Note 1 - Organization and Operations
Brookfield Resources Inc., (formerly Movie Trailer Galaxy, Inc.), a development stage company, (the Company) was incorporated on April 27, 2010 under the laws of the State of Nevada. The Company plans to provide information for movie lovers and access to related products.
Change in Control
On September 11, 2012, a Stock Purchase Agreement (the SPA) was entered into by and among Movie Trailer Galaxy, Inc. (Movie Trailer or the Company), Stephanie Wyss, (the Seller), and Robert Toon (the Purchaser and together with the Company and the Seller, the Parties). Pursuant to the SPA, the Purchaser purchased an aggregate of 840,000,000 shares of common stock of the Company (64% of the outstanding shares) from the Seller for an aggregate purchase price of $25,000.00.
Amendment to the Certificate of Incorporation
On September 17, 2012, effective October 2, 2012, the Company filed a Certificate of Amendment of Certificate of Incorporation and effectuated a forward split of all issued and outstanding shares of common stock, at a ratio of five hundred and sixty-for-one (560:1) (the "Stock Split").
On September 26, 2012, effective November 15, 2012, the Company filed a Certificate of Amendment of Certificate of Incorporation and (i) changed its name to Brookfield Resources Inc. ("Brookfield Resources"); (ii) changed its total number of common shares which the Company is authorized to issue from Two Hundred and Eighty Billion (280,000,000,000) shares, par value $0.0001 per share, to Nine Hundred Million (900,000,000) shares, par value $0.0001 per share.
All shares and per share amounts in the financial statements have been adjusted to give retroactive effect to the Stock Split.
Cancellation of Common Shares
In September, 2012, the Company authorized the cancellation of 315,176,400 shares owned by various shareholders and that the 315,176,400 shares be returned to treasury.
On October 5, 2012, the Company had entered certain agreements with various shareholders to cancel an aggregate of 858,600,400 shares owned by them.
All shares and per share amounts in the financial statements have been adjusted to give retroactive effect to the cancellation of those common shares.