies, or other entity or person; and has issued "penny stock", as defined in Rule 3a51-1 under the Securities Exchange Act of 1934. Many states have enacted statutes, rules and regulations limiting the sale of securities of "blank check" companies in their respective jurisdictions. Management does not intend to undertake any efforts to cause a market to develop in its securities, either debt or equity, until the Company concludes a business combination with an operating entity.

 

The Company was organized to acquire a target company or business seeking the perceived advantages of being a publicly-held company and, to a lesser extent, that desires to employ the Company’s funds in its business. The Company’s principal business objective for the next 12 months and beyond will be to achieve long-term growth potential through a business combination rather than short-term earnings. The Company will not restrict its potential candidate target companies to any specific business, industry or geographical location. The analysis of new business opportunities will be undertaken by or under the supervision of the officers and directors of the Company.