XML 18 R7.htm IDEA: XBRL DOCUMENT v2.4.0.8
1 The Company and a Summary of Significant Accounting Policies
6 Months Ended
Dec. 31, 2013
Accounting Policies [Abstract]  
The Company and a Summary of Significant Accounting Policies

Note 1 — The Company and a Summary of Significant Accounting Policies

 

The Company and basis of presentation

 

On June 22, 2013, pursuant to the Delaware Holding Company formation statute, LMK Global Resources, Inc. ("LMK") entered into an Agreement and Plan of Merger into a holding company (the “Agreement") with Alas Aviation Corp. ("Alas Aviation") and Alas Acquisition Company ("AAC"), both wholly-owned subsidiaries of LMK. The Agreement provided for the merger of LMK with and into Alas Aviation, with Alas Aviation being the surviving corporation in that merger. Contemporaneously with LMK’s merger with and into Alas Aviation, the shareholders of LMK became shareholders of Alas Aviation on a one share for one share basis pursuant to the Agreement. In February 2014, the Company changed its name to Energie Holdings, Inc. in contemplation for its merger with OELC, LLC, a Delaware limited liability company and its operating subsidiary Énergie, LLC as discussed below.

 

During the six months ended December 31, 2013, the Company cancelled its Share Exchange Agreement with Arnold Leonora and Air Transport Group Private Equity, Inc., a Delaware corporation (“Air Transport”) for the exchange of all of Air Transport’s holdings in Corporation Yygnus Air, S.A., a corporation formed under the laws of Spain (“Cygnus”).

 

On August 2, 2013, the Company changed its fiscal year end from June 30 to December 31. . On December 31, 2013,  The Company entered into a Share Exchange Agreement (the "Share Exchange") with OELC, LLC, a Delaware limited liability company ("OELC") with its wholly owned subsidiary Énergie, LLC ("Énergie" or the, "Company"). These interests in OELC are being exchanged for 33,000,000 fully paid non-assessable shares of Alas. Following closing of the Share Exchange Agreement, Energie Holding, Inc. will hold 100% of the financial and governance rights of OELC and through its ownership of OELC, and 100% of the operating subsidiary, Énergie. The completion of this acquisition is conditions on certain events that have not occurred as of December 31, 2013.

 

The accompanying consolidated financial statements include the accounts of the Company and its subsidiary. All material intercompany balances and transactions have been eliminated in consolidation.

 

Management estimates and assumptions

 

The preparation of financial statements in conformity with 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. Actual results could differ from those estimates.

 

Basic and Diluted Net Income (loss) per share

 

Basic loss per share is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during a period. The Company had no dilutive securities outstanding as of June 30, 2013. Potential common shares at December 31, 2013 consisted of the contingent issuance of 10,000,000 shares of common and 25,939,542 shares of common held in escrow as discussed further in Note 5.

 

Recent Accounting Pronouncements

 

The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on its results of operating, financial position or cash flows.

 

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 timing differences such as deferred officers’ compensation and stock based compensation accounting.

 

Reclassification

 

Certain reclassifications have been made to prior periods' data to conform to the current period's presentation. These reclassifications had no effect on reported income or losses.