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EXCEL - IDEA: XBRL DOCUMENT - Service Team Inc.Financial_Report.xls
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EX-32.1 - EXHIBIT 32.1 - Service Team Inc.ex32x1.htm
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EX-31.2 - EXHIBIT 31.2 - Service Team Inc.ex31x2.htm
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EX-31.1 - EXHIBIT 31.1 - Service Team Inc.ex31x1.htm
v2.4.0.6
COMMITMENTS AND CONTINGENCIES
12 Months Ended
Aug. 31, 2012
COMMITMENTS AND CONTINGENCIES  
COMMITMENTS AND CONTINGENCIES

NOTE 6 – COMMITMENTS AND CONTINGENCIES

 

Litigation

 

Orbital Enterprises, Inc. and Robert N. Meyer, an individual, vs. Robert L. Cashman, an individual, Carlos Arreola, an individual, Hallmark Venture Group, Inc., Service Team Inc., a California corporation, et. al.  Superior Court, State of California, County of San Diego (Central), Case No. 37-2012-00101746-CU-BT-CTL.

 

The parties to this action were affiliated in business together doing business as Orbital Enterprises, Inc.  Orbital Enterprises, Inc. became insolvent and discontinued business operations.    Meyer, the controlling shareholder, retained Orbital Enterprises, Inc. and Cashman and Arreola started what is now Service Team Inc.   Meyer does business as Orbital Enterprises, Inc. and Orbital Laboratories, Inc. and Cashman and Arreola do business as Service Team Inc.  The parties separated amicably.

 

Approximately six months later the action referred to herein was filed against the defendants alleging:  (a) breach of fiduciary duty, (b) claim and delivery, (c) interference with economic advantage and (d) two claims for indemnification.

 

The defendants filed a motion to dismiss as their initial pleading.  The motion was heard and the court gave the parties until November 16, 2012, to correct the pleadings and for Orbital Enterprises, Inc. (whose authority to do business in California is suspended and its corporate charter in Nevada is revoked) to correct its corporate status in Nevada and California.  The case has been abated until November 16, 2012.  Counsel for the defendants believes that the action is frivolous and without merit, and that it will be dismissed.

 

Operating Leases

 

On July 25, 2011, the Company entered into a lease agreement with Hallmark Venture Group, Inc. to lease furniture, office equipment, computers, work benches, test equipment, telephones and miscellaneous equipment and tools used to repair televisions and electrical appliances.  The lease calls for a payment of $100 a month for three years payable to Hallmark Venture Group, Inc., effective August 1, 2011.  Robert L. Cashman, Vice President and Secretary of the Company,  is the beneficial owner of Hallmark Venture Group, Inc.  This is considered to be an operating lease for reporting purposes.

 

The minimum lease payments required over the next five years is shown below.

 

Minimum Lease Payments

 

 

 

 

 

2013

 

$

1,200

 

2014

 

 

1,100

 

2015

 

 

-

 

2016

 

 

-

 

2017

 

 

-

 

 

 

$

2,300

 

 

 

The Company previously leased space at 7111 Engineer Road, San Diego, California.  The Company terminated its lease on the property on June 1, 2012, by paying a cancellation fee of $22,185.