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EX-32.2 - EXHIBIT 32.2 - Sport Stix Inc.ex32x2.htm
EX-32.1 - EXHIBIT 32.1 - Sport Stix Inc.ex32x1.htm
EX-31.2 - EXHIBIT 31.2 - Sport Stix Inc.ex31x2.htm
EX-31.1 - EXHIBIT 31.1 - Sport Stix Inc.ex31x1.htm
v2.4.0.8
RELATED PARTY TRANSACTIONS
12 Months Ended
Oct. 31, 2013
RELATED PARTY TRANSACTIONS  
RELATED PARTY TRANSACTIONS

NOTE 4 – RELATED PARTY TRANSACTIONS

 

Equity Transactions

 

On June 26, 2012, the Company issued 4,000,000 shares of common stock in the Company to Charles Todd, the Company’s President (a related party), in exchange for $4,000 cash.  The stock is issued in payment to Charles Todd for his services as President of the Company.  He will be involved in strategic decision making at all levels and manage the day-to-day operations of the Company, including the management of employees, consultants and vendors.  Mr. Todd is also responsible for development of future products for the Company.  Mr. Todd serves without additional compensation until the Company becomes profitable.  The stock that is issued to Charles Todd for these services is earned at the time it is issued and there is no provision for a refund to Sport Stix Inc. if the work is not completed or is unsatisfactory.

 

  On June 26, 2012, the Company issued 1,000,000 shares to Hallmark Venture Group, Inc. in exchange for $1,000 cash.  Hallmark Venture Group, Inc. (a related party) is controlled by the Company’s Secretary, Robert L. Cashman.   The stock is in payment for Hallmark Venture Group, Inc. preparing all documents required to obtain approval from the various regulatory authorities to list the stock on the OTC-BB and to manage the clerical affairs of Sport Stix Inc.   Hallmark Venture Group, Inc. and Robert L. Cashman will serve without additional compensation until the Company becomes profitable.

  

On July 18, 2012, the Company issued 1,000,000 shares of common stock in the Company, to Todd Worldwide Ministries (a related party), in exchange for $1,000.  Todd Worldwide Ministries is managed by Charles Todd and the sale of stock to Todd Worldwide Ministries is part of the compensation of Charles Todd.

  

On August 23, 2012, the Company issued 575,000 shares of common stock in the Company, to Douglas Dungee, Assistant Vice President of the Company, (a related party), in exchange for $575 cash.   The shares that are issued to Mr. Dungee are a payment for his services in developing contracts for the sale and distribution of Sport Stix Inc.’s products, particularly in the area of health food stores, convenient stores and athletic clubs.  Mr. Dungee will serve without additional compensation until the Company becomes profitable.   The stock that is issued to Douglas Dungee for these services is earned at the time it is issued and there is no provision for a refund to Sport Stix Inc. if the work is not completed or is unsatisfactory.

 

On August 5, 2012 the Company issued 575,000 shares of common stock in the Company, to Darryl Skinner  (a related party) for services rendered for the development of the Company and $575 cash.   The shares that are issued to Darryl Skinner are a payment for his services as the Distribution Manager for the Company.  Mr. Skinner will manage where products will be delivered and coordinate with retailers that carry the Sport Stix Inc. products.  He will manage the day-to-day operations of the sales team and warehouse employees.  Mr. Skinner will serve without additional compensation until the Company becomes profitable.  The stock issued to Darryl Skinner for these services is earned at the time it is issued and there is no provision for a refund to Sport Stix Inc. if the work is not completed or is unsatisfactory.

 

As a result of these related party transactions, $1,780,350 of additional stock based compensation expense was recognized as substantially all other sales of common stock were valued at $0.25 per share as compared to the $0.001 price above, which represents a difference of $0.249 of additional value to the related party investors.

 

Convertible Notes Payable

 

On August 23, 2012, the Company issued an $8,250 convertible note with Hallmark Venture Group, Inc. (a related party).  The note is due and payable on September 30, 2014 and carries a 6% interest rate.  The note is convertible at the option of the holder into our common stock at a fixed conversion price of $0.25.  As of October 31, 2013 and October 31, 2012, accrued interest, associated with the note, was $651 and $156, respectively.

 

The Company evaluated this related party convertible note for a beneficial conversion feature noting that the conversion price of $0.25 was exactly the same as the sales of stock for cash of $0.25 per share during the period from Inception to October 31, 2012 when the common shares were being sold to private purchasers consistently at this price; therefore, no beneficial conversion feature was created during issuance of this note.

 

On August 23, 2012, the Company issued a $775 convertible note with Douglas Dungee (a related party).  The note is due and payable on September 30, 2013 and carries a 6% interest rate.  The note is convertible at the option of the holder into our common stock at a fixed conversion price of $0.25.  As of October 31, 2012, accrued interest, associated with the note, was $15.  This note and the associated accrued interest expense were repaid with cash during the three month period ending January 31, 2013.

 

  The Company evaluated this related party convertible note for a beneficial conversion feature noting that the conversion price of $0.25 was exactly the same as the sales of stock for cash of $0.25 per share during the period from Inception to October 31, 2012 when the common shares were being sold to private purchasers consistently at this price; therefore, no beneficial conversion feature was created during issuance of this note.

 

Notes Payable

 

On March 25, 2013, the Company issued a promissory note of $1,100 with Charles Todd (a related party).  The note is due and payable on October 2, 2014 and carries a 2% interest rate.  As of October 31, 2013, accrued interest, associated with the note, was $13.  

 

On May 2, 2013, the Company issued a promissory note of $3,500 with Charles Todd (a related party).  The note is due and payable on October 2, 2014 and carries a 2% interest rate.  As of October 31, 2013, accrued interest, associated with the note, was $35.  

 

On May 29, 2013, the Company issued a promissory note of $3,100 with Charles Todd (a related party).  The note is due and payable on October 2, 2014 and carries a 2% interest rate.  As of October 31, 2013, accrued interest, associated with the note, was $26.  

 

On June 5, 2013, the Company issued a promissory note of $800 with Charles Todd (a related party).  The note is due and payable on October 2, 2014 and carries a 2% interest rate.  As of October 31, 2013, accrued interest, associated with the note, was $6.  

 

On June 17, 2013, the Company issued a promissory note of $500 with Charles Todd (a related party).  The note is due and payable on October 2, 2014 and carries a 2% interest rate.  As of October 31, 2013, accrued interest, associated with the note, was $4.  

 

On August 27, 2013, the Company issued a promissory note of $1,000 with Charles Todd (a related party).  The note is due and payable on October 2, 2014 and carries a 2% interest rate.  As of October 31, 2013, accrued interest, associated with the note, was $4.  

 

On October 2, 2013, the Company issued a promissory note of $2,000 with Charles Todd (a related party).  The note is due and payable on December 2, 2013 and carries a 2% interest rate.  As of October 31, 2013, accrued interest, associated with the note, was $3.  

 

On October 15, 2013, the Company issued a promissory note of $1,000 with Charles Todd (a related party).  The note is due and payable on October 2, 2014 and carries a 2% interest rate.  As of October 31, 2013, accrued interest, associated with the note, was $1.  

 

On May 24, 2013, the Company issued a promissory note of $3,550 with Charles Todd (a related party).  The note is due and payable on November 24, 2013 and carries a 2% interest rate.  As of October 31, 2013, accrued interest, associated with the note, was $21.  

 

On April 2, 2013, the Company issued a promissory note of $7,900 with Charles Todd (a related party).  The note is due and payable on October 2, 2014 and carries a 2% interest rate.  As of October 31, 2013, accrued interest, associated with the note, was $53.