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v2.4.0.6
STOCKHOLDERS' EQUITY (DEFICIENCY)
12 Months Ended
Aug. 31, 2012
Equity [Abstract]  
Note 6. STOCKHOLDERS' EQUITY (DEFICIENCY)

(A)  STOCKHOLDER DIVIDEND

 

On September 17, 2010, the Company declared a special cash dividend of $0.50 per share of common stock issued and outstanding to be paid on October 21, 2010 to stockholders of record as of September 30, 2010 using cash from its general funds.  On October 21, 2010, the aggregate dividend paid was $1,783,689.  The Company expects that for tax purposes this dividend will be treated as a return of capital to stockholders.  Distributions that qualify as a return of capital are not “dividends” for tax purposes.

 

(B)  STOCK OPTIONS

 

On September 27, 2010, the Company’s president/treasurer/secretary exercised 120,000 stock options at $0.33 per share and the Company received proceeds of $39,600.


The Company estimates the fair value of stock-based compensation utilizing the Black-Scholes option pricing model, which is dependent upon several variables such as the expected option term, expected volatility of our stock price over the expected term, expected risk-free interest rate over the expected option term, expected dividend yield rate over the expected option term, and an estimate of expected forfeiture rates.  The Company believes this valuation methodology is appropriate for estimating the fair value of stock options granted to employees and directors which are subject to ASC Topic 718 requirements.  These amounts are estimates and thus may not be reflective of actual future results, nor amounts ultimately realized by recipients of these grants.  The Company recognizes compensation on a straight-line basis over the requisite service period for each award.  The Company did not grant any stock options during the years ended August 31, 2012 and 2011.

 

A summary of the Company’s stock option activity during the year ended August 31, 2012 is presented below:

 

                Weighted        
          Weighted     Average        
          Average     Remaining     Aggregate  
    No. of     Exercise     Contractual     Intrinsic  
    Shares     Price     Term     Value  
Balance outstanding at August 31, 2011     520,000     $ 0.65              
Granted     -                      
Exercised     -                      
Forfeited     -                      
Expired     (160,000 )   $ 0.60              
Balance outstanding at August 31, 2012     360,000     $ 0.67       2.9     $ -  
                                 
Exercisable at August 31, 2012     360,000     $ 0.67       2.9     $ -