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EXCEL - IDEA: XBRL DOCUMENT - CROWN AUTO HOLDINGS INC.Financial_Report.xls
10-K - MAINBODY - CROWN AUTO HOLDINGS INC.mainbody.htm
XML - IDEA: XBRL DOCUMENT - CROWN AUTO HOLDINGS INC.R2.htm
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EX-31.2 - EXHIBIT 31.2 - CROWN AUTO HOLDINGS INC.ex31_2.htm
EX-31.1 - EXHIBIT 31.1 - CROWN AUTO HOLDINGS INC.ex31_1.htm
EX-32.1 - EXHIBIT 32.1 - CROWN AUTO HOLDINGS INC.ex32_1.htm
XML - IDEA: XBRL DOCUMENT - CROWN AUTO HOLDINGS INC.R11.htm
v2.4.0.6
SIGNIFICANT EVENTS
12 Months Ended
Dec. 31, 2011
Notes to Financial Statements  
SIGNIFICANT EVENTS

 

On April 20, 2010, the Company acquired Crown Auto, Inc. (“CAI”), a corporation organized under the laws of Utah on July 19, 1999. In accordance with the share exchange agreement, the Company issued 5,000,000 shares to the shareholder of CAI. Due to the fact that the companies were held under common control at the time of acquisition, the Company has recorded for the as a recapitalization with the effects of the acquisition being retroactively restated in the Company’s financial statements. The assets, liabilities and stockholders’ equity for each Company has been combined as of the acquisition date and on a retroactive basis.

 

Under the Exchange Agreement, CAI became a wholly owned subsidiary of the Company, and CAI will continue to own its assets and operate its business as a wholly-owned subsidiary of the Company.

 

During May 2010, the Company completed a private placement of 3,000,000 of its common shares for cash at $0.001 per share for net proceeds of $3,000.