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EXCEL - IDEA: XBRL DOCUMENT - Universal ResourcesFinancial_Report.xls
10-Q - FORM 10-Q - Universal Resourcesv329129_10q.htm
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EX-32.1 - EXHIBIT 32.1 - Universal Resourcesv329129_ex32-1.htm
EX-32.2 - EXHIBIT 32.2 - Universal Resourcesv329129_ex32-2.htm
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v2.4.0.6
Common Stock and Warrant Transactions
6 Months Ended
Sep. 30, 2012
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Note Disclosure [Text Block]
5. Common Stock and Warrant Transactions

 

Net cash provided by financing activities for the period July 1, 2012 to September 30, 2012 was $78,800. This consisted of net proceeds received from interest free advances from 9219-8050 Quebec Inc., a related party, of $73,000 and the subscription for 2,400,000 shares to be issued for $5,800. The funds were used for general operating expenses.

 

On September 28, 2012 we issued a warrant to a related party, 9219-8060 Quebec Inc, in consideration of an advance of $73,000 as discussed in the preceding paragraph. One warrant is for 3,650,000 shares of Common Stock at an exercise price of $0.02 expiring on September 28, 2013 and if exercised prior to expiration an “exploding” warrant for 1,825,000 at an exercise price of $0.20 expiring on September 28, 2014.

 

All warrants granted are recorded at fair value using a generally accepted warrant pricing model at the date of the grant.  For purposes of determining the warrant value at issuance, the fair value of each warrant granted is measured at the date of the grant by the warrant pricing model with the following assumptions:

 

Dividend yield     0.00 %
Risk free interest rate     1.00 %
Volatility     25.00 %

 

 

The fair values generated by warrant pricing model may not be indicative of the future values, if any, that may be received by the option holder. The fair value of the warrants issued generated by the warrant pricing model was zero at the date of the grant.

 

The following is a summary of common stock warrants outstanding at September 30, 2012.

 

          Average     Average  
          Exercise Price     Years to Maturity  
                   
Balance at March 31, 2012     0                  
                         
Issues     3,650,000                  
Exercises     0                  
Expired     0                  
                         
Balance st September 30, 2012     3,650,000     $ 0.02       0.99