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EXCEL - IDEA: XBRL DOCUMENT - Trans-Pacific Aerospace Company, Inc.Financial_Report.xls
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v2.4.0.6
4. ACQUISITION OF INTEREST IN GODFREY (CHINA) LIMITED
12 Months Ended
Oct. 31, 2012
Business Combinations [Abstract]  
4. ACQUISITION OF INTEREST IN GODFREY (CHINA) LIMITED

On March 30, 2010, the Company acquired 25% of the outstanding share capital of Godfrey (China) Limited, a Hong Kong corporation (“Godfrey”), in exchange for the Company’s technology used for the design and production of SAE-AS81820, 81934 and 81935 self-lubricated spherical bearings, bushings and rod-end bearings. The Company legally owns 25% of Godfrey. The formation and acquisition of the interest in Godfrey is intended to assist the Company in its focus on the Chinese bearings market. In September 2010, Godfrey opened a production facility in Guangzhou, China. The Company received its 25% interest in Godfrey for a 50% interest in the intellectual property assets acquired on February 1, 2010 (as discussed in Note 3). Since the investment in Godfrey is an active investment, it has been accounted for under the “equity method”. Since the independent valuation determined that the purchase price allocation attributed no value to the intangible assets, there was no dollar investment in Godfrey by the Company and therefore no charge to the investment being impaired. At October 31, 2012 there were suspended losses of $583,648.

 

As there were no operations for Godfrey and the fact that Godfrey is being accounted for as an equity investment, no proforma presentation is necessary because there was no impact on the previously issued financial statements.

 

During the year ended October 31, 2012, the Company transferred a total of $65,733 to Godfrey for its cash flow needs. The Company determined that the amount owed by Godfrey was uncollectible so recorded bad expense of $35,733. As at October 31, 2012, the amount due from Godfrey was $0. As of October 31, 2011, the amount due to Godfrey was $30,000.