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v2.4.0.6
Statements of Cash Flows
12 Months Ended
Aug. 31, 2012
Supplemental Cash Flow Elements [Abstract]  
Statements of Cash Flows

NOTE 13 - STATEMENTS OF CASH FLOWS

 

During fiscal 2012 and 2011, the Company recognized investing and financing activities that affected the balance sheet, but did not result in cash receipts or payments.

 

For the fiscal year ended August 31, 2012, these supplemental non-cash investing and financing activities are summarized as follows:

 

    Amount 
      
On October 6, 2011, the Company converted $25,403 of principal and accrued interest into 635,069 shares of its common stock.  These shares were issued in October 2011.  $25,403 
      
The Company recognized induced conversion expense as a result of reducing the conversion price on non-related party notes converted during the first quarter of fiscal 2012.   25,402 
      
On October 6, 2011, the Company converted $71,128 of principal and accrued interest into 1,778,193 shares of its common stock.  This principal and interest was payable to our CEO, Anthony Silverman, a related party.  The shares were issued in October 2012.   71,128 
      
The Company recognized a loss on the conversion of related party notes during the first quarter of fiscal 2012.   70,000 
      
The Company recognized a discount on the $10,000 convertible promissory note issued to a related party on October 7, 2011.  The discount is related to a beneficial conversion feature issued in connection with this note.   10,000 
      
On October 31, 2011, the Company entered into a note payable agreement to finance $8,078 of directors and officer’s insurance premiums.  The note bears interest at a rate of 8.99% per annum and was due in nine monthly installments of $932, including principal and interest, beginning on November 30, 2011.   8,078 
      
On August 24, 2012, the Company converted $45,524 of principal and accrued interest into 2,276,182 shares of its common stock.  This principal and interest was payable to our CEO, Anthony Silverman, a related party.  The shares were issued in August 2012.   45,524 
      
The Company recognized a loss on the conversion of related party notes during the fourth quarter of fiscal 2012.   22,758 
      
      Total non-cash transactions from investing and financing activities.  $278,293 

  

For fiscal 2011, these non-cash investing and financing activities are summarized as follows:

 

    Amount 
      
During fiscal 2011, the Company converted $3,720 of principal and accrued interest into 92,998 shares of its common stock.  These shares were issued in July 2011.   3,720 
      
The Company recognized conversion expense as a result of reducing the conversion price on notes converted during fiscal 2011.   6,076 
      
On October 31, 2010, the Company entered into a note payable agreement to finance $8,078 of directors and officer’s insurance premiums.  The note bears interest at a rate of 9.99% per annum and was due in nine monthly installments of $935, including principal and interest, beginning on November 30, 2010.  This note was paid in full during fiscal 2011.   8,078 
      
      Total non-cash transactions from investing and financing activities.  $17,874 

 

For the period since reentering the development stage on June 1, 2011 to August 31, 2012, these supplemental non-cash investing and financing activities are summarized as follows:

    Amount 
      
On October 6, 2011, the Company converted $25,403 of principal and accrued interest into 635,069 shares of its common stock.  These shares were issued in October 2011.  $25,403 
      
The Company recognized induced conversion expense as a result of reducing the conversion price on non-related party notes converted during the first quarter of fiscal 2012.   25,402 
      
On October 6, 2011, the Company converted $71,128 of principal and accrued interest into 1,778,193 shares of its common stock.  This principal and interest was payable to our CEO, Anthony Silverman, a related party.  The shares were issued in October 2012.   71,128 
      
The Company recognized a loss on the conversion of related party notes during the first quarter of fiscal 2012.   70,000 
      
The Company recognized a discount on the $10,000 convertible promissory note issued to a related party on October 7, 2011.  The discount is related to a beneficial conversion feature issued in connection with this note.   10,000 
      
On October 31, 2011, the Company entered into a note payable agreement to finance $8,078 of directors and officer’s insurance premiums.  The note bears interest at a rate of 8.99% per annum and was due in nine monthly installments of $932, including principal and interest, beginning on November 30, 2011.   8,078 
      
During fiscal 2011, the Company converted $3,720 of principal and accrued interest into 92,998 shares of its common stock.  These shares were issued in July 2011.   3,720 
      
The Company recognized conversion expense as a result of reducing the conversion price on notes converted during fiscal 2011.   6,076 
      
On August 24, 2012, the Company converted $45,524 of principal and accrued interest into 2,276,182 shares of its common stock.  This principal and interest was payable to our CEO, Anthony Silverman, a related party.  The shares were issued in August 2012.   45,524 
      
The Company recognized a loss on the conversion of related party notes during the fourth quarter of fiscal 2012.   22,758 
      
      
      Total non-cash transactions from investing and financing activities.  $288,089