0001144204-13-040543.txt : 20130723 0001144204-13-040543.hdr.sgml : 20130723 20130722183140 ACCESSION NUMBER: 0001144204-13-040543 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20120831 FILED AS OF DATE: 20130723 DATE AS OF CHANGE: 20130722 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Laureate Resources & Steel Industries Inc. CENTRAL INDEX KEY: 0001343011 STANDARD INDUSTRIAL CLASSIFICATION: METAL MINING [1000] IRS NUMBER: 980471111 STATE OF INCORPORATION: NV FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-52781 FILM NUMBER: 13980035 BUSINESS ADDRESS: STREET 1: 100 WALL STREET, STREET 2: 21ST FLOOR CITY: NEW YORK, STATE: NY ZIP: 10005 BUSINESS PHONE: 866-525-8833 MAIL ADDRESS: STREET 1: 100 WALL STREET, STREET 2: 21ST FLOOR CITY: NEW YORK, STATE: NY ZIP: 10005 FORMER COMPANY: FORMER CONFORMED NAME: Kingston Mines Ltd. DATE OF NAME CHANGE: 20051031 10-K 1 v350337_10k.htm FORM 10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)

ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended: August 31, 2012

TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT OF 1934

For the transition period from _________ to _________

Commission file number: 000-52781

LAUREATE RESOURCES & STEEL INDUSTRIES INC.

(Exact name of registrant as specified in its charter)

Nevada		98-0471111
(State or other jurisdiction of		(I.R.S. Employer Identification
incorporation or organization)		No.)

14 Wall Street

20th Floor

New York City, New York 10005

United States of America

(Address of principal executive offices)

Registrant’s telephone number, including area code: 011 44 203 318 2995

Securities registered under Section 12(b) of the Act

Title of each class		Name of each exchange on which registered
None		None

Securities registered pursuant to section 12(g) of the Act:

Common Stock, par value $0.0001

(Title of class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 the Securities Act. Yes ¨ No þ

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ¨ No þ

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ¨ No þ

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ¨ No ¨

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§ 229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer. ¨	Accelerated filer. ¨
Non-accelerated filer. ¨	Smaller reporting company. þ
(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes þ No ¨

The aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s most recently completed second fiscal quarter, February 28, 2012, was $8,520,057.

Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date. The Issuer had 47,333,650 shares of Common Stock, par value $0.0001, outstanding as of July 22, 2013.

TABLE OF CONTENTS

	PART I	4

Item 1.	Business.	5
Item 1A.	Risk Factors.	5
Item 1B.	Unresolved Staff Comments.	5
Item 2.	Properties.	5
Item 3.	Legal Proceedings.	6
Item 4.	Mine Safety Disclosures.	6

	PART II

Item 5.	Market For Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases Of Equity Securities.	6
Item 6.	Selected Financial Data.	7
Item 7.	Management's Discussion and Analysis of Financial Condition and Results of Operations.	7
Item 7A.	Quantitative and Qualitative Disclosures about Market Risk.	11
Item 8.	Financial Statements and Supplementary Data.	11
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.	12
Item 9A.	Controls and Procedures.	12
Item 9B.	Other Information.	13

	PART III

Item 10.	Directors, Executive Officers, and Corporate Governance	13
Item 11.	Executive Compensation.	16
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.	20
Item 13.	Certain Relationships and Related Transactions, and Director Independence.	21
Item 14.	Principal Accounting Fees and Services.	22

	PART IV

Item 15.	Exhibits, Financial Statement Schedules.	24

SIGNATURES		26

FORWARD-LOOKING STATEMENTS

This Annual Report on Form 10-K (this “Report”) contains “forward-looking statements” within the meaning of the Section 27A of the Securities Act, and Section 21E of the Exchange Act. Forward-looking statements discuss matters that are not historical facts. Because they discuss future events or conditions, forward-looking statements may include words such as “anticipate,” “believe,” “estimate,” “intend,” “could,” “should,” “would,” “may,” “seek,” “plan,” “might,” “will,” “expect,” “predict,” “project,” “forecast,” “potential,” “continue” negatives thereof or similar expressions. These forward-looking statements are found at various places throughout this Report and include information concerning possible or assumed future results of our operations; business strategies; future cash flows; financing plans; plans and objectives of management; any other statements regarding future operations, future cash needs, business plans and future financial results, and any other statements that are not historical facts.

From time to time, forward-looking statements also are included in our other periodic reports on Forms 10-Q and 8-K, in our press releases, in our presentations, and in other materials released to the public. Any or all of the forward-looking statements included in this Report and in any other reports or public statements made by us are not guarantees of future performance and may turn out to be inaccurate. These forward-looking statements represent our intentions, plans, expectations, assumptions and beliefs about future events and are subject to risks, uncertainties and other factors. Many of those factors are outside of our control and could cause actual results to differ materially from the results expressed or implied by those forward-looking statements. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to a different extent or at a different time than we have described. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this Report. All subsequent written and oral forward-looking statements concerning other matters addressed in this Report and attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this Report.

Except to the extent required by law, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, a change in events, conditions, circumstances or assumptions underlying such statements, or otherwise.

Unless otherwise provided in this Report, references to the “Company,” “Laureate” “we,” “us,” and “our” refer to Laureate Resources & Steel Industries Inc. (formerly known as Kingston Mines Ltd.).

PART I

Item 1.

Business.

Our Company

Laureate Resources & Steel Industries Inc. was incorporated in the State of Nevada on June 16, 2005. Our fiscal year end is August 31. We were previously a mineral resource exploration company, but we did not have any active operations and we did not realize any revenues. Following the change of control of our Company on February 6, 2008, we decided to cease the mineral exploration business and pursue other strategic business opportunities. We are still planning our new business strategy and we have not yet commenced operations. On April 9, 2008, the Board approved and recommended that we change our name from Kingston Mines Ltd. to Laureate Resources & Steel Industries Inc. Stockholders holding a majority of the voting rights of all outstanding shares of the Company’s capital stock as of April 9, 2008 voted in favor of the foregoing proposal by written consent. On May 20, 2008, our Company name was formally changed. On June 4, 2008, our stock trading symbol changed from “KGMI” to “LRRS”.

Change of Control

On January 30, 2008, Lou Hilford, a former officer and director of the Company, entered into a Share Cancellation Agreement with the Company, pursuant to which Mr. Hilford tendered to the Company for cancellation 3,000,000 shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”) owned of record by Mr. Hilford. In consideration for such tender and cancellation, the Company and Mr. Hilford executed mutual general releases of any and all claims. The Company had 6,761,950 issued and outstanding shares of Common Stock after giving effect to such cancellation (which figure, following the Company’s June 2008 stock dividend, would be equal to 47,333,650 shares of Common Stock). On February 6, 2008, Thomas Mills, the controlling shareholder of the Company, entered into a Securities Purchase and Sale Agreement (the “Securities Purchase and Sale Agreement”) with Rudana Investment Group AG, a corporation formed under the laws of Switzerland (“Rudana”). Pursuant to the Securities Purchase and Sale Agreement, Mr. Mills sold 5,000,000 shares of the Company’s common stock (which, following the Company’s June 2008 stock dividend, would be equal to 35,000,000 shares of common stock) to Rudana, causing a change of control of the Company. Rudana then owned 73.9% of the Company’s shares which were issued and outstanding. Mr. Mills did not retain any ownership of shares and is no longer a shareholder of the Company. On May 21, 2008, the Board of Directors declared the payment of a stock dividend, approving the payment of such dividend to all of the stockholders of record of the Company as of the record date of June 2, 2008. Following payment of the stock dividend, the issued and outstanding share ownership of the Company increased from 6,761,950 shares of Company common stock to 47,333,650 shares of common stock and Rudana’s ownership correspondingly increased to 35,000,000 shares of common stock.

On April 9, 2008, Mr. Mills resigned as the Company’s President, Chief Executive Officer, Chief Financial Officer and Secretary.

Acquisition Strategy

Following the change of control of our Company on February 6, 2008 we decided to cease the mineral exploration business and pursue other business opportunities. The Company was in “development stage” until February 28, 2009 and during the year ended August 31, 2009, the Company ceased its operations. As a result, we are now pursuing an acquisition strategy, whereby we will seek to acquire undervalued businesses with a history of operating revenues in markets that provide room for growth ("Acquisition Strategy").

Our Acquisition Strategy is focused on pursuing a strategy of growth by acquiring undervalued businesses with a history of operating revenues. We will utilize several criteria to evaluate prospective acquisitions including whether the business to be acquired (1) is an established business with viable services or products, (2) has an experienced and qualified management team, (3) has room for growth and/or expansion into other markets, (4) is accretive to earnings, (5) offers the opportunity to achieve and/or enhance profitability, and (6) increases shareholder value.

The Company, based on proposed business activities, is a "blank check" company. The SEC defines those companies as "any development stage company that is issuing a penny stock, within the meaning of Section 3 (a)(51) of the Securities Exchange Act of 1934, as amended and that has no specific business plan or purpose, or has indicated that its business plan is to merge with an unidentified company or companies." Under SEC Rule 12b-2 under the Securities Exchange Act of 1934, as amended, the Company also qualifies as a "shell company," because it has no or nominal assets (other than cash) and no or nominal operations. Many states have enacted statutes, rules and regulations limiting the sale of securities of "blank check" companies in their respective jurisdictions. The Company intends to comply with the periodic reporting requirements of the Securities Exchange Act of 1934, as amended, for so long as we are subject to those requirements.

Competition of Our Acquisition Strategy

In connection with our Acquisition Strategy, we expect to encounter intense competition from other entities having business objectives similar to ours, including: venture capital firms, blind pool companies, large industrial and financial institutions, small business investment companies and wealthy individuals. Many of these entities are well-established and have greater experience, financial resources and technical knowledge than us. Our limited financial resources may compel us to select certain less attractive acquisition prospects than those of our competitors.

We believe that our future is dependent upon the consummation of a merger, acquisition or other business combination between us and a viable operating entity. There can be no assurance that we will be able to complete any merger, acquisition or other business combination between us and a viable operating entity. Additionally, management believes that we may need to raise additional funds through equity or debt financing to complete a merger, acquisition or other business combination between us and a viable operating entity. There can be no assurance that we will be able to successfully complete an equity or debt financing to complete an acquisition, merger or other business combination between us and a viable operating entity.

Where You Can Find More Information

The Company is and expects to remain a “reporting company.” We will therefore be required to continue to file annual, quarterly and other requisite filings with the U.S. Securities and Exchange Commission (the “SEC”). Members of the public may read and copy any materials which we file with the SEC at the SEC’s Public Reference Room at 100 F Street, N.E., Room 1580, Washington, D.C. 20549. Members of the public may obtain additional information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. The SEC also maintains an internet site that contains reports, proxy and information statements, as well as other information regarding issuers that file electronically with the SEC. This site is located at http://www.sec.gov.

You may also request a copy of our filings at no cost, by writing or telephoning us at:

LAUREATE RESOURCES & STEEL INDUSTRIES INC.

14 Wall Street

20th Floor

New York City, New York 10005

United States of America

Attention: Hany Salem

Title: Chief Financial Officer

Item 1A. Risk Factors.

Smaller reporting companies are not required to provide the information required by this item.

Item 1B. Unresolved Staff Comments.

Smaller reporting companies are not required to provide the information required by this item.

Item 2. Properties.

The Company does not own any real estate or other property. The Company does not plan on investing directly or indirectly in real estate in the near future. As of the date of this Report, the Company is utilizing office space at Sh. Rashid Building ,Sh. Zayed Road Dubai, United Arab Emirates .At the present time, the Company is not paying any rent. The Company anticipates that it will assess its needs for additional office space in the near future.

Item 3. Legal Proceedings.

We are currently not involved in any litigation that we believe could have a material adverse effect on our financial condition or results of operations. There is no action, suit, proceeding, inquiry or investigation before or by any court, public board, government agency, self-regulatory organization or body pending or, to the knowledge of the executive officers of our company or any of our subsidiaries, threatened against or affecting our company, our common stock, any of our subsidiaries or of our companies or our subsidiaries’ officers or directors in their capacities as such, in which an adverse decision could have a material adverse effect.

Item 4. Mine Safety Disclosures.

Not applicable.

PART II

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

(a) Market Information.

Our shares are traded on the over-the-counter bulletin board operated by the National Association of Securities Dealers, Inc. under the symbol “LRRS”. There were no public trades of the Company’s common stock recorded prior to August 19, 2008, at which time the Company’s common stock sold for $0.22 per share.

	High		Low
Fiscal Year 2011
First quarter ended November 30, 2010	$	0.005	$	0.005
Second quarter ended February 28, 2011	$	0.005	$	0.0002
Third quarter ended May 31, 2011	$	0.0002	$	0.0002
Fourth quarter ended August 31, 2011	$	0.08	$	0.0002

Fiscal Year 2012
First quarter ended November 30, 2011	$	0.003	$	0.002
Second quarter ended February 29, 2012	$	0.03	$	0.003
Third quarter ended May 31, 2012	$	0.03	$	0.003
Fourth quarter ended August 31, 2012	$	0.03	$	0.03

(b) Holders.

As of July 22, 2013, there were 44 stockholders of record of the Company’s common stock.

(c) Dividends.

On May 21, 2008, the Board of Directors declared the payment of a stock dividend, approving the payment of such dividend to all of the stockholders of record of the Company as of the record date of June 2, 2008. The stock dividend was paid on June 3, 2008 and the ex-dividend date was June 4, 2008. Each stockholder received six additional shares of the Company’s common stock for each one share of the Company’s common stock which they held on the record date. Following payment of the stock dividend, the issued and outstanding share ownership of the Company increased from 6,761,950 shares of Company common stock to 47,333,650 shares of common stock.

During the period covered by this Report, we have not declared or paid cash dividends. The Company does not intend to pay cash dividends on its common stock in the foreseeable future. We anticipate retaining any earning for use in our continued development. We are not subject to any restrictions respecting the payment of dividends, except that they may not be paid to render us insolvent.

(d) Securities authorized for issuance under equity compensation plans

We do not have any equity compensation plans and accordingly we have no securities authorized for issuance thereunder.

Recent Sales of Unregistered Securities; Use of Proceeds from Registered Securities

None.

Item 6.

Selected Financial Data.

The registrant qualifies as a smaller reporting company, as defined by Rule 229.10(f)(1) and is not required to provide the information required by this Item.

Item 7.

Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion and analysis of the results of operations and financial condition for the fiscal years ended August 31, 2012 and 2011 and should be read in conjunction with our financial statements, and the notes to those financial statements that are included elsewhere in this Report.

Overview

The Company had been an exploration company from its formation through February 6, 2008 when a change in control of the Company took effect. Since its formation, the Company’s business plan was to explore five mineral claims covering 1,865.43 hectares located on the south and southwest flanks of Sugarloaf Mountain in the Nicola Mining Division in British Columbia, Canada (the “Sugarloaf Property”). We originally intended to explore the Sugarloaf Property for commercially exploitable mineral reserves of valuable minerals. The Sugarloaf Property has no proven or probable mineral reserves. Exploration for minerals is a speculative venture necessarily involving substantial risk. The expenditures made by us did not result in the discovery of commercially exploitable reserves of valuable minerals. Any further funds spent on the exploration of these claims would probably be lost. Accordingly, the Company has made a determination to cease the mineral exploration business and pursue another business opportunity. Accordingly, the results of operations of the exploration business have been classified as discontinued operations for all periods presented. We intend to position ourselves as a leading processor and manufacturer of OCTG products serving oil and gas companies worldwide. We aim to achieve global recognition in the OCTG industry by developing manufacturing and trading establishments around the world.

Acquisition Strategy

Competition of Our Acquisition Strategy

COMPARISON OF THE YEAR ENDED AUGUST 31, 2012 TO THE YEAR ENDED AUGUST 31, 2011

Revenues

To date, the Company has had no revenues.

Operating expenses

Selling, general, and administrative expenses were nil in 2012 and 2011.

Other income (expenses)

Financing expenses were $46,100 in 2012 and 2011. Financing costs represent accrued interest on related party loans.

Liquidity and capital resources

We have not derived any revenues from operations. Our only capital has been obtained via issuance of common stock and shareholder loans.

The Company has not received stockholder loans from Rudana Investment Group AG during the fiscal year covered by this Report.

As of the end of our fiscal year on August 31, 2012, our total assets were $-0- and our total liabilities were $1,774,455. We do not have sufficient working capital to satisfy our cash requirements for the next twelve months of operations. We expect to pay our own costs and expenses through shareholder loans.

On May 10, 2008 (as subsequently amended) and May 22, 2008, the Company issued warrants (the “Warrants”) to purchase 23,666,825 shares of common stock to Arimathea Limited in consideration for international corporate development services rendered on behalf of the Company.

During the fiscal year ended August 31, 2008, Arimathea and the Company entered into a verbal agreement to amend the Warrants. These Amended Warrants were executed on December 15, 2008 and have an exercise term of three years and will become exercisable only for the purchase of a number of shares equal to (i) 5% of the amount of capital raised by the Company from introductions made by Arimathea, divided by (ii) the exercise price of $0.10 per share ($0.017 post-split), which purchase price has been determined by reference to the price the Company’s Common Stock was sold to shareholders in the Company’s prior public offering (without adjustment for a subsequent stock dividend).

Under the terms of the Warrants, Arimathea is not permitted to exercise and own more than 4.9% of the Company’s common stock at any given time. The Warrants contain customary adjustment provisions and have anti-dilution protection for certain future issuances of equity securities. The Warrants do not contain any call provisions and there are no obligations on the part of Arimathea to exercise the Warrants at any time.

The value of the Warrants was expensed in fiscal year of August 31, 2008 for a value of $221,208. The term of the Warrants reflected the original 10 year term on both Warrants. The value was determined by using the Black Scholes option pricing model.

In connection with his appointment as the Company’s Chief Operating Officer in fiscal year ended August 31, 2008, Gareth McMurray has been granted an option to purchase 500,000 shares of common stock of the Company at an exercise price of $1.00 per share. This stock option vested after three months of service, on November 22, 2008, and is exercisable after six months of service, on February 22, 2009, subject to applicable securities laws and the standard terms and conditions of the Company’s stock option agreement.

While the Company’s operations are currently dormant, the Company is seeking new business opportunities, which includes, but is not limited to, the storage, trading, distribution, transportation and logistics for oil, petroleum and gas products. The Company hopes to operate in the CEE market (Central and Easter Europe) with a special focus to provide liquefied petroleum gas (“LPG”) and petroleum products storage, trading and transportation services in the Balkan Peninsula, located primarily in Albania.

LPG, otherwise known as propane, is a clean-burning fossil fuel that can be used to power internal combustion engines. Currently, the Company is in preliminary negotiations to operate out of strategic ports in Albania. More specifically, the Company is in the process of signing a long term LPG supply contract and plan to acquire storage facilities in the Porto Romano Port, which allows it to transport and disburse LPG through various distribution chains within the whole CEE region. Additionally, the Company is seeking to invest in the development of ports and logistics infrastructure equipment and personnel to engage in its storage and transportation services.

SIGNIFICANT ACCOUNTING POLICIES

Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.

Cash and cash equivalents

The Company considers all highly liquid debt investments with original maturities of three months or less when purchased to be cash equivalents. The carrying amounts approximate fair market value because of the short maturity.

Fair Value of Financial Instruments

Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of August 31, 2012 and 2011. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values. These financial instruments include cash and accounts payable. Fair values were assumed to approximate carrying values for cash and payables because they are short term in nature and their carrying amounts approximate fair values or they are payable on demand.

Net Loss per Share

The Company follows Accounting Standards Codification subtopic 260-10, Earnings Per Share (“ASC 260-10”) specifying the computation, presentation and disclosure requirements of earnings per share information. Basic loss per share has been calculated based upon the weighted average number of common shares outstanding. Stock options and warrants have been excluded as common stock equivalents in the diluted loss per share because their effect is anti-dilutive on the computation.

Stock-Based Compensation

The Company accounts for its stock based awards in accordance with Accounting Standards Codification subtopic 718-10, Compensation (“ASC 718-10”), which requires a fair value measurement and recognition of compensation expense for all share-based payment awards made to its employees and directors, including employee stock options and restricted stock awards. The Company estimates the fair value of stock options granted using the Black-Scholes valuation model. This model requires the Company to make estimates and assumptions including, among other things, estimates regarding the length of time an employee will retain vested stock options before exercising them, the estimated volatility of our common stock price and the number of options that will be forfeited prior to vesting. The fair value is then amortized on a straight-line basis over the requisite service periods of the awards, which is generally the vesting period. Changes in these estimates and assumptions can materially affect the determination of the fair value of stock-based compensation and consequently, the related amount recognized in the Company’s condensed statements of operations.

For the year ended August 31, 2012 and 2011, the Company did not grant stock options to employees. The fair value of vesting options granted vested during the years ended August 31, 2012 and 2011 of $-0- and $-0-, respectively.

Comprehensive Income (Loss)

The Company follows Accounting Standards Codification subtopic 220-10, Comprehensive Income (“ASC 220-10”). ASC 220-10 establishes standards for the reporting and displaying of comprehensive income and its components. Comprehensive income is defined as the change in equity of a business during a period from transactions and other events and circumstances from non-owners sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners. ASC 220-10 requires other comprehensive income (loss) to include foreign currency translation adjustments and unrealized gains and losses on available for sale securities. The Company had no comprehensive income or losses at August 31, 2012 and 2011.

Income Taxes

The Company has adopted Accounting Standards Codification subtopic 740-10, Income Taxes (“ASC 740-10”) which requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the financial statement or tax returns. Under this method, deferred tax liabilities and assets are determined based on the difference between financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Temporary differences between taxable income reported for financial reporting purposes and income tax purposes consist primarily of derivative liability and stock compensation accounting versus basis differences.

Long-lived assets

The Company follows Accounting Standards Codification 360-10-15-3, “Impairment or Disposal of Long-lived Assets,” which established a “primary asset” approach to determine the cash flow estimation period for a group of assets and liabilities that represents the unit of accounting for a long-lived asset to be held and used. Long-lived assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The carrying amount of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. Long-lived assets to be disposed of are reported at the lower of carrying amount or fair value less cost to sell.

Recent accounting pronouncements

There were various updates recently issued, most of which represented technical corrections to the accounting literature or application to specific industries and are not expected to a have a material impact on the Company's financial position, results of operations or cash flows.

Off Balance Sheet Arrangements

As of August 31, 2012, we did not have any off balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

We do not hold any derivative instruments and do not engage in any hedging activities.

Item 8. Financial Statements and Supplementary Data

Index to Financial Statements

		Page
Reports of Independent Registered Public Accounting Firm		F-2
Balance Sheets As Of August 31, 2012 and 2011		F-3
Statements of Operations For The Years Ended August 31, 2012 and 2011		F-4
Statements of Stockholders’ Deficit For The Two Years Ended August 31, 2012 and 2011		F-5
Statements of Cash Flows For The Years Ended August 31, 2012 and 2011		F-6
Notes To Financial Statements		F-7~F-11

F-1

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Board of Directors

Laureate Resources & Steel Industries, Inc.

We have audited the accompanying balance sheets of Laureate Resources & Steel Industries, Inc. (the “Company”), as of August 31, 2012 and 2011, and the related statements of operations, statement of stockholders’ deficit and cash flows for each of the two years in the period ended August 31, 2012. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We have conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States of America). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Laureate Resources & Steel Industries, Inc. as of August 31, 2012 and 2011, and the results of its operations and its cash flows for each of the two years in the period ended August 31, 2012, in conformity with accounting principles generally accepted in the United States of America.

The accompanying financial statements have been prepared assuming the Company will continue as a going concern. As discussed in Note 3 to the accompanying financial statements, the Company was in “development stage” until February 28, 2009 and during the year ended August 31, 2009, the Company ceased its operations. The Company has an accumulated deficit of $2,245,062 as of August 31, 2012 and has not generated any revenue since inception. The Company dependent upon its successful execution of its plan to restart operations to achieve profitability and ability to raise additional financing. There is no guarantee that the Company will be able to raise additional capital or successfully execute its plan of operations. These factors, among others, raise substantial doubt regarding the Company’s ability to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty.

/s/ RBSM LLP

New York, New York

July 22, 2013

F-2

LAUREATE RESOURCES & STEEL INDUSTRIES, INC.

BALANCE SHEETS

AUGUST 31, 2012 AND 2011

	2012			2011
ASSETS
Current assets:
Cash	$	-		$	-
Total current assets		-			-

Total assets	$	-		$	-

LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
Accounts payable and accrued expenses	$	974,546		$	974,546
Accrued interest payable, related parties		177,265			131,165
Loans payable, related parties		622,644			622,644
Total current liabilities		1,774,455			1,728,355

Commitments and contingencies		-			-

Stockholders' deficit:
Preferred stock, par value $0.0001 par value, 50,000,000 shares authorized, none issued and outstanding		-			-
Common stock; $0.0001 par value, 100,000,000 shares authorized, 47,333,650 shares issued and outstanding as of August 31, 2012 and 2011		4,733			4,733
Additional paid in capital		465,874			465,874
Accumulated deficit		(2,245,062	)		(2,198,962	)
Total stockholders' deficit		(1,774,455	)		(1,728,355	)

Total liabilities and stockholders' deficit	$	-		$	-

See the accompanying notes to the financial statements.

F-3

LAUREATE RESOURCES & STEEL INDUSTRIES, INC.

STATEMENTS OF OPERATIONS

	Year ended August 31,
	2012			2011
Operating expenses:
Selling, general and administrative expenses	$	-		$	-
Total operating expenses		-			-

Loss from operations		-			-

Other income (expenses):
Interest expense, related party		(46,100	)		(46,100	)

Net loss before income taxes		(46,100	)		(46,100	)

Income taxes		-			-

NET LOSS	$	(46,100	)	$	(46,100	)

Loss per common share, basic and diluted	$	(0.00	)	$	(0.00	)

Weighted average number of shares outstanding (basic and diluted)		47,333,650			47,333,650

See the accompanying notes to the financial statements.

F-4

LAUREATE RESOURCES & STEEL INDUSTRIES, INC.

STATEMENT OF STOCKHOLDERS DEFICIT

TWO YEARS ENDED AUGUST 31, 2012

									Additional					Total
	Preferred stock				Common stock				Paid in		Accumulated			Stockholders'
	Shares		Amount		Shares		Amount		Capital		Deficit			Deficit
Balance at August 31, 2010		-	$	-		47,333,650	$	4,733	$	465,874	$	(2,152,862	)	$	(1,682,255	)
Net loss		-		-		-		-		-		(46,100	)		(46,100	)
Balance at August 31, 2011		-	$	-		47,333,650	$	4,733	$	465,874	$	(2,198,962	)	$	(1,728,355	)
Net loss		-		-		-		-		-		(46,100	)		(46,100	)
Balance at August 31, 2012		-	$	-		47,333,650	$	4,733	$	465,874	$	(2,245,062	)	$	(1,774,455	)

See the accompanying notes to the financial statements.

F-5

LAUREATE RESOURCES & STEEL INDUSTRIES, INC.

STATEMENTS OF CASH FLOWS

	Year ended August 31,
	2012			2011
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(46,100	)	$	(46,100	)
Adjustments to reconcile net loss to net cash used in operating activities:
Change in operating assets and liabilities:
Increase in accrued interest, related party		46,100			46,100
Net cash used in operating activities		-			-

CASH FLOWS FROM INVESTING ACTIVITIES:		-			-

CASH FLOWS FROM FINANCING ACTIVITIES:		-			-

Net increase in cash		-			-

Cash, beginning of period		-			-
Cash, end of period

Cash, end of period	$	-		$	-

Supplemental disclosures of cash flow information:
Cash paid during the period for:
Interest	$	-		$	-
Taxes	$	-		$	-

See the accompanying notes to the financial statements.

F-6

LAUREATE RESOURCES & STEEL INDUSTRIES, INC.

NOTES TO FINANCIAL STATEMENTS

AUGUST 31, 2012 AND 2011

NOTE 1 - BUSINESS DESCRIPTION

Organization and Business Description

Laureate Resources & Steel Industries, Inc. (the “Company”) was incorporated in the State of Nevada on June 16, 2005. The Company had been an exploration company from its formation through February 6, 2008 when a change in control of the Company took effect. Since its formation, the Company’s business plan was to explore five mineral claims covering 1,865.43 hectares located on the south and southwest flanks of Sugarloaf Mountain in the Nicola Mining Division in British Columbia, Canada (the “Sugarloaf Property”). We originally intended to explore the Sugarloaf Property for commercially exploitable mineral reserves of valuable minerals. The Sugarloaf Property has no proven or probable mineral reserves. Exploration for minerals is a speculative venture necessarily involving substantial risk. The expenditures made by us did not result in the discovery of commercially exploitable reserves of valuable minerals. Any further funds spent on the exploration of these claims would probably be lost. The Company has made a determination to cease the mineral exploration business and pursue another business opportunity. Accordingly, the results of operations of the exploration business have been classified as discontinued operations for all periods presented. The Company was in “development stage” until February 28, 2009 and during the year ended August 31, 2009, the Company ceased its operations, is dormant and currently seeking to establish strategic alliances.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Use of Estimates

Cash and cash equivalents

Fair Value of Financial Instruments

Net Loss per Share

F-7

LAUREATE RESOURCES & STEEL INDUSTRIES, INC.

NOTES TO FINANCIAL STATEMENTS

AUGUST 31, 2012 AND 2011

Stock-Based Compensation

Comprehensive Income (Loss)

Income Taxes

Long-lived assets

F-8

LAUREATE RESOURCES & STEEL INDUSTRIES, INC.

NOTES TO FINANCIAL STATEMENTS

AUGUST 31, 2012 AND 2011

Recent accounting pronouncements

There were various updates recently issued, most of which represented technical corrections to the accounting literature or application to specific industries and are not expected to a have a material impact on the Company's consolidated financial position, results of operations or cash flows.

NOTE 3 - GOING CONCERN

The Company was in “development stage” till February 28, 2009 and during the year ended August 31, 2009, the Company ceased its operations. As of August 31, 2012, the Company has an accumulated deficit of $2,245,062 and has not generated any revenue since inception. The ability of the Company to continue as a going concern and to emerge from the development stage is dependent upon its successful execution of its plan of operations and ability to raise additional financing. There is no guarantee that the Company will be able to raise additional capital or sell any of its products and services at a profit. These factors, among others, raise substantial doubt regarding the Company’s ability to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty.

NOTE 4 - STOCKHOLDERS’ EQUITY

Preferred stock

The Company is authorized to issue 50,000,000 shares of preferred stock. As of August 31, 2012 and 2011, no preferred shares were issued and outstanding.

Common stock

The Company is authorized to issue 100,000,000 shares of common stock. As of August 31, 2012 and 2011, 47,333,650 shares of common stock were issued and outstanding.

On May 21, 2008, the Company declared the payment of a stock dividend consisting of six additional shares of the Company’s common stock for each one share of the Company’s common stock held as of the record date of June 2, 2008. In connection with this stock dividend, the ownership of stockholders possessing 6,761,950 shares of the Company’s common stock was increased to 47,333,650 shares of common stock.

NOTE 5 - RELATED PARTY TRANSACTIONS

At August 31, 2012 and 2011, related party loans consisted of the following:

		August 31, 2012				August 31, 2011
Loans payable, due on demand with interest at 7.5% per annum, unsecured		$	622,644			$	622,644

Accrued interest on related party loans as of August 31, 2012 and 2011 was $177,265 and $131,165, respectively. Interest expense, related party was $46,100 for the years ended August 31, 2012 and 2011.

F-9

LAUREATE RESOURCES & STEEL INDUSTRIES, INC.

NOTES TO FINANCIAL STATEMENTS

AUGUST 31, 2012 AND 2011

NOTE 6 - LOSS PER COMMON SHARE

The following table presents the computation of basic and diluted loss per share for the years ended August 31, 2012 and 2011:

	2012			2011
Net loss available for common shareholders	$	(46,100	)	$	(46,100	)
Loss per share (basic and assuming dilution)	$	(0.00	)	$	(0.00	)

Weighted average common shares outstanding
Basic		47,333,650			47,333,650
Fully diluted		47,333,650			47,333,650

Fully-diluted weighted-average common shares outstanding are not utilized in the calculation of loss per common share as the effect would be anti-dilutive, decreasing the reported loss per common share.

NOTE 7 - INCOME TAXES

The Company has adopted Accounting Standards Codification subtopic 740-10, Income Taxes (“ASC 740-10”) which requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the financial statement or tax returns. Under this method, deferred tax liabilities and assets are determined based on the difference between financial statements and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Temporary differences primarily include stock compensation and other equity-related non-cash charges, capitalized financing costs, the basis difference of derivative liabilities and certain accruals.

The Company has not filed its income tax returns, and therefore has not been able to estimate its net operating loss carryforwards for tax purposes as of August 31, 2012. The Company has provided a valuation reserve against the full amount of any net operating loss benefit and will be also for against the net operating losses, since in the opinion of management based upon the earnings history of the Company; it is more likely than not that the benefits will not be realized. Due to possible significant changes in the Company's ownership, the future use of its existing net operating losses may be limited. All or portion of the remaining valuation allowance may be reduced in future years based on an assessment of earnings sufficient to fully utilize these potential tax benefits.

The Company files income tax returns in the U.S. Federal jurisdiction, and various state jurisdictions. The Company is no longer subject to U.S. Federal, state and local, or non-U.S. income tax examinations by tax authorities for years before 2008.

The Company follows the provision of uncertain tax positions as addressed in FASB Accounting Standards Codification 740-10-65-1. The Company recognized no increase in the liability for unrecognized tax benefits. The Company has no tax position for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility. The Company recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. No such interest or penalties were recognized during the periods presented. The Company had no accruals for interest and penalties at August 31, 2012 and 2011. The Company’s utilization of any net operating loss carry forward may be unlikely as a result of the continuing operating losses.

F-10

NOTE 8 - STOCK OPTIONS AND WARRANTS

Warrants

On May 10, 2008 (as subsequently amended) and May 22, 2008, the Company issued warrants (the “Warrants”) to purchase 23,666,825 shares of common stock at exercise price of $0.017 (post dividend) to Arimathea Limited in consideration for international corporate development services rendered on behalf of the Company. The warrants have a weighted average remaining life of 5.75 years.

NOTE 9 - CONTINGENCIES

Litigation

From time to time, we may become involved in various lawsuits and legal proceedings which arise in the ordinary course of business. However, litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm our business. Except as described below, we are currently not aware of any such legal proceedings that we believe will have, individually or in the aggregate, a material adverse effect on our business, financial condition or operating results.

NOTE 10 – SUBSEQUENT EVENTS

On May 2, 2013, the Company formed a wholly owned subsidiary, Laureate Petroleum DMCC, a company formed under the authority of the Dubai Multi Commodities Centre within Dubai, United Arab Emirates.

In addition, the Company has agreed, in connection with Mr. Salem’s appointment as sole officer and director, to pay Mr. Salem approximately $250,000 plus bonus compensation.

In addition, subsequent to the date of the financial statements, a shareholder of the Company has advanced approximately $100,000 on behalf of the Company to pay certain general and administrative expenses. There are no formal terms of repayment of the advances.

F-11

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

None.

Item 9A. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

Our management, including our Chief Executive Officer and Chief Financial Officer, conducted an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) promulgated under the Exchange Act) as of August 31, 2012, the end of the period covered by this report. Our management does not expect that our disclosure controls and procedures will prevent all error and all fraud. A control system, no matter how well designed and operated, can provide only reasonable assurance that the control system’s objectives will be met. Because of the inherent limitations in all control systems, no evaluation of disclosure controls and procedures can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. The design of any system of disclosure controls and procedures is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.

Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded in this Annual Report on Form 10-K for the year ended August 31, 2012 that our disclosure controls and procedures are not effective such that because of the material weaknesses in the internal control over financial reporting discussed below, our disclosure controls and procedures were not effective as of August 31, 2012.

Management's Annual Report on Internal Control Over Financial Reporting.

Our management is responsible for establishing and maintaining adequate internal control over financial reporting. Our internal control system was designed to, in general, provide reasonable assurance to our management and Board of Directors regarding the preparation and fair presentation of published financial statements, but because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.

In connection with the filing of this Annual Report on Form 10-K for the period ended August 31, 2012 our Chief Executive Officer and Chief Financial Officer evaluated the effectiveness of our internal control over financial reporting as of August 31, 2012, and based on that evaluation they concluded that our internal control over financial reporting was not effective.

The framework used by management in making that assessment was the criteria set forth in the document entitled “Internal Control – Integrated Framework” issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on that re-evaluation due to material weaknesses identified below, our management, including our Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures were not effective as of August 31, 2012 in ensuring that information required to be disclosed in our Exchange Act reports is (1) recorded, processed, summarized and reported in a timely manner, and (2) accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure, because of material weaknesses in its internal controls over financial reporting.

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company's annual or interim financial statements will not be prevented or detected on a timely basis. In its assessment of the effectiveness of internal control our financial reporting as of August 31, 2012, the Company determined that the following items constituted material weaknesses:

•

The Company does not have policies and procedures in place to ensure the timely review, disclosure and accurate financial reporting for significant agreements and transactions.

•

The Company does not have an independent audit committee in place, which would provide oversight of the Company’s officers, operations and financial reporting function.

Changes in Internal Control over Financial Reporting

No change in our system of internal control over financial reporting occurred during the period covered by this report, fourth quarter of the fiscal year ended August 31, 2012 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

This annual report does not include an attestation report of the Company’s independent registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by the Company’s independent registered public accounting firm pursuant to the rules of the SEC that permit smaller reporting companies to provide only the management’s report in this annual report.

Item 9B. Other Information.

None.

PART III

Item 10. Directors, Executive Officers, and Corporate Governance.

The following table presents information with respect to our officers, directors and significant employees as of July 22, 2013:

Name	Age	Position
Hany Salem (1)	48	Chief Executive Officer and Director
Federico Mazzolari (2)	64	Former Director
Luigi Pugni (3)	64	Former Director
Olivier de Vergnies(4)	43	Former Director

(1)

Appointed as the Company’s Chief Executive Officer and Chief Financial Officer as of April 16, 2012.

(7)

Resigned as Director of the Company as of February 27, 2012.

(8)

Resigned as Director of the Company as of February 27, 2012.

(4)

Resigned as Director of the Company as of April 16, 2012.

Each director serves until the next annual meeting of shareholders and until his/her successor shall have been elected and qualified.

Biographical Information Regarding Officers and Directors

Mr. Salem has served as the Chief Executive Officer and Director of the Company since April 18, 2012. Mr. Salem has served as an advisor, consultant, and investment manager providing services to high net-worth individuals primarily in Europe and Middle East.

Mr. Federico Mazzolari, Director. Mr. Mazzolari served as a director of the Company from May 5, 2008 to April 16, 2012. Mr. Mazzolari is a marketing consultant defining strategies for Finarvedi, the holding company of the Arvedi Group. Mr. Mazzolari joined the Arvedi Group in 1975, and since that time has held various positions there in the technical, production and marketing areas, including serving as Managing Director and board member for various companies in the Arvedi Group. While working in the Arvedi Group, Mr. Mazzolari has been involved in the decision making process related to the choice of plants and the development of the range of tubular products towards API, thermal and mechanical applications with particular attention to the automotive industry (both for hot rolled and cold drawn tubes). He was also involved in the development of the product range of the first Arvedi steelworks and more recently in the development of the production of hot rolled steel coils at the new Arvedi steel works in Cremona. Mr. Mazzolari is a member of the board of UNSIDER (Italian standards unification board for the steel sector) and Promozione Acciaio (a steel promotion board) and IGQ (the Italian Quality Assurance institute). He graduated from Milan Polytechnic with a degree in Mechanical Engineering in 1969.

Mr. Luigi Pugni, Director. Mr. Pugni served as a director of the Company since May 12, 2008 to February 27, 2012. Mr. Pugni has served as a consultant in Italy’s iron and steel industries since 2007. From January of 2005 until December of 2006, Mr. Pugni served as CEO and director of Tubisid SpA. From January of 2001 until December 2004, Mr. Pugni was employed by Tenaris S.A., first serving as Commercial Director, from January of 2001 until August of 2003, with responsibility for the European market for industrial tubular products, and then serving as an independent consultant from September of 2003 until December 2004. From 1970 to 2000, Mr. Pugni held various positions with Dalmine SpA (now Tenaris Group).

Mr. Olivier de Vergnies, Director. Mr. Vergnies has served as a director of the Company since June 18, 2008. Mr. de Vergnies has previously served as Vice President, Head of the Middle East Division of Dexia Private Bank (Switzerland), Geneva from 2004 -2008 where he was responsible for Middle Eastern high net worth individuals, business acquisition and retention process, as well as the development of new financial structured products ideas and innovative private asset allocation. From 2000-2004 Mr. de Vergnies served Dexia Bank, Luxembourg as Vice President, Head of Strategy & Alliances where he was responsible for the marketing strategy and product development for Middle East clients segments across Luxembourg, Switzerland, France, Jersey and the United Kingdom. Mr. de Vergnies served as Global Strategic Coordinator for the Dexia Private Banking Group Executive Committee and managed the joint ventures optimization process with Banco Popular in Spain, multi-channel distribution, market watch process, international and internal communication. Mr. de Vergnies serves as the Chief Operating officer of Rudana Investment Group AG. Mr. de Vergnies also serves on the board of directors of 4C Controls Inc., and as the Chief Executive Officer of 4C Controls. The controlling shareholder of each of the Company and 4C Controls Inc. is Rudana Investment Group AG.

Involvement in Certain Legal Proceedings

To our knowledge, during the past five years, no director, person nominated to become a director, executive officer, promoter or control person of the company: (1) had any bankruptcy petition filed by or against any business of which such person was a general partner or executive officer either at the time of the bankruptcy or within two years prior to that time; (2) was convicted in a criminal proceeding or subject to a pending criminal proceeding (excluding traffic violations and other minor offenses); (3) was the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining, barring, suspending or otherwise limiting his involvement in any type or business, securities or banking activities; or (4) was found by a court of competent jurisdiction in a civil action or by the U.S. Securities and Exchange Commission or the Commodity Futures Trading Commission to have violated a federal or state securities or commodities law, and the judgment has not been reversed, suspended or vacated.

Section 16 (a) Beneficial Ownership Reporting Compliance

Section 16(a) of the Exchange Act requires our executive officers and directors, and persons who beneficially own more than 10% of our equity securities, to file reports of ownership and changes in ownership with the Securities and Exchange Commission. Officers, directors and greater than 10% shareholders are required by SEC regulation to furnish the Company with copies of all Section 16(a) forms they file. Based solely on our review of the copies of such forms we received, we believe to the best of our knowledge that during the year ended August 31, 2012, all such filing requirements applicable to our officers and directors were complied with.

Code of Ethics

We have adopted a corporate code of ethics. We believe our code of ethics is reasonably designed to deter wrongdoing and promote honest and ethical conduct; provide full, fair, accurate, timely and understandable disclosure in public reports; comply with applicable laws; ensure prompt internal reporting of code violations; and provide accountability for adherence to the code.

We adopted a new Code of Ethics on December 15, 2008. We have posted a copy of our Code of Ethics as Exhibit 14.1to Form 10-KSB, filed with the Securities and Exchange Commission on December 18, 2008.

Corporate Governance

Nominating Committee

During the period covered by this Report, there have been no material changes to the procedures by which security holders may recommend nominees to the registrant’s board of directors.

Audit Committee and Charter

Audit committee functions are currently performed by our entire board of directors, in accordance with the Company’s audit committee charter. As of August 31, 2012, the Company had one director. The Company has adopted the standards for independence contained in the Nasdaq Marketplaces Rules, Rule 4350(d) and Rule 4200(a)(15). Our audit committee is responsible for: (1) selection and oversight of our independent accountant; (2) establishing procedures for the receipt, retention and treatment of complaints regarding accounting, internal controls and auditing matters; (3) establishing procedures for the confidential, anonymous submission by our employees of concerns regarding accounting and auditing matters; (4) engaging outside advisors; and (5) funding for the outside auditory and any outside advisors engagement by the audit committee. The Company expects to establish an audit committee in the foreseeable future, consisting only of directors who are independent.

The Company has no independent directors.

Audit Committee Financial Expert

None of our directors or officers have the qualifications or experience to be considered a financial expert. We believe the cost related to retaining a financial expert at this time is prohibitive. Further, because of our limited operations, we believe the services of a financial expert are not yet warranted. We intend to appoint an audit committee financial expert during the foreseeable future.

Item 11. Executive Compensation.

The following table sets forth compensation for each of the past two fiscal years with respect to each person who served as Chief Executive Officer of the Company and each of the four most highly-compensated executive officers of the Company who earned a total annual salary and bonuses that exceeded $100,000 in any of the two preceding fiscal years.

Summary Compensation Table (1)

Name and Principal Position	Year (2)	Salary		Option Awards		Total
Hany Salem(3)	2012	$	-	$	-	$	-
Principal Executive Officer and Principal Financial Officer	2011	$	-	$	-	$	-

(1) The table reflects each of the Company’s last two completed fiscal years and current compensation information as of the date of this Report. Pursuant to permissive authority under S-B Rule 402(a)(4) we have omitted tables and columns where there has been no compensation awarded to, earned by, or paid to any of the named executive officers or directors required to be reported in that table or column in any fiscal year covered by that table.

(2) The Company’s fiscal year ends August 31st.

(3) Appointed as the Company’s Chief Executive Officer and Chief Financial Officer as of April 16, 2012.

None of the officers earned any bonus, restricted stock awards, option awards or any other annual or long term compensation except as set forth in the table above.

Outstanding Equity Awards at Fiscal Year-End(1)

Name and Principal Position	Number of Securities Underlying Unexercised Options Exercisable		Number of Securities Underlying Unexercised Options Unexercisable		Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options		Option Exercise Price		Option Expiration Date

Hany Salem(5) Chief Executive Officer		0		0		0		0		0

(1) The Company’s fiscal year ends August 31st.

(5) Appointed as the Company’s Chief Executive Officer and Chief Financial Officer as of April 16, 2012.

Director Compensation

The following table sets forth all compensation paid to the Company’s directors for their respective services rendered as directors during the fiscal year ended August 31, 2012.

Name	Fees Earned or Paid in Cash during the year ended August 31, 2012		Total outstanding as of August 31, 2012
Federico Mazzolari	$	-	$	48,595	(1)
Luigi Pugni	$	-	$	47,894	(2)
Olivier de Vergnies	$	-	$	-

(1) This amount was owed but unpaid as of the end of the period covered by this Report.

(2) This amount was owed but unpaid as of the end of the period covered by this Report.

Directors receive reimbursement for reasonable out of pocket costs incurred in connection their service as Directors.

Employment Contracts

In addition, the Company has agreed, in connection with Mr. Salem’s appointment as sole officer and director, to pay Mr. Salem approximately $250,000 plus bonus compensation.

Equity Incentive Plan

The Company expects to adopt an equity incentive plan for its officers, directors and key employees during the fiscal year ended August 31, 2012 and make grants under such plan in accordance with comparable industry standards.

Item 12: Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters .

The following table sets forth certain information regarding the beneficial ownership of Common Stock as of July 22, 2013 by (i) each director of the Company, (ii) each of the Company's officers named in the Summary Compensation Table and other key employees of our Company, (iii) each person who is known by the Company to be the beneficial owner of more than five percent of the Company's outstanding Common Stock, and (iv) all directors and named executive officers as a group. Except as otherwise indicated below, each person named has sole voting and investment power with respect to the shares indicated. The percentage of ownership set forth below reflects each holder's ownership interest in 47,333,650 issued and outstanding shares of the Company's common stock as of July 22, 2013.

Amount and Nature of Beneficial Ownership

Name and Address of Beneficial Owner	Shares		Options/ Warrants		Total		Percentage of Shares Outstanding
Five Percent Shareholders
Rudana Investment Group AG (1)		5,000,000		0		5,000,000		10.56	%
Executive Officers and Directors								0
Federico Mazzolari (2)		0		0		0		0
Luigi Pugni (3)		0		0		0		0
Olivier de Vergnies (4)		0		0		0		0
Hany Salem(5)		0		0		0		0
All Officers and Directors as a Group (4 individuals)		0		0		0		0

(1) On February 6, 2008, Rudana acquired 5,000,000 shares of the Company’s common stock from Thomas Mills.

(2) Mr. Mazzolari has served as a Director of the Company from May 5, 2008 until February 27, 2012.

(3) Mr. Pugni has served as a Director of the Company from May 12, 2008 until February 27, 2012.

(4) Mr. Vergnies has served as a Director of the Company from June 18, 2008 until April 16, 2012.

(5) Appointed as the Company’s Chief Executive Officer as of April 16, 2012.

The mailing address for each of the listed individuals is c/o the Company.

The Company is not aware of any pledges of any shares, options or warrants by any of the individuals or entities listed above.

Changes in Control

As of the date of filing of this Report, the Company is unaware of any arrangement which may result in a change in control.

Item 13. Certain Relationships and Related Transactions and Director Independence.

Transactions with Related Persons

The following are the related party transactions in which we have engaged since July 2008:

At August 31, 2012, the Company had an outstanding loan from Rudana Investment Group AG in the amount of $622,644. The loan is unsecured and due on demand with interest at 7.5% per annum.

Employment Contracts

In addition, the Company has agreed, in connection with Mr. Salem’s appointment as sole officer and director, to pay Mr. Salem approximately $250,000 plus bonus compensation.

Director Independence

Because our common stock is not currently listed on a national securities exchange, we have used the definition of “independence” of The NASDAQ Stock Market to make this determination. NASDAQ Listing Rule 5605(a)(2) provides that an “independent director” is a person other than an officer or employee of the Company or any other individual having a relationship which, in the opinion of the Company’s board of directors, would interfere with the exercise of independent judgment in carrying out the responsibilities of a director. The NASDAQ listing rules provide that a director cannot be considered independent if:

the director is, or at any time during the past three years was, an employee of the company;

the director or a family member of the director accepted any compensation from the company in excess of $120,000 during any period of 12 consecutive months within the three years preceding the independence determination (subject to certain exclusions, including, among other things, compensation for board or board committee service);

a family member of the director is, or at any time during the past three years was, an executive officer of the company;

the director or a family member of the director is a partner in, controlling stockholder of, or an executive officer of an entity to which the company made, or from which the company received, payments in the current or any of the past three fiscal years that exceed 5% of the recipient’s consolidated gross revenue for that year or $200,000, whichever is greater (subject to certain exclusions);

the director or a family member of the director is employed as an executive officer of an entity where, at any time during the past three years, any of the executive officers of the company served on the compensation committee of such other entity; or the director or a family member of the director is a current partner of the company’s outside auditor, or at any time during the past three years was a partner or employee of the company’s outside auditor, and who worked on the company’s audit.

As of August 31, 2012, the Company had one director. The Company’s Board of Directors has determined that the Company does not have any independent directors.

Item 14. Principal Accounting Fees And Services.

Audit Fees

The aggregate fees billed by RBSM LLP for professional services rendered for the audit of the Company's annual financial statements for the fiscal year ended August 31, 2012 and 2011 totaled $-0-.

Audit-Related Fees

The aggregate fees billed by RBSM, LLP for audit related services for the fiscal year ended August 31, 2012 and 2011, and which are not disclosed in “Audit Fees” above, were $-0-.

Tax Fees

The aggregate fees billed by RBSM, LLP for tax compliance for the fiscal year ended August 31, 2012 and 2011 was $0.

All Other Fees

The aggregate fees billed by RBSM, LLP for services other than those described above, for the year ended August 31, 2012 and 2011, were $-0-.

Audit Committee Pre-Approval Policies

Our Board of Directors reviewed the audit and non-audit services rendered by RBSM, LLP during the periods set forth above and concluded that such services were compatible with maintaining the auditors’ independence. All audit and non-audit services performed by our independent accountants are pre-approved by our Board of Directors to assure that such services do not impair the auditors’ independence from us.

PART IV

Item 15. Exhibits, Financial Statement Schedules.

(a) Exhibits

Exhibit No.		Description of Exhibits

3.3		By-Laws, amended, incorporated by reference to Exhibit 3.3 to the Company’s Quarterly Report on Form 10-QSB for the period ended May 31, 2008, filed with the Securities and Exchange Commission on July 21, 2008.

3.4		Articles of Incorporation, as amended, incorporated by reference to Exhibit 3.4 to the Company’s Quarterly Report on Form 10-QSB for the period ended May 31, 2008, filed with the Securities and Exchange Commission on July 21, 2008.

10.4		Share Cancellation Agreement, dated as of January 30, 2008, by and between Kingston Mines Ltd. and Lou Hilford, incorporated by reference to Exhibit 10.4 to the Company’s Quarterly Report on Form 10-QSB for the period ended February 29, 2008, filed with the Securities and Exchange Commission on April 21, 2008.

10.5		Securities Purchase and Sale Agreement, dated February 6, 2008 between Rudana Investment Group AG and Thomas Mills, incorporated by reference to Exhibit 99.1 to Rudana Investment Group AG’s Schedule 13D, filed with the Securities and Exchange Commission on February 15, 2008.

10.6		Promissory Note, dated as of April 16, 2008, incorporated by reference to Exhibit 10.6 to the Company’s Quarterly Report on Form 10-QSB for the period ended May 31, 2008, filed with the Securities and Exchange Commission on July 21, 2008.

10.8		Director’s Agreement, dated as of May 5, 2008, by and between the Company and Federico Mazzolari, incorporated by reference to Exhibit 10.8 to the Company’s Quarterly Report on Form 10-QSB for the period ended May 31, 2008, filed with the Securities and Exchange Commission on July 21, 2008.

10.9		Warrant, dated as of May 10, 2008, issued by the Company to Arimathea Limited, incorporated by reference to Exhibit 10.9 to the Company’s Quarterly Report on Form 10-QSB for the period ended May 31, 2008, filed with the Securities and Exchange Commission on July 21, 2008.

10.10		Director’s Agreement, dated as of May 12, 2008, by and between the Company and Luigi Pugni, incorporated by reference to Exhibit 10.10 to the Company’s Quarterly Report on Form 10-QSB for the period ended May 31, 2008, filed with the Securities and Exchange Commission on July 21, 2008.

10.11		Amendment to Warrant, dated as of May 22, 2008, by and between the Company and Arimathea Limited, incorporated by reference to Exhibit 10.11 to the Company’s Quarterly Report on Form 10-QSB for the period ended May 31, 2008, filed with the Securities and Exchange Commission on July 21, 2008.

10.12		Warrant, dated as of May 22, 2008, issued by the Company to Arimathea Limited, incorporated by reference to Exhibit 10.12 to the Company’s Quarterly Report on Form 10-QSB for the period ended May 31, 2008, filed with the Securities and Exchange Commission on July 21, 2008.

10.13		Mineral Claim Sales Agreement, dated as of May 28, 2008, by and among the Company and Thomas Mills, incorporated by reference to Exhibit 10.13 to the Company’s Quarterly Report on Form 10-QSB for the period ended May 31, 2008, filed with the Securities and Exchange Commission on July 21, 2008.

10.14		Promissory Note, dated as of May 29, 2008, by the Company, incorporated by reference to Exhibit 10.14 to the Company’s Quarterly Report on Form 10-QSB for the period ended May 31, 2008, filed with the Securities and Exchange Commission on July 21, 2008.

10.15		Director’s Agreement, dated as of June 17, 2008, by and between the Company and Olivier de Vergnies, incorporated by reference to Exhibit 10.15 to the Company’s Quarterly Report on Form 10-QSB for the period ended May 31, 2008, filed with the Securities and Exchange Commission on July 21, 2008.

14.1		Code of Ethics, incorporated by reference to Exhibit 14.1 attached to Form 10-KSB filed with the Securities and Exchange Commission on December 18, 2008.

31.1		Certification of Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1		Certification of the Principal Executive Officer and Principal Financial Officer pursuant to Rule 13a-14(b) of the Exchange Act and Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS *		XBRL Instance Document
101.SCH *		XBRL Taxonomy Schema
101.CAL *		XBRL Taxonomy Calculation Linkbase
101.LAB *		XBRL Taxonomy Label Linkbase
101.PRE *		XBRL Taxonomy Presentation Linkbase

In accordance with SEC Release 33-8238, Exhibit 32.1 is being furnished and not filed.

* Furnished herewith. XBRL (Extensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.

SIGNATURES

In accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Laureate Resources & Steel Industries Inc.

	By:	/s/ Hany Salem
		Name: Hany Salem
		Title: Principal Executive Officer and Principal Financial Officer and Principal Accounting Officer
		Date: July 22, 2013

In accordance with the Exchange Act, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

/s/ Hany Salem
Name: Hany Salem
Title: Director
Dated: July 22, 2013

EX-31.1 2 v350337_ex31-1.htm EXHIBIT 31.1

Exhibit 31.1

Certification of

Principal Executive Officer and Principal Financial Officer

Pursuant to 18 U.S.C. 1350

(Section 302 of the Sarbanes-Oxley Act of 2002)

I, Hany Salem, certify that:

1. I have reviewed this annual report on Form 10-K of Laureate Resources & Steel Industries Inc.;

2. Based on my knowledge, this annual report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this annual report;

3. Based on my knowledge, the financial statements, and other financial information included in this annual report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this annual report;

4. The small business issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the small business issuer and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the small business issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the small business issuer's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the small business issuer's internal control over financial reporting that occurred during the small business issuer's most recent fiscal quarter (the small business issuer's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the small business issuer's internal control over financial reporting; and

5. The small business issuer's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the small business issuer's auditors and the audit committee of the small business issuer's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the small business issuer's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the small business issuer's internal control over financial reporting.

July 22, 2013

By:	/s/ Hany Salem
	Name:	Hany Salem
	Title:	Principal Executive Officer and Principal Financial Officer

EX-32.1 3 v350337_ex32-1.htm EXHIBIT 32.1

Exhibit 32.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of Laureate Resources & Steel Industries Inc. on Form 10-K for the year ended August 31, 2012 as filed with the Securities and Exchange Commission on the date hereof (the Report), I, Hany Salem, Principal Executive Officer and Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: July 22, 2013

By:	/s/ Hany Salem
	Name:	Hany Salem
	Title:	Principal Executive Officer and Principal Financial Officer

EX-101.INS 4 lrrs-20120831.xml XBRL INSTANCE DOCUMENT false --08-31 FY 2012 2012-08-31 10-K 0001343011 47333650 No Smaller Reporting Company 8520057 Laureate Resources & Steel Industries Inc. No No 0.049 P5Y9M 250000 <div> <div> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>NOTE 3 - GOING CONCERN</strong></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Company was in "development stage" till February 28, 2009 and during the year ended August 31, 2009, the Company ceased its operations.  As of August 31, 2012, the Company has an accumulated deficit of $2,245,062 and has not generated any revenue since inception.  The ability of the Company to continue as a going concern and to emerge from the development stage is dependent upon its successful execution of its plan of operations and ability to raise additional financing.  There is no guarantee that the Company will be able to raise additional capital or sell any of its products and services at a profit.  These factors, among others, raise substantial doubt regarding the Company's ability to continue as a going concern.  The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> </div> </div>

974546

465874

0.017

23666825

<div> <div> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>NOTE 9 - CONTINGENCIES</strong></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <u>Litigation</u></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> From time to time, we may become involved in various lawsuits and legal proceedings which arise in the ordinary course of business. However, litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm our business. Except as described below, we are currently not aware of any such legal proceedings that we believe will have, individually or in the aggregate, a material adverse effect on our business, financial condition or operating results.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> </div> </div>

0.0001

100000000

47333650

6761950

47333650

6761950

47333650

4733

0.075

<div> <div> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>NOTE 8 - STOCK OPTIONS AND WARRANTS</strong></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <u>Warrants</u></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> On May 10, 2008 (as subsequently amended) and May 22, 2008, the Company issued warrants (the "Warrants") to purchase 23,666,825 shares of common stock at exercise price of $0.017 (post dividend) to Arimathea Limited in consideration for international corporate development services rendered on behalf of the Company. The warrants have a weighted average remaining life of 5.75 years.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Under the terms of the Warrants, Arimathea is not permitted to exercise and own more than 4.9% of the Company's common stock at any given time.  The Warrants contain customary adjustment provisions and have anti-dilution protection for certain future issuances of equity securities.  The Warrants do not contain any call provisions and there are no obligations on the part of Arimathea to exercise the Warrants at any time.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> </div> </div>

622644

0.00

<div> <div> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>NOTE 6 - LOSS PER COMMON SHARE</strong></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The following table presents the computation of basic and diluted loss per share for the years ended August 31, 2012 and 2011:</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <table style="BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif; WIDTH: 100%" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap">  </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap">  </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap">  </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">2011</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap">  </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: justify; WIDTH: 74%">Net loss available for common shareholders</td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 10%">(46,100</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">)</td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 10%">(46,100</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: justify">Loss per share (basic and assuming dilution)</td> <td> </td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">(0.00</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">(0.00</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: justify"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: justify; TEXT-DECORATION: underline"> Weighted average common shares outstanding</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: justify">Basic</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">47,333,650</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">47,333,650</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: justify">Fully diluted</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">47,333,650</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">47,333,650</td> <td style="TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Fully-diluted weighted-average common shares outstanding are not utilized in the calculation of loss per common share as the effect would be anti-dilutive, decreasing the reported loss per common share.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> </div> </div>

-46100

<div> <div> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>NOTE 7 - INCOME TAXES</strong></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Company has adopted Accounting Standards Codification subtopic 740-10, Income Taxes ("ASC 740-10") which requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the financial statement or tax returns. Under this method, deferred tax liabilities and assets are determined based on the difference between financial statements and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Temporary differences primarily include stock compensation and other equity-related non-cash charges, capitalized financing costs, the basis difference of derivative liabilities and certain accruals.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Company has not filed its income tax returns, and therefore has not been able to estimate its net operating loss carryforwards for tax purposes as of August 31, 2012. The Company has provided a valuation reserve against the full amount of any net operating loss benefit and will be also for against the net operating losses, since in the opinion of management based upon the earnings history of the Company; it is more likely than not that the benefits will not be realized. Due to possible significant changes in the Company's ownership, the future use of its existing net operating losses may be limited. All or portion of the remaining valuation allowance may be reduced in future years based on an assessment of earnings sufficient to fully utilize these potential tax benefits.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Company files income tax returns in the U.S. Federal jurisdiction, and various state jurisdictions. The Company is no longer subject to U.S. Federal, state and local, or non-U.S. income tax examinations by tax authorities for years before 2008.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Company follows the provision of uncertain tax positions as addressed in FASB Accounting Standards Codification 740-10-65-1. The Company recognized no increase in the liability for unrecognized tax benefits. The Company has no tax position for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility. The Company recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. No such interest or penalties were recognized during the periods presented. The Company had no accruals for interest and penalties at August 31, 2012 and 2011. The Company's utilization of any net operating loss carry forward may be unlikely as a result of the continuing operating losses.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong> </strong></p> </div> </div>

46100

177265

131165

1774455

1728355

-46100

<div> <div> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <u>Recent accounting pronouncements</u></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> There were various updates recently issued, most of which represented technical corrections to the accounting literature or application to specific industries and are not expected to a have a material impact on the Company's consolidated financial position, results of operations or cash flows.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> </div> </div>

0.0001

50000000

100000

<div> <div> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <u>Long-lived assets</u></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Company follows Accounting Standards Codification 360-10-15-3, "Impairment or Disposal of Long-lived Assets," which established a "primary asset" approach to determine the cash flow estimation period for a group of assets and liabilities that represents the unit of accounting for a long-lived asset to be held and used. Long-lived assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The carrying amount of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. Long-lived assets to be disposed of are reported at the lower of carrying amount or fair value less cost to sell.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> </div> </div>

<div> <div> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>NOTE 5 - RELATED PARTY TRANSACTIONS</strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> At August 31, 2012 and 2011, related party loans consisted of the following:</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <table style="BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif; WIDTH: 100%" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">August 31,<br /> 2012</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">August 31,<br /> 2011</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: justify; WIDTH: 74%">Loans payable, due on demand with interest at 7.5% per annum, unsecured</td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 10%">622,644</td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 10%">622,644</td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Accrued interest on related party loans as of August 31, 2012 and 2011 was $177,265 and $131,165, respectively. Interest expense, related party was $46,100 for the years ended August 31, 2012 and 2011.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> </div> </div>

-2245062

-2198962

<div> <div> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <u>Stock-Based Compensation</u></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Company accounts for its stock based awards in accordance with Accounting Standards Codification subtopic 718-10, Compensation ("ASC 718-10"), which requires a fair value measurement and recognition of compensation expense for all share-based payment awards made to its employees and directors, including employee stock options and restricted stock awards. The Company estimates the fair value of stock options granted using the Black-Scholes valuation model. This model requires the Company to make estimates and assumptions including, among other things, estimates regarding the length of time an employee will retain vested stock options before exercising them, the estimated volatility of our common stock price and the number of options that will be forfeited prior to vesting. The fair value is then amortized on a straight-line basis over the requisite service periods of the awards, which is generally the vesting period. Changes in these estimates and assumptions can materially affect the determination of the fair value of stock-based compensation and consequently, the related amount recognized in the Company's condensed consolidated statements of operations.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> For the year ended August 31, 2012 and 2011, the Company did not grant stock options to employees. The fair value of vesting options granted vested during the years ended August 31, 2012 and 2011 of $-0- and $-0-, respectively.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> </div> </div>

47333650

<div> <div> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <u>Use of Estimates</u></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  The actual results experienced by the Company may differ materially and adversely from the Company's estimates.  To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <u>Cash and cash equivalents</u></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Company considers all highly liquid debt investments with original maturities of three months or less when purchased to be cash equivalents.  The carrying amounts approximate fair market value because of the short maturity.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <u>Fair Value of Financial Instruments</u></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of August 31, 2012 and 2011. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values. These financial instruments include cash and accounts payable. Fair values were assumed to approximate carrying values for cash and payables because they are short term in nature and their carrying amounts approximate fair values or they are payable on demand.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <u>Net Loss per Share</u></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Company follows Accounting Standards Codification subtopic 260-10, Earnings Per Share ("ASC 260-10") specifying the computation, presentation and disclosure requirements of earnings per share information. Basic loss per share has been calculated based upon the weighted average number of common shares outstanding. Stock options and warrants have been excluded as common stock equivalents in the diluted loss per share because their effect is anti-dilutive on the computation.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <u>Stock-Based Compensation</u></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Company accounts for its stock based awards in accordance with Accounting Standards Codification subtopic 718-10, Compensation ("ASC 718-10"), which requires a fair value measurement and recognition of compensation expense for all share-based payment awards made to its employees and directors, including employee stock options and restricted stock awards. The Company estimates the fair value of stock options granted using the Black-Scholes valuation model. This model requires the Company to make estimates and assumptions including, among other things, estimates regarding the length of time an employee will retain vested stock options before exercising them, the estimated volatility of our common stock price and the number of options that will be forfeited prior to vesting. The fair value is then amortized on a straight-line basis over the requisite service periods of the awards, which is generally the vesting period. Changes in these estimates and assumptions can materially affect the determination of the fair value of stock-based compensation and consequently, the related amount recognized in the Company's condensed consolidated statements of operations.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> For the year ended August 31, 2012 and 2011, the Company did not grant stock options to employees. The fair value of vesting options granted vested during the years ended August 31, 2012 and 2011 of $-0- and $-0-, respectively.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <u>Comprehensive Income (Loss)</u></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Company follows Accounting Standards Codification subtopic 220-10, Comprehensive Income ("ASC 220-10"). ASC 220-10 establishes standards for the reporting and displaying of comprehensive income and its components. Comprehensive income is defined as the change in equity of a business during a period from transactions and other events and circumstances from non-owners sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners. ASC 220-10 requires other comprehensive income (loss) to include foreign currency translation adjustments and unrealized gains and losses on available for sale securities. The Company had no comprehensive income or losses at August 31, 2012 and 2011.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <u>Income Taxes</u></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Company has adopted Accounting Standards Codification subtopic 740-10, Income Taxes ("ASC 740-10") which requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the financial statement or tax returns. Under this method, deferred tax liabilities and assets are determined based on the difference between financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse.  Temporary differences between taxable income reported for financial reporting purposes and income tax purposes consist primarily of derivative liability and stock compensation accounting versus basis differences.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <u>Long-lived assets</u></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Company follows Accounting Standards Codification 360-10-15-3, "Impairment or Disposal of Long-lived Assets," which established a "primary asset" approach to determine the cash flow estimation period for a group of assets and liabilities that represents the unit of accounting for a long-lived asset to be held and used. Long-lived assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The carrying amount of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. Long-lived assets to be disposed of are reported at the lower of carrying amount or fair value less cost to sell.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <u>Recent accounting pronouncements</u></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> There were various updates recently issued, most of which represented technical corrections to the accounting literature or application to specific industries and are not expected to a have a material impact on the Company's consolidated financial position, results of operations or cash flows.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> </div> </div>

-1774455

-1728355

-1682255

4733

465874

-2245062

-2198962

-2152862

<div> <div> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>NOTE 4 - STOCKHOLDERS' EQUITY</strong></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> <strong> </strong></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <u>Preferred stock</u></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Company is authorized to issue 50,000,000 shares of preferred stock. As of August 31, 2012 and 2011, no preferred shares were issued and outstanding.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <u>Common stock</u></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Company is authorized to issue 100,000,000 shares of common stock. As of August 31, 2012 and 2011, 47,333,650 shares of common stock were issued and outstanding.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> On May 21, 2008, the Company declared the payment of a stock dividend consisting of six additional shares of the Company's common stock for each one share of the Company's common stock held as of the record date of June 2, 2008. In connection with this stock dividend, the ownership of stockholders possessing 6,761,950 shares of the Company's common stock was increased to 47,333,650 shares of common stock.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> </div> </div>

<div> <div> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>NOTE 10 - SUBSEQUENT EVENTS</strong></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> On May 2, 2013, the Company formed a wholly owned subsidiary, Laureate  Petroleum DMCC, a company formed under the authority of the Dubai Multi Commodities Centre within Dubai, United Arab Emirates.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> In addition, the Company has agreed, in connection with Mr. Salem's appointment as sole officer and director, to pay Mr. Salem approximately $250,000 plus bonus compensation.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> In addition, subsequent to the date of the financial statements, a shareholder of the Company has advanced approximately $100,000 on behalf of the Company to pay certain general and administrative expenses. There are no formal terms of repayment of the advances.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> </div> </div>

47333650

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XML 11 R8.xml IDEA: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 2.4.0.8102 - Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIEStruefalsefalse1false falsefalsefrom-2011-09-01-to-2012-08-31.1271.0.0.0.0.0.0.0http://www.sec.gov/CIK0001343011duration2011-09-01T00:00:002012-08-31T00:00:001true 1us-gaap_AccountingPoliciesAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]2false 2us-gaap_SignificantAccountingPoliciesTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00<div> <div> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <u>Use of Estimates</u></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  The actual results experienced by the Company may differ materially and adversely from the Company's estimates.  To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <u>Cash and cash equivalents</u></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Company considers all highly liquid debt investments with original maturities of three months or less when purchased to be cash equivalents.  The carrying amounts approximate fair market value because of the short maturity.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <u>Fair Value of Financial Instruments</u></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of August 31, 2012 and 2011. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values. These financial instruments include cash and accounts payable. Fair values were assumed to approximate carrying values for cash and payables because they are short term in nature and their carrying amounts approximate fair values or they are payable on demand.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <u>Net Loss per Share</u></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Company follows Accounting Standards Codification subtopic 260-10, Earnings Per Share ("ASC 260-10") specifying the computation, presentation and disclosure requirements of earnings per share information. Basic loss per share has been calculated based upon the weighted average number of common shares outstanding. Stock options and warrants have been excluded as common stock equivalents in the diluted loss per share because their effect is anti-dilutive on the computation.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <u>Stock-Based Compensation</u></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Company accounts for its stock based awards in accordance with Accounting Standards Codification subtopic 718-10, Compensation ("ASC 718-10"), which requires a fair value measurement and recognition of compensation expense for all share-based payment awards made to its employees and directors, including employee stock options and restricted stock awards. The Company estimates the fair value of stock options granted using the Black-Scholes valuation model. This model requires the Company to make estimates and assumptions including, among other things, estimates regarding the length of time an employee will retain vested stock options before exercising them, the estimated volatility of our common stock price and the number of options that will be forfeited prior to vesting. The fair value is then amortized on a straight-line basis over the requisite service periods of the awards, which is generally the vesting period. Changes in these estimates and assumptions can materially affect the determination of the fair value of stock-based compensation and consequently, the related amount recognized in the Company's condensed consolidated statements of operations.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> For the year ended August 31, 2012 and 2011, the Company did not grant stock options to employees. The fair value of vesting options granted vested during the years ended August 31, 2012 and 2011 of $-0- and $-0-, respectively.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <u>Comprehensive Income (Loss)</u></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Company follows Accounting Standards Codification subtopic 220-10, Comprehensive Income ("ASC 220-10"). ASC 220-10 establishes standards for the reporting and displaying of comprehensive income and its components. Comprehensive income is defined as the change in equity of a business during a period from transactions and other events and circumstances from non-owners sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners. ASC 220-10 requires other comprehensive income (loss) to include foreign currency translation adjustments and unrealized gains and losses on available for sale securities. The Company had no comprehensive income or losses at August 31, 2012 and 2011.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <u>Income Taxes</u></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Company has adopted Accounting Standards Codification subtopic 740-10, Income Taxes ("ASC 740-10") which requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the financial statement or tax returns. Under this method, deferred tax liabilities and assets are determined based on the difference between financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse.  Temporary differences between taxable income reported for financial reporting purposes and income tax purposes consist primarily of derivative liability and stock compensation accounting versus basis differences.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <u>Long-lived assets</u></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Company follows Accounting Standards Codification 360-10-15-3, "Impairment or Disposal of Long-lived Assets," which established a "primary asset" approach to determine the cash flow estimation period for a group of assets and liabilities that represents the unit of accounting for a long-lived asset to be held and used. Long-lived assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The carrying amount of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. Long-lived assets to be disposed of are reported at the lower of carrying amount or fair value less cost to sell.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <u>Recent accounting pronouncements</u></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> There were various updates recently issued, most of which represented technical corrections to the accounting literature or application to specific industries and are not expected to a have a material impact on the Company's consolidated financial position, results of operations or cash flows.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> </div> </div>falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for all significant accounting policies of the reporting entity.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18726-107790 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18861-107790 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18743-107790 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18854-107790 false0SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESfalseSUMMARY OF SIGNIFICANT ACCOUNTING POLICIESUnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://www.laureateresourcesandsteel.com/role/SummaryOfSignificantAccountingPolicies12 XML 12 R6.xml IDEA: STATEMENTS OF CASH FLOWS 2.4.0.8006 - 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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policy)
12 Months Ended

Aug. 31, 2012

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  The actual results experienced by the Company may differ materially and adversely from the Company's estimates.  To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.

Cash and cash equivalents

Cash and cash equivalents

The Company considers all highly liquid debt investments with original maturities of three months or less when purchased to be cash equivalents.  The carrying amounts approximate fair market value because of the short maturity.

Fair Value of Financial Instruments

Fair Value of Financial Instruments

Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of August 31, 2012 and 2011. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values. These financial instruments include cash and accounts payable. Fair values were assumed to approximate carrying values for cash and payables because they are short term in nature and their carrying amounts approximate fair values or they are payable on demand.

Net Loss per Share

Net Loss per Share

The Company follows Accounting Standards Codification subtopic 260-10, Earnings Per Share ("ASC 260-10") specifying the computation, presentation and disclosure requirements of earnings per share information. Basic loss per share has been calculated based upon the weighted average number of common shares outstanding. Stock options and warrants have been excluded as common stock equivalents in the diluted loss per share because their effect is anti-dilutive on the computation.

Stock-Based Compensation

Stock-Based Compensation

The Company accounts for its stock based awards in accordance with Accounting Standards Codification subtopic 718-10, Compensation ("ASC 718-10"), which requires a fair value measurement and recognition of compensation expense for all share-based payment awards made to its employees and directors, including employee stock options and restricted stock awards. The Company estimates the fair value of stock options granted using the Black-Scholes valuation model. This model requires the Company to make estimates and assumptions including, among other things, estimates regarding the length of time an employee will retain vested stock options before exercising them, the estimated volatility of our common stock price and the number of options that will be forfeited prior to vesting. The fair value is then amortized on a straight-line basis over the requisite service periods of the awards, which is generally the vesting period. Changes in these estimates and assumptions can materially affect the determination of the fair value of stock-based compensation and consequently, the related amount recognized in the Company's condensed consolidated statements of operations.

For the year ended August 31, 2012 and 2011, the Company did not grant stock options to employees. The fair value of vesting options granted vested during the years ended August 31, 2012 and 2011 of $-0- and $-0-, respectively.

Comprehensive Income (Loss)

Comprehensive Income (Loss)

The Company follows Accounting Standards Codification subtopic 220-10, Comprehensive Income ("ASC 220-10"). ASC 220-10 establishes standards for the reporting and displaying of comprehensive income and its components. Comprehensive income is defined as the change in equity of a business during a period from transactions and other events and circumstances from non-owners sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners. ASC 220-10 requires other comprehensive income (loss) to include foreign currency translation adjustments and unrealized gains and losses on available for sale securities. The Company had no comprehensive income or losses at August 31, 2012 and 2011.

Income Taxes

Income Taxes

The Company has adopted Accounting Standards Codification subtopic 740-10, Income Taxes ("ASC 740-10") which requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the financial statement or tax returns. Under this method, deferred tax liabilities and assets are determined based on the difference between financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse.  Temporary differences between taxable income reported for financial reporting purposes and income tax purposes consist primarily of derivative liability and stock compensation accounting versus basis differences.

Long-lived assets

Long-lived assets

The Company follows Accounting Standards Codification 360-10-15-3, "Impairment or Disposal of Long-lived Assets," which established a "primary asset" approach to determine the cash flow estimation period for a group of assets and liabilities that represents the unit of accounting for a long-lived asset to be held and used. Long-lived assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The carrying amount of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. Long-lived assets to be disposed of are reported at the lower of carrying amount or fair value less cost to sell.

Recent accounting pronouncements

Recent accounting pronouncements

There were various updates recently issued, most of which represented technical corrections to the accounting literature or application to specific industries and are not expected to a have a material impact on the Company's consolidated financial position, results of operations or cash flows.

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STATEMENTS OF OPERATIONS (USD $)
12 Months Ended

Aug. 31, 2012

Aug. 31, 2011

Operating expenses:

Selling, general and administrative expenses

Total operating expenses

Loss from operations

Other income (expenses):

Interest expense, related party (46,100) (46,100)

Net loss before income taxes (46,100) (46,100)

Income taxes

NET LOSS $ (46,100) $ (46,100)

Loss per common share, basic and diluted $ 0.00 $ 0.00

Weighted average number of shares outstanding (basic and diluted) 47,333,650 47,333,650

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STOCKHOLDERS' EQUITY
12 Months Ended

Aug. 31, 2012

STOCKHOLDERS' EQUITY [Abstract]

STOCKHOLDERS' EQUITY

NOTE 4 - STOCKHOLDERS' EQUITY

Preferred stock

The Company is authorized to issue 50,000,000 shares of preferred stock. As of August 31, 2012 and 2011, no preferred shares were issued and outstanding.

Common stock

The Company is authorized to issue 100,000,000 shares of common stock. As of August 31, 2012 and 2011, 47,333,650 shares of common stock were issued and outstanding.

On May 21, 2008, the Company declared the payment of a stock dividend consisting of six additional shares of the Company's common stock for each one share of the Company's common stock held as of the record date of June 2, 2008. In connection with this stock dividend, the ownership of stockholders possessing 6,761,950 shares of the Company's common stock was increased to 47,333,650 shares of common stock.

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STOCK OPTIONS AND WARRANTS (Details)
12 Months Ended

Aug. 31, 2012

May 22, 2008

STOCK OPTIONS AND WARRANTS [Abstract]

Warrants issued to purchase shares of common stock 23,666,825

Exercise price of outstanding warrants 0.017

Weighted average remaining life of warrants 5 years 9 months

Maximum amount of warrants exercised and owned, percentage 4.90%

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RELATED PARTY TRANSACTIONS (Tables)
12 Months Ended

Aug. 31, 2012

RELATED PARTY TRANSACTIONS [Abstract]

Schedule of Related Party Loans

At August 31, 2012 and 2011, related party loans consisted of the following:

August 31,
2012 August 31,
2011

Loans payable, due on demand with interest at 7.5% per annum, unsecured $ 622,644 $ 622,644

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SUBSEQUENT EVENTS (Details) (Subsequent Event [Member], USD $)
12 Months Ended

Aug. 31, 2012

May 02, 2013

Mr. Salem [Member]

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Annual base salary $ 250,000

Advance received to pay certain general and administrative expenses $ 100,000

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STATEMENTS OF CASH FLOWS (USD $)
12 Months Ended

Aug. 31, 2012

Aug. 31, 2011

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CASH FLOWS FROM FINANCING ACTIVITIES:

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
12 Months Ended

Aug. 31, 2012

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  The actual results experienced by the Company may differ materially and adversely from the Company's estimates.  To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.

Cash and cash equivalents

The Company considers all highly liquid debt investments with original maturities of three months or less when purchased to be cash equivalents.  The carrying amounts approximate fair market value because of the short maturity.

Fair Value of Financial Instruments

Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of August 31, 2012 and 2011. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values. These financial instruments include cash and accounts payable. Fair values were assumed to approximate carrying values for cash and payables because they are short term in nature and their carrying amounts approximate fair values or they are payable on demand.

Net Loss per Share

The Company follows Accounting Standards Codification subtopic 260-10, Earnings Per Share ("ASC 260-10") specifying the computation, presentation and disclosure requirements of earnings per share information. Basic loss per share has been calculated based upon the weighted average number of common shares outstanding. Stock options and warrants have been excluded as common stock equivalents in the diluted loss per share because their effect is anti-dilutive on the computation.

Stock-Based Compensation

The Company accounts for its stock based awards in accordance with Accounting Standards Codification subtopic 718-10, Compensation ("ASC 718-10"), which requires a fair value measurement and recognition of compensation expense for all share-based payment awards made to its employees and directors, including employee stock options and restricted stock awards. The Company estimates the fair value of stock options granted using the Black-Scholes valuation model. This model requires the Company to make estimates and assumptions including, among other things, estimates regarding the length of time an employee will retain vested stock options before exercising them, the estimated volatility of our common stock price and the number of options that will be forfeited prior to vesting. The fair value is then amortized on a straight-line basis over the requisite service periods of the awards, which is generally the vesting period. Changes in these estimates and assumptions can materially affect the determination of the fair value of stock-based compensation and consequently, the related amount recognized in the Company's condensed consolidated statements of operations.

For the year ended August 31, 2012 and 2011, the Company did not grant stock options to employees. The fair value of vesting options granted vested during the years ended August 31, 2012 and 2011 of $-0- and $-0-, respectively.

Comprehensive Income (Loss)

The Company follows Accounting Standards Codification subtopic 220-10, Comprehensive Income ("ASC 220-10"). ASC 220-10 establishes standards for the reporting and displaying of comprehensive income and its components. Comprehensive income is defined as the change in equity of a business during a period from transactions and other events and circumstances from non-owners sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners. ASC 220-10 requires other comprehensive income (loss) to include foreign currency translation adjustments and unrealized gains and losses on available for sale securities. The Company had no comprehensive income or losses at August 31, 2012 and 2011.

Income Taxes

The Company has adopted Accounting Standards Codification subtopic 740-10, Income Taxes ("ASC 740-10") which requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the financial statement or tax returns. Under this method, deferred tax liabilities and assets are determined based on the difference between financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse.  Temporary differences between taxable income reported for financial reporting purposes and income tax purposes consist primarily of derivative liability and stock compensation accounting versus basis differences.

Long-lived assets

The Company follows Accounting Standards Codification 360-10-15-3, "Impairment or Disposal of Long-lived Assets," which established a "primary asset" approach to determine the cash flow estimation period for a group of assets and liabilities that represents the unit of accounting for a long-lived asset to be held and used. Long-lived assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The carrying amount of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. Long-lived assets to be disposed of are reported at the lower of carrying amount or fair value less cost to sell.

Recent accounting pronouncements

There were various updates recently issued, most of which represented technical corrections to the accounting literature or application to specific industries and are not expected to a have a material impact on the Company's consolidated financial position, results of operations or cash flows.

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RELATED PARTY TRANSACTIONS
12 Months Ended

Aug. 31, 2012

RELATED PARTY TRANSACTIONS [Abstract]

RELATED PARTY TRANSACTIONS

NOTE 5 - RELATED PARTY TRANSACTIONS

At August 31, 2012 and 2011, related party loans consisted of the following:

August 31,
2012 August 31,
2011

Loans payable, due on demand with interest at 7.5% per annum, unsecured $ 622,644 $ 622,644

Accrued interest on related party loans as of August 31, 2012 and 2011 was $177,265 and $131,165, respectively. Interest expense, related party was $46,100 for the years ended August 31, 2012 and 2011.

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GOING CONCERN
12 Months Ended

Aug. 31, 2012

GOING CONCERN [Abstract]

GOING CONCERN

NOTE 3 - GOING CONCERN

The Company was in "development stage" till February 28, 2009 and during the year ended August 31, 2009, the Company ceased its operations.  As of August 31, 2012, the Company has an accumulated deficit of $2,245,062 and has not generated any revenue since inception.  The ability of the Company to continue as a going concern and to emerge from the development stage is dependent upon its successful execution of its plan of operations and ability to raise additional financing.  There is no guarantee that the Company will be able to raise additional capital or sell any of its products and services at a profit.  These factors, among others, raise substantial doubt regarding the Company's ability to continue as a going concern.  The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty.

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As of August 31, 2012 and 2011, no preferred shares were issued and outstanding.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <u>Common stock</u></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Company is authorized to issue 100,000,000 shares of common stock. 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BALANCE SHEETS (Paranthetical) (USD $)

Aug. 31, 2012

Aug. 31, 2011

BALANCE SHEETS [Abstract]

Preferred stock, par value per share $ 0.0001 $ 0.0001

Preferred stock, shares authorized 50,000,000 50,000,000

Preferred stock, shares issued

Preferred stock, shares outstanding

Common stock, par value per share $ 0.0001 $ 0.0001

Common stock, shares authorized 100,000,000 100,000,000

Common stock, shares issued 47,333,650 47,333,650

Common stock, shares outstanding 47,333,650 47,333,650

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STOCK OPTIONS AND WARRANTS
12 Months Ended

Aug. 31, 2012

STOCK OPTIONS AND WARRANTS [Abstract]

STOCK OPTIONS AND WARRANTS

NOTE 8 - STOCK OPTIONS AND WARRANTS

Warrants

On May 10, 2008 (as subsequently amended) and May 22, 2008, the Company issued warrants (the "Warrants") to purchase 23,666,825 shares of common stock at exercise price of $0.017 (post dividend) to Arimathea Limited in consideration for international corporate development services rendered on behalf of the Company. The warrants have a weighted average remaining life of 5.75 years.

Under the terms of the Warrants, Arimathea is not permitted to exercise and own more than 4.9% of the Company's common stock at any given time.  The Warrants contain customary adjustment provisions and have anti-dilution protection for certain future issuances of equity securities.  The Warrants do not contain any call provisions and there are no obligations on the part of Arimathea to exercise the Warrants at any time.

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XML 39 R20.xml IDEA: GOING CONCERN (Details) 2.4.0.840301 - Disclosure - GOING CONCERN (Details)truefalsefalse1false USDfalsefalse$as-of-2012-08-31.1268.0.0.0.0.0.0.0http://www.sec.gov/CIK0001343011instant2012-08-31T00:00:000001-01-01T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDUSD$2false USDfalsefalse$as-of-2011-08-31.1269.0.0.0.0.0.0.0http://www.sec.gov/CIK0001343011instant2011-08-31T00:00:000001-01-01T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDUSD$1true 1lrrs_GoingConcernAbstractlrrs_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalse2falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0GOING CONCERN [Abstract]2false 2us-gaap_RetainedEarningsAccumulatedDeficitus-gaap_truecreditinstantfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1truefalsefalse-2245062-2245062USD$falsetruefalse2truefalsefalse-2198962-2198962USD$falsetruefalsexbrli:monetaryItemTypemonetaryThe cumulative amount of the reporting entity's undistributed earnings or deficit.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 31 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.31(a)(3)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 false2Accumulated deficitfalseGOING CONCERN (Details) (USD $)NoRoundingUnKnownUnKnownUnKnowntruefalsefalseSheethttp://www.laureateresourcesandsteel.com/role/GoingConcernDetails22 XML 40 R5.htm IDEA: XBRL DOCUMENT v2.4.0.8

STATEMENT OF STOCKHOLDERS DEFICIT (USD $)

Total

Preferred stock [Member]

Common stock [Member]

Additional Paid in Capital [Member]

Accumulated Deficit [Member]

Balance at Aug. 31, 2010 $ (1,682,255)    $ 4,733 $ 465,874 $ (2,152,862)

Balance, shares at Aug. 31, 2010    47,333,650

Net loss (46,100)          (46,100)

Balance at Aug. 31, 2011 (1,728,355)    4,733 465,874 (2,198,962)

Balance, shares at Aug. 31, 2011    47,333,650

Net loss (46,100)          (46,100)

Balance at Aug. 31, 2012 $ (1,774,455)    $ 4,733 $ 465,874 $ (2,245,062)

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BALANCE SHEETS (USD $)

Aug. 31, 2012

Aug. 31, 2011

Current assets:

Cash

Total current assets

Total assets

Current liabilities:

Accounts payable and accrued expenses 974,546 974,546

Accrued interest payable, related parties 177,265 131,165

Loans payable, related parties 622,644 622,644

Total current liabilities 1,774,455 1,728,355

Commitments and contingencies

Stockholders' deficit:

Preferred stock, par value $0.0001 par value, 50,000,000 shares authorized, none issued and outstanding

Common stock; $0.0001 par value, 100,000,000 shares authorized, 47,333,650 shares issued and outstanding as of August 31, 2012 and 2011 4,733 4,733

Additional paid in capital 465,874 465,874

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Total stockholders' deficit (1,774,455) (1,728,355)

Total liabilities and stockholders' deficit

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ASC 220-10 establishes standards for the reporting and displaying of comprehensive income and its components. Comprehensive income is defined as the change in equity of a business during a period from transactions and other events and circumstances from non-owners sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners. ASC 220-10 requires other comprehensive income (loss) to include foreign currency translation adjustments and unrealized gains and losses on available for sale securities. The Company had no comprehensive income or losses at August 31, 2012 and 2011.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> </div> </div>falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy for comprehensive income.No definition available.false0Comprehensive Income (Loss)8false 2us-gaap_IncomeTaxPolicyTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00<div> <div> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <u>Income Taxes</u></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Company has adopted Accounting Standards Codification subtopic 740-10, Income Taxes ("ASC 740-10") which requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the financial statement or tax returns. Under this method, deferred tax liabilities and assets are determined based on the difference between financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse.  Temporary differences between taxable income reported for financial reporting purposes and income tax purposes consist primarily of derivative liability and stock compensation accounting versus basis differences.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> </div> </div>falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2144681 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -URI http://asc.fasb.org/subtopic&trid=2144749 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32840-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 954 -SubTopic 740 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6491622&loc=d3e9504-115650 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32809-109319 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 45 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=21917399&loc=d3e32247-109318 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 45 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=21917399&loc=d3e32280-109318 false0Income Taxes9false 2us-gaap_PropertyPlantAndEquipmentPolicyTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00<div> <div> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <u>Long-lived assets</u></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Company follows Accounting Standards Codification 360-10-15-3, "Impairment or Disposal of Long-lived Assets," which established a "primary asset" approach to determine the cash flow estimation period for a group of assets and liabilities that represents the unit of accounting for a long-lived asset to be held and used. Long-lived assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The carrying amount of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. Long-lived assets to be disposed of are reported at the lower of carrying amount or fair value less cost to sell.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> </div> </div>falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy for long-lived, physical assets used in the normal conduct of business and not intended for resale. 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Includes, but is not limited to, quantification of the expected or actual impact.No definition available.false0Recent accounting pronouncementsfalseSUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policy)UnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://www.laureateresourcesandsteel.com/role/SummaryOfSignificantAccountingPoliciesPolicy110 XML 44 R16.xml IDEA: SUBSEQUENT EVENTS 2.4.0.8110 - Disclosure - SUBSEQUENT EVENTStruefalsefalse1false falsefalsefrom-2011-09-01-to-2012-08-31.1271.0.0.0.0.0.0.0http://www.sec.gov/CIK0001343011duration2011-09-01T00:00:002012-08-31T00:00:001true 1us-gaap_SubsequentEventsAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0SUBSEQUENT EVENTS [Abstract]2false 2us-gaap_SubsequentEventsTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00<div> <div> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>NOTE 10 - SUBSEQUENT EVENTS</strong></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> On May 2, 2013, the Company formed a wholly owned subsidiary, Laureate  Petroleum DMCC, a company formed under the authority of the Dubai Multi Commodities Centre within Dubai, United Arab Emirates.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> In addition, the Company has agreed, in connection with Mr. Salem's appointment as sole officer and director, to pay Mr. Salem approximately $250,000 plus bonus compensation.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> In addition, subsequent to the date of the financial statements, a shareholder of the Company has advanced approximately $100,000 on behalf of the Company to pay certain general and administrative expenses. 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LOSS PER COMMON SHARE (Details) (USD $)
12 Months Ended

Aug. 31, 2012

Aug. 31, 2011

LOSS PER COMMON SHARE [Abstract]

Net loss available for common shareholders $ (46,100) $ (46,100)

Loss per share (basic and assuming dilution) $ 0.00 $ 0.00

Weighted average common shares outstanding - Basic 47,333,650 47,333,650

Weighted average common shares outstanding - Fully diluted 47,333,650 47,333,650

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INCOME TAXES
12 Months Ended

Aug. 31, 2012

INCOME TAXES [Abstract]

INCOME TAXES

NOTE 7 - INCOME TAXES

The Company has adopted Accounting Standards Codification subtopic 740-10, Income Taxes ("ASC 740-10") which requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the financial statement or tax returns. Under this method, deferred tax liabilities and assets are determined based on the difference between financial statements and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Temporary differences primarily include stock compensation and other equity-related non-cash charges, capitalized financing costs, the basis difference of derivative liabilities and certain accruals.

The Company has not filed its income tax returns, and therefore has not been able to estimate its net operating loss carryforwards for tax purposes as of August 31, 2012. The Company has provided a valuation reserve against the full amount of any net operating loss benefit and will be also for against the net operating losses, since in the opinion of management based upon the earnings history of the Company; it is more likely than not that the benefits will not be realized. Due to possible significant changes in the Company's ownership, the future use of its existing net operating losses may be limited. All or portion of the remaining valuation allowance may be reduced in future years based on an assessment of earnings sufficient to fully utilize these potential tax benefits.

The Company files income tax returns in the U.S. Federal jurisdiction, and various state jurisdictions. The Company is no longer subject to U.S. Federal, state and local, or non-U.S. income tax examinations by tax authorities for years before 2008.

The Company follows the provision of uncertain tax positions as addressed in FASB Accounting Standards Codification 740-10-65-1. The Company recognized no increase in the liability for unrecognized tax benefits. The Company has no tax position for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility. The Company recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. No such interest or penalties were recognized during the periods presented. The Company had no accruals for interest and penalties at August 31, 2012 and 2011. The Company's utilization of any net operating loss carry forward may be unlikely as a result of the continuing operating losses.

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SUBSEQUENT EVENTS
12 Months Ended

Aug. 31, 2012

SUBSEQUENT EVENTS [Abstract]

SUBSEQUENT EVENTS

NOTE 10 - SUBSEQUENT EVENTS

On May 2, 2013, the Company formed a wholly owned subsidiary, Laureate Petroleum DMCC, a company formed under the authority of the Dubai Multi Commodities Centre within Dubai, United Arab Emirates.

In addition, the Company has agreed, in connection with Mr. Salem's appointment as sole officer and director, to pay Mr. Salem approximately $250,000 plus bonus compensation.

In addition, subsequent to the date of the financial statements, a shareholder of the Company has advanced approximately $100,000 on behalf of the Company to pay certain general and administrative expenses. There are no formal terms of repayment of the advances.

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LOSS PER COMMON SHARE
12 Months Ended

Aug. 31, 2012

LOSS PER COMMON SHARE [Abstract]

LOSS PER COMMON SHARE

NOTE 6 - LOSS PER COMMON SHARE

The following table presents the computation of basic and diluted loss per share for the years ended August 31, 2012 and 2011:

2012 2011

Net loss available for common shareholders $ (46,100 ) $ (46,100 )

Loss per share (basic and assuming dilution) $ (0.00 ) $ (0.00 )

Weighted average common shares outstanding

Basic 47,333,650 47,333,650

Fully diluted 47,333,650 47,333,650

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BUSINESS DESCRIPTION
12 Months Ended

Aug. 31, 2012

BUSINESS DESCRIPTION [Abstract]

BUSINESS DESCRIPTION

NOTE 1 - BUSINESS DESCRIPTION

Organization and Business Description

Laureate Resources & Steel Industries, Inc. (the "Company") was incorporated in the State of Nevada on June 16, 2005. The Company had been an exploration company from its formation through February 6, 2008 when a change in control of the Company took effect.  Since its formation, the Company's business plan was to explore five mineral claims covering 1,865.43 hectares located on the south and southwest flanks of Sugarloaf Mountain in the Nicola Mining Division in British Columbia, Canada (the "Sugarloaf Property"). We originally intended to explore the Sugarloaf Property for commercially exploitable mineral reserves of valuable minerals. The Sugarloaf Property has no proven or probable mineral reserves. Exploration for minerals is a speculative venture necessarily involving substantial risk. The expenditures made by us did not result in the discovery of commercially exploitable reserves of valuable minerals. Any further funds spent on the exploration of these claims would probably be lost.   The Company has made a determination to cease the mineral exploration business and pursue another business opportunity. Accordingly, the results of operations of the exploration business have been classified as discontinued operations for all periods presented. The Company was in "development stage" until February 28, 2009 and during the year ended August 31, 2009, the Company ceased its operations, is dormant and currently seeking to establish strategic alliances.

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LOSS PER COMMON SHARE (Tables)
12 Months Ended

Aug. 31, 2012

LOSS PER COMMON SHARE [Abstract]

Schedule of Basic and Diluted Loss Per Share

The following table presents the computation of basic and diluted loss per share for the years ended August 31, 2012 and 2011:

2012 2011

Net loss available for common shareholders $ (46,100 ) $ (46,100 )

Loss per share (basic and assuming dilution) $ (0.00 ) $ (0.00 )

Weighted average common shares outstanding

Basic 47,333,650 47,333,650

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CONTINGENCIES
12 Months Ended

Aug. 31, 2012

CONTINGENCIES [Abstract]

CONTINGENCIES

NOTE 9 - CONTINGENCIES

Litigation

From time to time, we may become involved in various lawsuits and legal proceedings which arise in the ordinary course of business. However, litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm our business. Except as described below, we are currently not aware of any such legal proceedings that we believe will have, individually or in the aggregate, a material adverse effect on our business, financial condition or operating results.

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RELATED PARTY TRANSACTIONS (Details) (USD $)
12 Months Ended

Aug. 31, 2012

Aug. 31, 2011

RELATED PARTY TRANSACTIONS [Abstract]

Loans payable, due on demand with interest at 7.5% per annum, unsecured $ 622,644 $ 622,644

Stated interest per annum 7.50%

Accrued interest payable, related parties 177,265 131,165

Interest expense, related party $ 46,100 $ 46,100

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XML 60 R15.xml IDEA: CONTINGENCIES 2.4.0.8109 - Disclosure - CONTINGENCIEStruefalsefalse1false falsefalsefrom-2011-09-01-to-2012-08-31.1271.0.0.0.0.0.0.0http://www.sec.gov/CIK0001343011duration2011-09-01T00:00:002012-08-31T00:00:001true 1us-gaap_CommitmentsAndContingenciesDisclosureAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0CONTINGENCIES [Abstract]2false 2us-gaap_CommitmentsAndContingenciesDisclosureTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00<div> <div> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>NOTE 9 - CONTINGENCIES</strong></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <u>Litigation</u></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> From time to time, we may become involved in various lawsuits and legal proceedings which arise in the ordinary course of business. However, litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm our business. Except as described below, we are currently not aware of any such legal proceedings that we believe will have, individually or in the aggregate, a material adverse effect on our business, financial condition or operating results.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in">  </p> </div> </div>falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for commitments and contingencies.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.25) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6449706&loc=d3e16207-108621 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=6398077&loc=d3e12565-110249 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 450 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=25496072&loc=d3e14435-108349 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 440 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6394976&loc=d3e25287-109308 false0CONTINGENCIESfalseCONTINGENCIESUnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://www.laureateresourcesandsteel.com/role/Contingencies12 XML 61 R20.htm IDEA: XBRL DOCUMENT v2.4.0.8

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policy)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policy)	Aug. 31, 2012
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The actual results experienced by the Company may differ materially and adversely from the Company's estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.
Cash and cash equivalents	Cash and cash equivalents The Company considers all highly liquid debt investments with original maturities of three months or less when purchased to be cash equivalents. The carrying amounts approximate fair market value because of the short maturity.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of August 31, 2012 and 2011. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values. These financial instruments include cash and accounts payable. Fair values were assumed to approximate carrying values for cash and payables because they are short term in nature and their carrying amounts approximate fair values or they are payable on demand.
Net Loss per Share	Net Loss per Share The Company follows Accounting Standards Codification subtopic 260-10, Earnings Per Share ("ASC 260-10") specifying the computation, presentation and disclosure requirements of earnings per share information. Basic loss per share has been calculated based upon the weighted average number of common shares outstanding. Stock options and warrants have been excluded as common stock equivalents in the diluted loss per share because their effect is anti-dilutive on the computation.
Stock-Based Compensation	Stock-Based Compensation The Company accounts for its stock based awards in accordance with Accounting Standards Codification subtopic 718-10, Compensation ("ASC 718-10"), which requires a fair value measurement and recognition of compensation expense for all share-based payment awards made to its employees and directors, including employee stock options and restricted stock awards. The Company estimates the fair value of stock options granted using the Black-Scholes valuation model. This model requires the Company to make estimates and assumptions including, among other things, estimates regarding the length of time an employee will retain vested stock options before exercising them, the estimated volatility of our common stock price and the number of options that will be forfeited prior to vesting. The fair value is then amortized on a straight-line basis over the requisite service periods of the awards, which is generally the vesting period. Changes in these estimates and assumptions can materially affect the determination of the fair value of stock-based compensation and consequently, the related amount recognized in the Company's condensed consolidated statements of operations. For the year ended August 31, 2012 and 2011, the Company did not grant stock options to employees. The fair value of vesting options granted vested during the years ended August 31, 2012 and 2011 of $-0- and $-0-, respectively.
Comprehensive Income (Loss)	Comprehensive Income (Loss) The Company follows Accounting Standards Codification subtopic 220-10, Comprehensive Income ("ASC 220-10"). ASC 220-10 establishes standards for the reporting and displaying of comprehensive income and its components. Comprehensive income is defined as the change in equity of a business during a period from transactions and other events and circumstances from non-owners sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners. ASC 220-10 requires other comprehensive income (loss) to include foreign currency translation adjustments and unrealized gains and losses on available for sale securities. The Company had no comprehensive income or losses at August 31, 2012 and 2011.
Income Taxes	Income Taxes The Company has adopted Accounting Standards Codification subtopic 740-10, Income Taxes ("ASC 740-10") which requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the financial statement or tax returns. Under this method, deferred tax liabilities and assets are determined based on the difference between financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Temporary differences between taxable income reported for financial reporting purposes and income tax purposes consist primarily of derivative liability and stock compensation accounting versus basis differences.
Long-lived assets	Long-lived assets The Company follows Accounting Standards Codification 360-10-15-3, "Impairment or Disposal of Long-lived Assets," which established a "primary asset" approach to determine the cash flow estimation period for a group of assets and liabilities that represents the unit of accounting for a long-lived asset to be held and used. Long-lived assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The carrying amount of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. Long-lived assets to be disposed of are reported at the lower of carrying amount or fair value less cost to sell.
Recent accounting pronouncements	Recent accounting pronouncements There were various updates recently issued, most of which represented technical corrections to the accounting literature or application to specific industries and are not expected to a have a material impact on the Company's consolidated financial position, results of operations or cash flows.

STATEMENTS OF OPERATIONS (USD $)	12 Months Ended
STATEMENTS OF OPERATIONS (USD $)	Aug. 31, 2012	Aug. 31, 2011
Operating expenses:
Selling, general and administrative expenses
Total operating expenses
Loss from operations
Other income (expenses):
Interest expense, related party	(46,100)	(46,100)
Net loss before income taxes	(46,100)	(46,100)
Income taxes
NET LOSS	$ (46,100)	$ (46,100)
Loss per common share, basic and diluted	$ 0.00	$ 0.00
Weighted average number of shares outstanding (basic and diluted)	47,333,650	47,333,650

STOCKHOLDERS' EQUITY	12 Months Ended
STOCKHOLDERS' EQUITY	Aug. 31, 2012
STOCKHOLDERS' EQUITY [Abstract]
STOCKHOLDERS' EQUITY	NOTE 4 - STOCKHOLDERS' EQUITY Preferred stock The Company is authorized to issue 50,000,000 shares of preferred stock. As of August 31, 2012 and 2011, no preferred shares were issued and outstanding. Common stock The Company is authorized to issue 100,000,000 shares of common stock. As of August 31, 2012 and 2011, 47,333,650 shares of common stock were issued and outstanding. On May 21, 2008, the Company declared the payment of a stock dividend consisting of six additional shares of the Company's common stock for each one share of the Company's common stock held as of the record date of June 2, 2008. In connection with this stock dividend, the ownership of stockholders possessing 6,761,950 shares of the Company's common stock was increased to 47,333,650 shares of common stock.

STOCK OPTIONS AND WARRANTS (Details)	12 Months Ended
STOCK OPTIONS AND WARRANTS (Details)	Aug. 31, 2012	May 22, 2008
STOCK OPTIONS AND WARRANTS [Abstract]
Warrants issued to purchase shares of common stock		23,666,825
Exercise price of outstanding warrants		0.017
Weighted average remaining life of warrants	5 years 9 months
Maximum amount of warrants exercised and owned, percentage	4.90%

SUBSEQUENT EVENTS (Details) (Subsequent Event [Member], USD $)	12 Months Ended
	Aug. 31, 2012	May 02, 2013 Mr. Salem [Member]
Subsequent Event [Line Items]
Annual base salary		$ 250,000
Advance received to pay certain general and administrative expenses	$ 100,000

STATEMENTS OF CASH FLOWS (USD $)	12 Months Ended
STATEMENTS OF CASH FLOWS (USD $)	Aug. 31, 2012	Aug. 31, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (46,100)	$ (46,100)
Change in operating assets and liabilities:
Increase in accrued interest, related party	46,100	46,100
Net cash used in operating activities
CASH FLOWS FROM INVESTING ACTIVITIES:
CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase in cash
Cash, beginning of period
Cash, end of period
Supplemental disclosures of cash flow information:
Cash paid during the period for Interest
Cash paid during the period for Taxes

GOING CONCERN	12 Months Ended
GOING CONCERN	Aug. 31, 2012
GOING CONCERN [Abstract]
GOING CONCERN	NOTE 3 - GOING CONCERN The Company was in "development stage" till February 28, 2009 and during the year ended August 31, 2009, the Company ceased its operations. As of August 31, 2012, the Company has an accumulated deficit of $2,245,062 and has not generated any revenue since inception. The ability of the Company to continue as a going concern and to emerge from the development stage is dependent upon its successful execution of its plan of operations and ability to raise additional financing. There is no guarantee that the Company will be able to raise additional capital or sell any of its products and services at a profit. These factors, among others, raise substantial doubt regarding the Company's ability to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty.

BALANCE SHEETS (Paranthetical) (USD $)	Aug. 31, 2012	Aug. 31, 2011
BALANCE SHEETS [Abstract]
Preferred stock, par value per share	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value per share	$ 0.0001	$ 0.0001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	47,333,650	47,333,650
Common stock, shares outstanding	47,333,650	47,333,650

STOCK OPTIONS AND WARRANTS	12 Months Ended
STOCK OPTIONS AND WARRANTS	Aug. 31, 2012
STOCK OPTIONS AND WARRANTS [Abstract]
STOCK OPTIONS AND WARRANTS	NOTE 8 - STOCK OPTIONS AND WARRANTS Warrants On May 10, 2008 (as subsequently amended) and May 22, 2008, the Company issued warrants (the "Warrants") to purchase 23,666,825 shares of common stock at exercise price of $0.017 (post dividend) to Arimathea Limited in consideration for international corporate development services rendered on behalf of the Company. The warrants have a weighted average remaining life of 5.75 years. Under the terms of the Warrants, Arimathea is not permitted to exercise and own more than 4.9% of the Company's common stock at any given time. The Warrants contain customary adjustment provisions and have anti-dilution protection for certain future issuances of equity securities. The Warrants do not contain any call provisions and there are no obligations on the part of Arimathea to exercise the Warrants at any time.

STATEMENT OF STOCKHOLDERS DEFICIT (USD $)	Total	Common stock [Member]	Additional Paid in Capital [Member]	Accumulated Deficit [Member]
Balance at Aug. 31, 2010	$ (1,682,255)	$ 4,733	$ 465,874	$ (2,152,862)
Balance, shares at Aug. 31, 2010		47,333,650
Net loss	(46,100)			(46,100)
Balance at Aug. 31, 2011	(1,728,355)	4,733	465,874	(2,198,962)
Balance, shares at Aug. 31, 2011		47,333,650
Net loss	(46,100)			(46,100)
Balance at Aug. 31, 2012	$ (1,774,455)	$ 4,733	$ 465,874	$ (2,245,062)
Balance, shares at Aug. 31, 2012		47,333,650

BALANCE SHEETS (USD $)	Aug. 31, 2012	Aug. 31, 2011
Current assets:
Cash
Total current assets
Total assets
Current liabilities:
Accounts payable and accrued expenses	974,546	974,546
Accrued interest payable, related parties	177,265	131,165
Loans payable, related parties	622,644	622,644
Total current liabilities	1,774,455	1,728,355
Commitments and contingencies
Stockholders' deficit:
Preferred stock, par value $0.0001 par value, 50,000,000 shares authorized, none issued and outstanding
Common stock; $0.0001 par value, 100,000,000 shares authorized, 47,333,650 shares issued and outstanding as of August 31, 2012 and 2011	4,733	4,733
Additional paid in capital	465,874	465,874
Accumulated deficit	(2,245,062)	(2,198,962)
Total stockholders' deficit	(1,774,455)	(1,728,355)
Total liabilities and stockholders' deficit

LOSS PER COMMON SHARE (Details) (USD $)	12 Months Ended
LOSS PER COMMON SHARE (Details) (USD $)	Aug. 31, 2012	Aug. 31, 2011
LOSS PER COMMON SHARE [Abstract]
Net loss available for common shareholders	$ (46,100)	$ (46,100)
Loss per share (basic and assuming dilution)	$ 0.00	$ 0.00
Weighted average common shares outstanding - Basic	47,333,650	47,333,650
Weighted average common shares outstanding - Fully diluted	47,333,650	47,333,650

INCOME TAXES	12 Months Ended
INCOME TAXES	Aug. 31, 2012
INCOME TAXES [Abstract]
INCOME TAXES	NOTE 7 - INCOME TAXES The Company has adopted Accounting Standards Codification subtopic 740-10, Income Taxes ("ASC 740-10") which requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the financial statement or tax returns. Under this method, deferred tax liabilities and assets are determined based on the difference between financial statements and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Temporary differences primarily include stock compensation and other equity-related non-cash charges, capitalized financing costs, the basis difference of derivative liabilities and certain accruals. The Company has not filed its income tax returns, and therefore has not been able to estimate its net operating loss carryforwards for tax purposes as of August 31, 2012. The Company has provided a valuation reserve against the full amount of any net operating loss benefit and will be also for against the net operating losses, since in the opinion of management based upon the earnings history of the Company; it is more likely than not that the benefits will not be realized. Due to possible significant changes in the Company's ownership, the future use of its existing net operating losses may be limited. All or portion of the remaining valuation allowance may be reduced in future years based on an assessment of earnings sufficient to fully utilize these potential tax benefits. The Company files income tax returns in the U.S. Federal jurisdiction, and various state jurisdictions. The Company is no longer subject to U.S. Federal, state and local, or non-U.S. income tax examinations by tax authorities for years before 2008. The Company follows the provision of uncertain tax positions as addressed in FASB Accounting Standards Codification 740-10-65-1. The Company recognized no increase in the liability for unrecognized tax benefits. The Company has no tax position for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility. The Company recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. No such interest or penalties were recognized during the periods presented. The Company had no accruals for interest and penalties at August 31, 2012 and 2011. The Company's utilization of any net operating loss carry forward may be unlikely as a result of the continuing operating losses.

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Aug. 31, 2012
SUBSEQUENT EVENTS [Abstract]
SUBSEQUENT EVENTS	NOTE 10 - SUBSEQUENT EVENTS On May 2, 2013, the Company formed a wholly owned subsidiary, Laureate Petroleum DMCC, a company formed under the authority of the Dubai Multi Commodities Centre within Dubai, United Arab Emirates. In addition, the Company has agreed, in connection with Mr. Salem's appointment as sole officer and director, to pay Mr. Salem approximately $250,000 plus bonus compensation. In addition, subsequent to the date of the financial statements, a shareholder of the Company has advanced approximately $100,000 on behalf of the Company to pay certain general and administrative expenses. There are no formal terms of repayment of the advances.

BUSINESS DESCRIPTION	12 Months Ended
BUSINESS DESCRIPTION	Aug. 31, 2012
BUSINESS DESCRIPTION [Abstract]
BUSINESS DESCRIPTION	NOTE 1 - BUSINESS DESCRIPTION Organization and Business Description Laureate Resources & Steel Industries, Inc. (the "Company") was incorporated in the State of Nevada on June 16, 2005. The Company had been an exploration company from its formation through February 6, 2008 when a change in control of the Company took effect. Since its formation, the Company's business plan was to explore five mineral claims covering 1,865.43 hectares located on the south and southwest flanks of Sugarloaf Mountain in the Nicola Mining Division in British Columbia, Canada (the "Sugarloaf Property"). We originally intended to explore the Sugarloaf Property for commercially exploitable mineral reserves of valuable minerals. The Sugarloaf Property has no proven or probable mineral reserves. Exploration for minerals is a speculative venture necessarily involving substantial risk. The expenditures made by us did not result in the discovery of commercially exploitable reserves of valuable minerals. Any further funds spent on the exploration of these claims would probably be lost. The Company has made a determination to cease the mineral exploration business and pursue another business opportunity. Accordingly, the results of operations of the exploration business have been classified as discontinued operations for all periods presented. The Company was in "development stage" until February 28, 2009 and during the year ended August 31, 2009, the Company ceased its operations, is dormant and currently seeking to establish strategic alliances.

CONTINGENCIES	12 Months Ended
CONTINGENCIES	Aug. 31, 2012
CONTINGENCIES [Abstract]
CONTINGENCIES	NOTE 9 - CONTINGENCIES Litigation From time to time, we may become involved in various lawsuits and legal proceedings which arise in the ordinary course of business. However, litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm our business. Except as described below, we are currently not aware of any such legal proceedings that we believe will have, individually or in the aggregate, a material adverse effect on our business, financial condition or operating results.

RELATED PARTY TRANSACTIONS (Details) (USD $)	12 Months Ended
RELATED PARTY TRANSACTIONS (Details) (USD $)	Aug. 31, 2012	Aug. 31, 2011
RELATED PARTY TRANSACTIONS [Abstract]
Loans payable, due on demand with interest at 7.5% per annum, unsecured	$ 622,644	$ 622,644
Stated interest per annum	7.50%
Accrued interest payable, related parties	177,265	131,165
Interest expense, related party	$ 46,100	$ 46,100

Document and Entity Information (USD $)	12 Months Ended
Document and Entity Information (USD $)	Aug. 31, 2012	Jul. 22, 2013	Feb. 28, 2012
Document and Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Aug. 31, 2012
Entity Registrant Name	Laureate Resources & Steel Industries Inc.
Entity Central Index Key	0001343011
Current Fiscal Year End Date	--08-31
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	FY
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	No
Entity Filer Category	Smaller Reporting Company
Entity Public Float			$ 8,520,057
Entity Common Stock, Shares Outstanding		47,333,650