GOLF ROUNDS COM INC - FORM 10-Q - XML - IDEA: XBRL DOCUMENT - July 13, 2012

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v2.4.0.6
STOCKHOLDERS' EQUITY (DEFICIENCY)
 9 Months Ended
May 31, 2012
Notes to Financial Statements  
NOTE 3 - STOCKHOLDERS' EQUITY (DEFICIENCY)

 

(A) Special Dividend

 

On September 17, 2010, the Company declared a special cash dividend of $0.50 per share of common stock issued and outstanding to be paid on October 21, 2010 to stockholders of record as of September 30, 2010 using cash from its general funds.  On October 21, 2010, the aggregate dividend paid was $1,783,689.  As the Company had an accumulated deficit at the date the special dividend was paid, the special dividend was treated as a reduction of additional paid-in capital.

 

(B) Common Stock

  

On September 27, 2010, proceeds of $39,600 were received by the Company and an aggregate of 120,000 shares were issued as a result of stock options exercised by a director.

 

(C) Stock Options

 

A summary of the Company’s stock option activity during the nine months ended May 31, 2012 is presented below:

 

                Weighted        
          Weighted     Average        
          Average     Remaining     Aggregate  
    No. of     Exercise     Contractual     Intrinsic  
    Shares     Price     Term     Value  
Balance outstanding at August 31, 2011     520,000     $ 0.65              
  Granted     -                      
  Exercised     -                      
  Forfeited     -                      
  Expired     (160,000 )   $ 0.60              
Balance outstanding at May 31, 2012     360,000     $ 0.67       3.2     $ -  
                                 
Exercisable at May 31, 2012     360,000     $ 0.67       3.2     $ -  

 

 

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