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EXCEL - IDEA: XBRL DOCUMENT - iTalk Inc.Financial_Report.xls
10-K - iTalk Inc.g6419.txt
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EX-32.1 - iTalk Inc.ex32-1.txt
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EX-31.1 - iTalk Inc.ex31-1.txt
v2.4.0.6
Note 8 - Stock Transactions Note 9 - Stockholders Equity
12 Months Ended
Aug. 31, 2012
Notes  
Note 8 - Stock Transactions Note 9 - Stockholders Equity

NOTE 8 - STOCK TRANSACTIONS

 

Transactions, other than employees’ stock issuance, are in accordance with ASC No. 505. Thus issuances shall be accounted for based on the fair value of the consideration received.  Transactions with employees’ stock issuance are in accordance with ASC No. 718. These issuances shall be accounted for based on the fair value of the consideration received or the fair value of the equity instruments issued, or whichever is more readily determinable. 

 

On July 10, 2006 the Company issued a total of 1,000,000 shares of common stock to one director for cash at $0.005 per share for a total of $5,000.

On April 10, 2007 the Company issued a total of 700,000 shares of common stock to 26 unrelated shareholders for cash at $0.05 per share for a total of $35,000.

As of August 31, 2012 the Company had 1,700,000 shares of common stock issued and outstanding.

 

 

NOTE 9 - STOCKHOLDERS’ EQUITY

 

There were no new shares issued during fiscal year 2011. The stockholders’ equity section of the Company contains the following class of capital stock as of August 31, 2012:

 

Common stock, $ 0.001 par value: 75,000,000 shares authorized; 1,700,000 shares issued and outstanding.