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EX-31.1 - ROYAL ENERGY RESOURCES, INC. FORM 10-Q - Royal Energy Resources, Inc.ex31-1.htm
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EX-32.1 - ROYAL ENERGY RESOURCES, INC. FORM 10-Q - Royal Energy Resources, Inc.ex32-1.htm
v2.4.0.6
Stockholders' Equity
3 Months Ended
Nov. 30, 2012
Equity [Abstract]  
Stockholders' Equity

5 STOCKHOLDERS’ EQUITY

 

Common stock

At November 30, 2012 and August 31, 2012, 500,000,000 common shares with a par value of $0.00001 were authorized and 179,527 shares were issued and outstanding.

 

Series A preferred stock

In November 2007, the Company amended its charter to authorize issuance of up to 10,000,000 shares of its $0.00001 preferred stock. The amendment became effective on December 12, 2007, upon filing with the Delaware secretary of state. In December 2007 the Company issued 100,000 shares of its Series A preferred stock to its President and Chief Executive Officer for $1,000. The certificate of designation of the Series A preferred stock provides: the holders of Series A preferred stock shall be entitled to receive dividends when, as and if declared by the board of directors of the Company; participates with common stock upon liquidation; convertible into one share of common stock; and has voting rights such that the Series A preferred stock shall have an aggregate voting right for 54% of the total shares entitled to vote.

 

Reverse stock split and increase in authorized shares

On August 7, 2012, the Company received approval by written consent, in lieu of a special meeting, of the holders of a majority of our outstanding voting power authorizing the Board of Directors of the Company to: (i) effectuate the reverse stock split of our issued and outstanding shares of common stock, par value $0.00001, on a 1 for 500 basis and (ii) increase the authorized shares of common stock, par value $0.00001, from 100,000,000 shares to 500,000,000 shares. The stock split was effectuated on October 1, 2012 upon filing appropriate documentation with FINRA. The increase in authorized shares was completed on October 9, 2012 when the amendment was filed with the Delaware Secretary of State. All share references included herein have been adjusted as if the change took place before the date of the earliest transaction reported.

 

Stock option plan

The Royal Energy Resources, Inc. 2008 Stock Option Plan (“Plan”) was filed on June 27, 2008 and reserves 8,000 shares for Awards under the Plan, of which up to 6,000 may be designated as Incentive Stock Options. The Company’s Compensation Committee is designated to administer the Plan at the direction of the Board of Directors. No options are outstanding under the Plan at November 30, 2012.

 

Consulting and financial services agreements

The Company has entered into various consulting and financial services agreements.  The cost associated with the agreements is being amortized over the period of the agreements. Amortization expense amounted to $3,164 and $52,000 in the three months ended November 30, 2012 and 2011, respectively.