WELLSTONE FILTER SCIENCES INC /DE/ - FORM 10-Q - XML - IDEA: XBRL DOCUMENT - August 12, 2011
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Note 2 – Organization and Summary of Significant Accounting Policies
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6 Months Ended |
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Jun. 30, 2011
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| Business Description and Accounting Policies [Text Block] |
Note
2 – Organization and Summary of Significant Accounting
Policies
The
Company
Auri,
Inc., designs, develops, manufactures and sells men’s
and women’s footwear. The Company utilizes unique
technical materials and designs and incorporates those
attributes with fashionable, contemporary styles, presenting
the highest level of tactile, aesthetic and functional
qualities available of any footwear brand offering. The
Company’s footwear products are manufactured in China
and sold primarily to retail outlets throughout the United
States.
Reverse
merger
On
February 24, 2011, Wellstone Filter Sciences, Inc. completed
a merger and plan of reorganization pursuant to which it
acquired Auri Design Group, LLC. The parties to the merger
included Wellstone Filter Sciences, Inc, its principal
stockholder, Auri Design Group, LLC, the members of Auri
Design Group, LLC, and ADG Acquisition, Inc., a newly-formed
California corporation into which Auri Design Group,
LLC merged.
Wellstone
Filter Sciences, Inc. acquired Auri Design Group, LLC by
issuing 59,735,360 shares of common stock, constituting 68.3%
of the outstanding shares after giving effect to their
issuance and the cancellation of 65,735,360 shares (net)
held by prior control persons of Wellstone Filter Sciences,
Inc. After the closing, there were 87,551,580
shares of common stock outstanding. On April 14, 2011,
Wellstone Filter Sciences, Inc. changed its name to Auri,
Inc.
Principles
of consolidation
The
unaudited condensed consolidated financial statements include
the accounts of Auri, Inc. and its wholly owned subsidiary,
Auri Footwear, Inc. All intercompany accounts and
transactions have been eliminated.
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