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EX-32 - CERTIFICATION - Alternative Energy Partners, Inc.exhibit32.htm
EX-31 - PRINCIPAL ACCOUNTING OFFICER CERTIFICATION - Alternative Energy Partners, Inc.exhibit312.htm
EX-31 - CEO CERTIFICATION - Alternative Energy Partners, Inc.exhibit311.htm
v2.4.0.6
Business Combinations
12 Months Ended
Jul. 31, 2012
Business Combinations:  
Mergers, Acquisitions and Dispositions Disclosures

On May 18, 2010, the Company acquired from Healthcare of Today, Inc., all of the outstanding stock of Sunarias Corporation, a development stage entity, in exchange for 5,000,000 common shares (20,000,000 shares reflective of the 4:1 stock split on July 19, 2010).  The transaction was valued at $97,500 which approximates both the carrying value at the time of acquisition, and the fair value of the technology asset acquired.  No other assets or liabilities were acquired, resulting in the entire purchase price being allocated to the technology asset. The Company determined that the asset was impaired at July 31, 2012 and recorded an impairment charge of $75,000.

 

On July 9, 2010, the Company also acquired from Healthcare of Today, Inc., all the outstanding stock of Shovan, LLC (“Shovon”), a development stage entity, in exchange for 18,750,000 common shares (75,000,000 shares reflective of the 4:1 stock split on July 19, 2010).  As Shovon had no assets or liabilities, the transaction was valued at par value of the Company’s shares, or $1,875.  Consequently, this purchase price was allocated to goodwill.

 

On October 27, 2010, the Company also acquired from Healthcare of Today, Inc., all the outstanding stock of Skynet Energy Systems (“Skynet”), a development stage entity, in exchange for 600,000 common shares (30,000,000 common shares pre-split).  The transaction was valued at $2,100,000 which was the fair value of the shares at the time of acquisition. No other assets or liabilities were acquired, resulting in the entire purchase price being allocated to goodwill. The Company determined that the goodwill was impaired at July 31, 2011 and recorded an impairment charge of $2,099,000.

 

On May 30, 2012, the Company also acquired from Elan Energy & Water, Inc., all the net assets of Clarrix Energy, LLC (“Clarrix”), a development stage entity, in exchange for 40,000,000 shares of common stock and 5,000,000 shares of Series A Convertible Preferred Stock. The transaction was valued at $301,254 which was the fair value of the shares at the time of acquisition. As the net assets received were minimal, the majority of the purchase price was allocated to goodwill. This acquisition was accounted for under the acquisition method of accounting. Accordingly, the Company conducted initial assessments of net assets acquired and recognized amounts for identifiable assets acquired and liabilities assumed at their estimated acquisition date fair values, while transaction and integration costs associated with the acquisitions were expensed as incurred. The initial accounting for the business combinations is not complete and adjustments to provisional amounts, or recognition of additional assets acquired or liabilities assumed, may occur as more detailed analyses are completed and additional information is obtained about the facts and circumstances that existed as of the acquisition date.