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v2.4.0.6
FIXED ASSETS
12 Months Ended
Aug. 31, 2012
Property, Plant and Equipment [Abstract]  
FIXED ASSETS

 

On August 11, 2011, the Company entered into an Aircraft Purchase/Sales Agreement with an unrelated and unaffiliated third party for the acquisition of a 2002 Robinson R44 Raven II helicopter for the purchase price of $212,500. Pursuant to paragraph 7 of the agreement, the Seller warrants that the Aircraft is in airworthy condition and has a currently effective Standard Category airworthiness certificate issued by the Federal Aviation Administration (“FAA”) and that all Airworthiness Directives have been complied with. In September 2011, the Company engaged the services of an independent third party to perform the FAA required annual inspection without incident. The first mandatory FAA overhaul is required at 2,000 hobbs hours of operation which is anticipated to occur in the first quarter of our second fiscal year. The aircraft was placed in service on October 1, 2011 and is estimated to have a useful life of approximately 10 years. As of August 31, 2012, and August 31, 2011, the Company recorded depreciation expense of $19,481 and $0, respectively.

 

Fixed assets consist of the following:

 

    August 31, 2012   August 31, 2011
Robinson R44 helicopter   $ 212,500     $ 212,500  
Total fixed assets     212,500       212,500  
Less:                
Accumulated depreciation     19,481        
Total fixed assets, net   $ 193,019     $ 212,500