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EXCEL - IDEA: XBRL DOCUMENT - First Power & Light, Inc.Financial_Report.xls
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EX-31.1 - First Power & Light, Inc.ex31-1.htm
EX-32.2 - First Power & Light, Inc.ex32-2.htm
EX-32.1 - First Power & Light, Inc.ex32-1.htm
EX-21.1 - SUBSIDIARIES OF THE REGISTRANT - First Power & Light, Inc.ex21-1.htm
EX-31.2 - First Power & Light, Inc.ex31-2.htm
EX-10.5 - STOCK PURCHASE AGREEMENT (SEPTEMBER 20, 2012) WITH FIRST POWER & LIGHT LLC - First Power & Light, Inc.ex10-5.htm
10-K - MAINSTREAM ENTERTAINMENT, INC. FORM 10-K FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2012 - First Power & Light, Inc.mainstream10k093012.htm
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EX-10.6 - FIRST ADDENDUM TO STOCK PURCHASE AGREEMENT (JANUARY 4, 2013) WITH FIRST POWER & LIGHT, LLC - First Power & Light, Inc.ex10-6.htm
v2.4.0.6
CAPITAL STOCK
12 Months Ended
Sep. 30, 2012
CAPITAL STOCK  
CAPITAL STOCK

NOTE 6 – CAPITAL STOCK

On July 1, 2008, Skreem Studios, LLC was spun off from its then Parent Company Skreem Records Corporation (now called Insight Management, Inc.). Subsequent to the spin off, the limited liability company incorporated and became Skreem Studios, Inc. All shareholders of the Parent Company as of July 1, 2008 received one share in the newly formed Skreem Studios, Inc. These shares were treated as founders shares by the Company with an increase to common stock and the offset to additional paid in capital.

 

The Company has 100,000,000 shares of $0.001 par value stock authorized.  At September 30, 2012, there were 3,051,870 shares outstanding.  Ownership by significant parties, officers and employees of the Company are as follows:

 

Name of beneficial owner

Number of shares

% of Ownership

Jeffrey Martin

1,697,500

56

Am-Pac Investments, Inc.

300,000

10

Christian T. Tedrow

183,000

6

Sterling, LLC

110,000

4

Tyler T. Tedrow

20,000

1

Other shareholders

251,370

 6

 

 

On July 4, 2012 the Company executed a letter of intent and on September 20, 2012 the Company entered into a common stock Stock Purchase Agreement, which was subsequently modified and clarified by a First Addendum to Stock Purchase Agreement entered into on January 4, 2013, whereby it agreed to issue 50,000,000 shares of restricted common stock at $0.01 per share to the members of First Power & Light, LLC for the sum of $50,000. These shares were not issued until October 26, 2012 and are currently held in escrow (and not reflected in the number of issued and outstanding shares disclosed throughout this report) pending the closing of the transactions contemplated by the letter of intent and Stock Purchase Agreement, which had not occurred as of the date of this filing.  Proceeds due the Company from the sale of stock under the Company’s stock Stock Purchase Agreement total $50,000, but only $37,522 had been received as of September 30, 2012. Therefore, $37,522 is recorded as a payable on the stock subscription, as the Company is required to refund the amount paid in connection with the Stock Purchase Agreement in the event the transaction does not close.  The conditions which are required to occur prior to the closing of the transaction (unless waived by the parties) include the Company being DTC eligible (which eligibility the Company is currently working to obtain), First Power obtaining an audit of its financial statements, the Company being current in its periodic filings, the Company not being subject to any legal proceedings and the assumption by First Power of all liabilities of the Company.