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EXCEL - IDEA: XBRL DOCUMENT - SafeBrain Systems, Inc.Financial_Report.xls
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v2.4.0.6
Acquisition of Assets
9 Months Ended
Jul. 31, 2012
Notes to Financial Statements  
NOTE 6 - Acquisition of Assets

On May 14, 2012, we acquired 100% of SafeBrain System (“SafeBrain”) and Creative Electronics Design Services, LTD from Rod Newlove for $900,000.  Safebrain is a corporation duly organized, validly existing, and in good standing under the laws of Saskatchewan, Canada.  Newlove has transferred all assets and rights to SafeBrain System to the Company for $270,000.  Assets include intellectual properties, inventories, and Patent/Trademarks/Copyrights. The SafeBrain Systems works in two ways; the Cranium Impact Analyzer Sensor (“C.I.A”) is mounted on the helmet of athlete; The SafeBrain software allows in-depth analysis of any impact event and can be customized for the notification and data logging settings for each athlete. The Company plans to market the SafeBrain System to non-professional athletes who participate in sports that require helmets such as hockey, football, biking, motor-cross, skiing and snowboarding. In regards to the purchase of Creative Electornics Design Services, LTD, the agreed upon purchase price is $630,000; as of July 31, 2012 $332,041 has been paid and the remaining $297,959 remain accrued and outstanding.  At the acquisition date, Creative Electronic had no assets or liabilities. The Company reviewed the acquisitions taking in consideration the inputs and outputs available them and noted that the acquisition constitutes an asset acquisition and lacks all elements necessary to be considered a business acquisition.

 

Assets acquired:

 

    Useful Lives     July 31, 2012  
ASSETS            
Other Assets:            
Intangible Assets   10 Years     $ 775,000  
Equipment   7 Years       125,000  
Accumulated Depreciation/Amortization             (20,378 )
Total Other Assets           $ 879,622  

 

Equipment mainly composed of building materials, injection molds, and Calibration equipments which are recorded at cost and being depreciated for financial account purposes on the straight-line method over their respective estimated useful lives of 7 years.  Upon retirement or other deposition of these assets, the cost and related accumulated depreciation are removed from the accounts and the resulting gains or losses are reflected in the results of operations.  Expenditures for maintenance and repairs are charged to operating expense

 

Intangible Assets acquired mainly consists of patent, trademark, copyrights, and software, which are carried at amortized cost.  The Company reviews its intangible assets for impairment whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. All trademarks have a legal life of 10 years and are amortized over the useful lives.

 

Equipment depreciation expense was $3,816 for the three and nine month ended July 31, 2012.  Amortization expense for technology for the three and nine months was 16,562.  The company recorded a total of depreciation and amortization expense of $20,738 as of July 31, 2012.