Subsequent Events
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12 Months Ended |
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Feb. 29, 2012
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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). |