Attached files

file filename
EXCEL - IDEA: XBRL DOCUMENT - IDS Industries, Inc.Financial_Report.xls
10-K - MAINBODY - IDS Industries, Inc.mainbody.htm
XML - IDEA: XBRL DOCUMENT - IDS Industries, Inc.R9.htm
XML - IDEA: XBRL DOCUMENT - IDS Industries, Inc.R1.htm
XML - IDEA: XBRL DOCUMENT - IDS Industries, Inc.R3.htm
XML - IDEA: XBRL DOCUMENT - IDS Industries, Inc.R6.htm
XML - IDEA: XBRL DOCUMENT - IDS Industries, Inc.R5.htm
XML - IDEA: XBRL DOCUMENT - IDS Industries, Inc.R2.htm
XML - IDEA: XBRL DOCUMENT - IDS Industries, Inc.R4.htm
XML - IDEA: XBRL DOCUMENT - IDS Industries, Inc.R8.htm
XML - IDEA: XBRL DOCUMENT - IDS Industries, Inc.R11.htm
XML - IDEA: XBRL DOCUMENT - IDS Industries, Inc.R10.htm
XML - IDEA: XBRL DOCUMENT - IDS Industries, Inc.R13.htm
XML - IDEA: XBRL DOCUMENT - IDS Industries, Inc.R12.htm
XML - IDEA: XBRL DOCUMENT - IDS Industries, Inc.R14.htm
EX-10.4 - EXHIBIT 10.4 - IDS Industries, Inc.ex10_4.htm
EX-31.2 - EXHIBIT 31.2 - IDS Industries, Inc.ex31_2.htm
EX-32.1 - EXHIBIT 32.1 - IDS Industries, Inc.ex32_1.htm
EX-31.1 - EXHIBIT 31.1 - IDS Industries, Inc.ex31_1.htm
EX-10.5 - EXHIBIT 10.5 - IDS Industries, Inc.ex10_5.htm
EX-10.3 - EXHIBIT 10.3 - IDS Industries, Inc.ex10_3.htm
v2.4.0.6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
12 Months Ended
Aug. 31, 2012
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Nature of Business and Basis of Presentation

Step Out, Inc. (“Step Out” or the “Company”) was incorporated in Nevada on May 2, 2011. Step Out is a Development stage company and has not yet realized any revenues from its planned operations. Step Out is currently in the business of opening spas featuring salt water isolation flotation tanks. See Note 8.

 

On July 18, 2011 Step Out issued 10,000,000 common shares to acquire 100% membership interest in SOI Nevada, LLC, a Nevada limited liability corporation from the sole shareholder of Step Out, Inc. The membership interest was acquired at book value from the shareholder. SOI Nevada, LLC became a wholly-owned subsidiary of Step Out, Inc.

 

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, SOI Nevada, LLC. All significant intercompany transactions and balances have been eliminated in consolidation.

 

Basis of Presentation

The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars.

 

Accounting Basis

The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America (“GAAP” accounting). The Company has adopted an August 31 fiscal year end.

 

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the balance sheet. Actual results could differ from those estimates.

 

Basic Loss Per Share

Basic income (loss) per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. There were no such common stock equivalents outstanding as of August 31, 2012.

 

Dividends

The Company has not adopted any policy regarding payment of dividends. No dividends have been paid during the periods shown.

 

Concentrations of Credit Risk

The Company maintains its cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. The Company continually monitors its banking relationships and consequently has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risk on cash and cash equivalents.

 

Cash and Cash Equivalents

The Company considers all highly liquid investments with maturities of three months or less to be cash equivalents. At August 31, 2012 and August 31, 2011, respectively, the Company had $15,140 and $10,032 of unrestricted cash to be used for future business operations.

 

Fair Value of Financial Instruments

The Company's financial instruments consist of cash, accrued expenses, and amounts due to a related party. The carrying amount of these financial instruments approximates fair value due to either length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements.

 

Stock-Based Compensation

The Company accounts for employee stock-based compensation in accordance with the guidance of FASB ASC Topic 718, Compensation – Stock Compensation which requires all share-based payments to employees, including grants of employee stock options, to be recognized in the financial statements based on their fair values. The fair value of the equity instrument is charged directly to compensation expense and credited to additional paid-in capital over the period during which services are rendered. There has been no stock-based compensation issued to employees.

 

The Company follows ASC Topic 505-50, formerly EITF 96-18, “Accounting for Equity Instruments that are Issued to Other than Employees for Acquiring, or in Conjunction with Selling Goods and Services,” for stock options and warrants issued to consultants and other non-employees. In accordance with ASC Topic 505-50, these stock options and warrants issued as compensation for services provided to the Company are accounted for based upon the fair value of the services provided or the estimated fair market value of the option or warrant, whichever can be more clearly determined. There has been no stock-based compensation issued to non-employees.

 

Income Taxes

Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. It is the Company’s policy to classify interest and penalties on income taxes as interest expense or penalties expense. As of August 31, 2012, there have been no interest or penalties incurred on income taxes.

 

Development Stage Company

The accompanying financial statements have been prepared in accordance with generally accepted accounting principles related to accounting and reporting by development-stage companies. A development-stage company is one in which planned principal operations have not commenced or if its operations have commenced, there has been no significant revenues therefrom.

 

Revenue Recognition

The Company is in the development stage and has yet to realize revenues from operations. Once the Company has commenced operations, it will recognize revenues when delivery of goods or completion of services has occurred provided there is persuasive evidence of an agreement, acceptance has been approved by its customers, the fee is fixed or determinable based on the completion of stated terms and conditions, and collection of any related receivable is probable.