Stockholders' Equity
 9 Months Ended
Nov. 30, 2015
Notes to Financial Statements  
Note 8. Stockholders' Equity

Shares Authorized

 

Upon formation the total number of shares of all classes of stock the Company is authorized to issue is Fifty Million (50,000,000) shares all of which shall be Common Stock, par value $0.001 per share.

 

February 4, 2014 Certificate of Amendment and Certificate of Change

 

On February 4, 2014 the Company filed Certificate of Amendment and Certificate of Change to Articles of Incorporation of the Company and

 

(1) changed the aggregate of number of shares of the Company is authorized to issue to two hundred fifty million (250,000,000) shares of common stock, par value $0.0001 per share; and
   
(2) Fifty (50) shares of common stock, par value $0.0001 per share, shall be issued after the change in exchange for each issued share of common stock, par value $0.001 per share.

 

All shares and per share amounts in the consolidated financial statements have been adjusted to give retroactive effect to the Stock Split.

 

July 21, 2015 Certificate of Amendment and Certificate of Change

 

On July 21, 2015 the Company filed Certificate of Amendment and Certificate of Change to Articles of Incorporation of the Company and

 

(1) changes its name to Loop Industries, Inc. (the "Company"); and
   
(2) effectuated a 4-for-1 reverse stock split of the issued and outstanding shares of its common stock.

 

All shares and per share amounts in the consolidated financial statements have been adjusted to give retroactive effect to the Stock Split.

 

Common Stock

 

Immediately prior to the consummation of the Share Exchange Agreement on June 29, 2015, the Company had 6,515,800 common shares issued and outstanding.

 

Upon consummation of the Share Exchange Agreement on June 29, 2015, the Company issued 23,282,500 shares of its common stock to the stockholders of Loop Holdings, Inc. for the acquisition of Loop Holdings, Inc. pursuant to the terms and conditions of the Share Exchange Agreement.

 

Common Shares Issued for Cash

 

For the period from consummation of the Share Exchange Agreement to the reporting period ended August 31, 2015, the Company sold 37,500 shares of common stock to two (2) investors at $0.80 per share, or $30,000 in aggregate for cash.