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EXCEL - IDEA: XBRL DOCUMENT - Daybreak Oil & Gas, Inc.Financial_Report.xls
10-Q - 8-K - Daybreak Oil & Gas, Inc.dbrm10q113012.htm
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v2.4.0.6
Stockholders' Deficit
9 Months Ended
Nov. 30, 2012
Equity [Abstract]  
Stockholders' Deficit

NOTE 10 — STOCKHOLDERS DEFICIT:

 

Series A Convertible Preferred Stock

 

The Company is authorized to issue up to 10,000,000 shares of $0.001 par value preferred stock. The Company has designated 2,400,000 shares of the 10,000,000 preferred shares as “Series A Convertible Preferred Stock” (“Series A Preferred”), with a $0.001 par value. The Series A Preferred can be converted by the shareholder at any time into three shares of the Company’s Common Stock. During the nine months ended November 30, 2012, there were 8,000 shares of Series A Preferred converted into 24,000 shares of the Company’s Common Stock by one shareholder. At November 30, 2012, there were 898,565 shares of Series A Preferred issued and outstanding.

 

Holders of Series A Preferred shares earn a 6% annual cumulative dividend based on the original purchase price of the shares. Accumulated dividends do not bear interest and as of November 30, 2012, accumulated and unpaid dividends amounted to $1,257,150. Dividends may be paid in cash or Common Stock at the discretion of the Company and are payable upon declaration by the Company’s Board of Directors. Dividends are earned until the Series A Preferred is converted to Common Stock. No payment of dividends has been declared as of November 30, 2012.

 

Dividends earned on the Series A Preferred for each fiscal year since issuance and the nine months ended November 30, 2012 are set forth in the table below:

           
Fiscal Year Ended   Shareholders at Period End   Accumulated Dividends
February 28, 2007   100   $ 155,311
February 29, 2008   90     242,126
February 28, 2009   78     209,973
February 28, 2010   74     189,973
February 28, 2011   70     173,707
February 29, 2012   70     163,624
Nine Months Ended November 30, 2012   69     122,436
Total Accumulated Dividends       $ 1,257,150

 

Common Stock

 

The Company is authorized to issue up to 200,000,000 shares of $0.001 par value Common Stock, of which 48,807,939 shares were issued and outstanding as of November 30, 2012. For the nine months ended November 30, 2012, there were 24,000 shares of the Company’s Common Stock issued due to the conversion of Series A Preferred Stock. However, 3,830 shares of the Company’s Common Stock relating to the Company’s 2009 Restricted Stock and Restricted Stock Unit Plan were returned to the Company during the nine months ended November 30, 2012 as discussed in Note 12 below.

 

Common Stock Issued through Restricted Stock and Restricted Stock Unit Plan

 

On April 6, 2009, the Board approved the 2009 Restricted Stock and Restricted Stock Unit Plan (the “2009 Plan”) allowing the executive officers, directors, consultants and employees of the Company and its affiliates to be eligible to receive restricted stock and restricted stock unit awards. Refer to the discussion in Note 12 for the issuances made under the 2009 Plan.