FIRST CORP /CN/ - FORM 10-K - XML - IDEA: XBRL DOCUMENT - January 7, 2013
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Common Stock
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12 Months Ended |
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Sep. 30, 2012
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| Stockholders' Equity Note [Abstract] | |
| Common Stock | NOTE 4 – Common Stock
On October 10, 2004 the Company effected a two for one stock split for all outstanding shares of stock at that date. On September 5, 2005 the Company effected a five for two stock split for all outstanding shares of stock at that date. On March 20, 2009, the Company effected a stock dividend of three shares of common stock for every one share of common stock held at the record date of March 23, 2009. These stock splits have been retroactively reported in the shareholders equity as if the stock splits occurred at inception.
In December, 1995 the Company issued 150,000,000 shares of its common stock to a shareholder in exchange for services. The shares were valued at $.0000054 per share for an aggregate of $750.
In April, 1999 the Company issued 60,000,000 shares of common stock in exchange for cash. The shares were valued at $.00001 per share for an aggregate of $600.
In September, 2004 the Company issued 8,800,000 shares of common stock in exchange for cash. The shares were valued at $.0025 per share for an aggregate of $22,000.
In October, 2004 the Company issued 500,000,000 shares in exchange for services rendered. The shares were valued at $.00003 per share for an aggregate of $15,000.
In December, 2004 the Company issued 1,600,000 shares in exchange for cash. The shares were valued at $.0025 per share for an aggregate of $4,000.
In September, 2005 two shareholders/officers cancelled 260,000,000 shares of stock that had previously been issued for services rendered.
In December 2007, the Company issued 28,280,000 in exchange for cash. The shares were valued at $.00375 per share for an aggregate of $106,050.
In August of 2008, the Board of Directors passed a resolution, to amend and restate the Company’s articles of incorporation. The amended articles of incorporation increase the number of authorized shares of common stock of the Company to 500,000,000 with a par value of $ .001 per share. The number of authorized shares of preferred stock remains at 10,000,000 shares.
In March of 2009, two shareholders/officers of the Company cancelled 240,000,000 shares of common stock that had previously been issued for services rendered.
Also, in March of 2009, the Company declared a stock dividend of three shares for every share of common stock held at the record date of March 23, 2009. Immediately after the stock dividend, the Company had 248,680,000 shares of common stock issued and outstanding.
In March of 2011, the Company issued 10,172,500 shares of common stock which was valued at $.51 per share, for repayment of advances made by shareholders to the Company in the amount of $101,725. This transaction generated a loss on the extinguishment of this debt to the Company in the amount of $417,055
In April of 2011, the Company entered into a Securities Purchase Agreement with an accredited investor to sell unsecured 8% Convertible Notes in the aggregate original principal amount of up to $2,000,000 with an initial investment of $250,000. The Company may require additional note purchases.
In December of 2011, an accredited investor agreed to purchase 5,000,000 shares of the corporation's common stock at a price of $0.010 per share for a total of $40,000, net of fees.
In August, 2012, the Company amended its articles of incorporation to increase the authorized stock from one hundred million shares, par value $.001 per share, to 1,000,000,000 shares, par value $.001 per share. The board also approved a 10-for-1 split of the issued and outstanding shares which took effect on October 2012 and effectively increased the issued and outstanding common shares increased from 26,385,250 to 263,852,500 as of September 30, 2012. All references in the audited financial statement and notes thereto have been retroactively restated to reflect the August 2012 stock split. |
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