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v2.4.0.6
Note 5 - Asset Purchase
12 Months Ended
Aug. 31, 2012
Notes  
Note 5 - Asset Purchase

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Note 5 – Asset Purchase

 

On May 11, 2012, the Company entered into an Asset Purchase Agreement with St. George Investments LLC, an Illinois limited liability company, to acquire certain assets in foreclosure for 6,000,000 common shares.  The assets were formerly owned by Helix Wind, Inc., a Nevada corporation in the same business as the Company.  The assets and agreed prices were:

 

Tangible Assets                                                           

Equipment                                                                               $ 23,000

Supplies                                                                                       1,000

Inventory                                                                                     1,000

                                                                                                            $ 25,000

 

Intangible Assets

Goodwill                                                                                  $       5,000

Intellectual Property (10 patents, 2 trademarks, network                    

                        systems, wind turbine monitoring system, URL)                         1,467,500    

            Restrictive Covenant                                                                          2,500    

                                                                                                            $  1,475,000