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10-K - FORM 10-K FOR THE PERIOD ENDED 10/31/2013 - Sport Stix Inc.sportstix_10k.htm
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EXCEL - IDEA: XBRL DOCUMENT - Sport Stix Inc.Financial_Report.xls
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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
CAPITAL STOCK
12 Months Ended
Oct. 31, 2013
CAPITAL STOCK  
CAPITAL STOCK

NOTE 3 – CAPITAL STOCK

 

The Company’s authorized capital is 74,000,000 common shares with a par value of $0.001 per share and 100,000 preferred shares with a par value of $0.001 per share.  

 

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 the 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 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 in 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.

  

On October 27, 2012 the Company issued 300,000 shares of common stock in the Company, at $0.001 per share, to U.S. Affiliated for $300 cash.  U.S. Affiliated Inc. was retained to assist in organizing the Company and preparing the necessary documents to start the business, including tax resale permits, tax EIN number, business license and various other city and state licenses. The shares were all earned in full at the time they were issued to U.S. Affiliated Inc. 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 the $0.249 of additional value, when compared to $0.25 of other third party sales to investors, $74,700 of additional stock based compensation expense was recognized to this unrelated party investor.

  

During the four months ended October 31, 2012, the Company issued 181,000 shares of common stock in the Company to various non-related parties and accredited investors, in exchange for $45,250 cash.

 

On January 29, 2013, the Company issued 1,000,000 shares of common stock in the company to U.S. Affiliated Inc for $3,000 cash and services to be preformed over the next 12 months.  U.S. Affiliated Inc. agreed to perform significant services for Sport Stix Inc.  These included investor relations services and broker relations services, graphic design for marketing and product packaging, printing, development of a marketing and advertizing program, and working with management to obtain shelf space in retail stores for Sport Stix Inc.   U.S. Affiliated, Inc. has agreed to commit a minimum of 1,000 staff hours to the development of Sport Stix Inc. The Agreement calls for the marketing and graphic arts projects to be completed as soon as possible.  The stock issued to U.S. Affiliated, Inc. 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 the $0.247 of additional value, when compared to $0.25 of other third party sales to investors, $247,000 of additional stock based compensation expense was recognized to this unrelated party investor. U.S. Affiliated, Inc. was charged more for their stock because it was purchased seven months after the other stock based compensations agreements and Service Stix Inc. was further along in development.

 

During the fiscal year ended October 31, 2013, the Company issued 168,000 shares of common stock in the Company to various non-related parties and accredited investors, in exchange for $41,751 cash.

 

From June 26, 2012, through October 31, 2013, no preferred shares have been issued.

 

From June 26, 2012 through October 31, 2013, the Company has not granted any stock options.  

 

Our initial private placement sales were for $0.25 per share.  The Company determined this price arbitrarily.  These shares cannot currently be publicly resold, and the Company at that time of sale only had a Business Plan.  The Company justifies publicly offering the shares at $0.50 per share because once the greater funding is available, the Company will begin to execute its manufacturing and distribution plans, thus, increasing value.  Additionally, the higher offering price is justified as the shares will have been registered and able to be quoted and sold on the OTC Bulletin Board.