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EXCEL - IDEA: XBRL DOCUMENT - WESTCOTT PRODUCTS CORPFinancial_Report.xls
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EX-31.1 - WESTCOTT PRODUCTS CORPORATION 10K 9-30-12 EXH. 31WB - WESTCOTT PRODUCTS CORPwestcott10k93012ex31wb.htm
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EX-32 - WESTCOTT PRODUCTS CORPORATION 10K 9-30-12 EXH. 32 - WESTCOTT PRODUCTS CORPwestcott10k93012ex32.htm
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Equity
12 Months Ended
Sep. 30, 2012
Equity [Abstract]  
Equity

NOTE 4 EQUITY

 

In October of 1999, the Company began raising money in an effort to reactivate. On March 11, 2000, the Company issued 12,000 shares of common stock at $1.25 per share for $15,000 cash.

 

On or about September 28, 2006, the Company’s largest Series A Preferred shareholder converted 1,311,000 Preferred Shares into 1,000 shares of our Common Stock and has cancelled another 1,311,000 Series A Preferred Shares leaving his then preferred holdings at 28,000 shares and the total number of outstanding Series A Preferred Shares at 378,000. The preferred shares were convertible into common stock on a one for one basis at the option of the holder. The preferred shares carried a liquidation preference of one dollar per share. In the event of liquidation, any excess proceeds would be paid to common shareholders. In the event of liquidation with which there is a deficit in the amounts payable, preferred shareholders will share ratably in any distribution. Each preferred share has one (1) vote and votes as a class with common shares.

 

On or about November 28, 2006, the Company filed a Definitive Information Statement on Form 14C, whereby the Company amended its Articles of Incorporation with the State of Delaware and issued common stock to the members of our Board of Directors for compensation of services. The Amended Articles of Incorporation were unanimously adopted by our Board of Directors and certain shareholders owning 17,211,000 shares of our common stock or approximately 59.7% of our outstanding voting securities to effect a re-capitalization of our outstanding common stock in the form of a pro rata 250,000 for one reverse split and an immediate 200 for one pro rata dividend of our outstanding common stock. The reverse split and stock dividend were given retroactive treatment in these financial statements.

 

On or about December 7, 2006, the Board of Directors authorized the issuance of a total of 2,600 shares (2,800 shares were originally issued but 200 were subsequently returned) of our common stock to reconcile our transfer records with certificates presented by The Depository Trust Co.

 

On December 20, 2006, a total of 600,000 shares of our common stock that are “restricted securities” as defined in Rule 144 of the SEC were issued to the members of our Board of Directors contemporaneously with the dividend. See the Exhibit Index for a copy of our Information Statement on Form 14C. Because there has been no “established public market” and the shares are restricted, the Company has estimated the fair value of these shares to be $0.001. The Company accrued $600 in executive compensation for these shares during the year ended September 30, 2006.

 

On or about February 14, 2008, we received notice of conversion and subsequently effected the conversion of 378,000 shares of Series A Convertible Preferred Stock into a like number of common shares pursuant to our Certificate of Designation set forth in August of 1986. This conversion, at the request of the Series A Preferred holders, constitutes the elimination of any outstanding Preferred Shares.