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EXCEL - IDEA: XBRL DOCUMENT - NEW AMERICA ENERGY CORP.Financial_Report.xls
10-K - 10-K - NEW AMERICA ENERGY CORP.form10k.htm
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EX-31.1 - CERTIFICATION - NEW AMERICA ENERGY CORP.ex311.htm
EX-32.1 - CERTIFICATION - NEW AMERICA ENERGY CORP.ex321.htm
EX-31.2 - CERTIFICATION - NEW AMERICA ENERGY CORP.ex312.htm
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v2.4.0.6
Subsequent Events
12 Months Ended
Aug. 31, 2012
Subsequent Events [Abstract]  
Subsequent Events

NOTE 9- SUBSEQUENT EVENTS

 

On October 1, 2012, the Company drew down $15,000 in funds under the Investment Agreement and issued 620,000 Shares to Fairhills and paid a commission of $1,500 to MidSouth.

 

On November 6, 2012, Fairhills assigned all of its rights, duties, and obligations under the Investment Agreement, the Registration Rights Agreement, and other associated documents (the “Assignment”), to Deer Valley Management, LLC, a Delaware limited liability company (“Deer Valley”), and the Company consented to the Assignment.  Fairhills and Deer Valley share the same ownership and management and there will not be any substantial change to our arrangement under the Investment Agreement as a result of the Assignment.

 

On September 28, 2012, the Fairhills note was due and payable.   The Company does not currently have sufficient funds to pay the note due.    The note is not convertible into our common stock and we have agreed that we will not use the funds raised in the Fairhills/Deer Valley financing to repay this note.  The note is secured by 3,333,333 shares of the Company’s restricted common stock owned by the Company’s director and officer, Rick Walchuk, which are being held in escrow by Fairhills’s counsel.  As the Company is in default of this loan, Fairhills has the right to the shares held in escrow, however, at the current price of the shares, the sale of the escrowed shares will not be sufficient to retire the debt.  As of the filing of this report, of which these financial statements form a part, Fairhills has not exercised its right to claim such shares held in escrow.

 

In accordance with ASC Topic 855-10, the Company has analyzed its operations subsequent to October 31, 2012 to the date these financial statements were issued, and has determined that it does not have any material subsequent events to disclose in these financial statements other than the events described above.