91¸£Àû

Annual report pursuant to section 13 and 15(d)

Subsequent Events

v2.4.0.6
Subsequent Events
12 Months Ended
Feb. 29, 2012
Notes to Financial Statements  
Subsequent Events

 

Note 7. Subsequent Events

 

On March 13, 2012 (the “recapitalization date”), 91¸£Àû acquired 91¸£Àû University Inc., an operating company, in a reverse merger transaction accounted for as a recapitalization of 91¸£Àû University Inc. (the “Recapitalization” or the “Reverse Merger”). The common and preferred stockholders of 91¸£Àû University Inc. received 25,515,204 common shares of 91¸£Àû in exchange for 100% of the capital stock of 91¸£Àû University Inc. For accounting purposes, 91¸£Àû University Inc. is the acquirer and 91¸£Àû Group, Inc. is the acquired company. Accordingly, after completion of the recapitalization, the historical operations of the Company are those of 91¸£Àû University Inc. and the operations since the recapitalization date are those of 91¸£Àû University Inc. and 91¸£Àû Group, Inc. The assets and liabilities of both companies are combined at historical cost on the recapitalization date.

 

On April 26, 2012 and April 30, 2012, convertible notes payable aggregating $20,000 were converted into 20,000 common shares of the Company (See Note 3).