Quarterly report pursuant to Section 13 or 15(d)

FIXED ASSETS

FIXED ASSETS

6 Months Ended

Feb. 28, 2013

Property, Plant and Equipment [Abstract]

On August 11, 2011, the Company entered into an Aircraft Purchase/Sales Agreement with an unrelated and unaffiliated third party for the acquisition of a 2002 Robinson R44 Raven II helicopter for the purchase price of $212,500. Pursuant to paragraph 7 of the agreement, the Seller warrants that the Aircraft is in airworthy condition and has a currently effective Standard Category airworthiness certificate issued by the Federal Aviation Administration (“FAA”) and that all Airworthiness Directives have been complied with. In September 2011, the Company engaged the services of an independent third party to perform the FAA required annual inspection without incident. The first mandatory FAA overhaul is required at 2,000 hobbs hours of operation which is anticipated to occur in the first quarter of our second fiscal year. The aircraft was placed in service on October 1, 2011 and is estimated to have a useful life of approximately 10 years. As of February 28, 2013, and August 31, 2012, the Company recorded depreciation expense of $30,107 and $19,481, respectively.

Fixed assets consist of the following:

	February 28, 2013		August 31, 2012
Robinson R44 helicopter	$	212,500	$	212,500
Total fixed assets		212,500		212,500
Less:
Accumulated depreciation		30,107		19,481
Total fixed assets, net	$	182,393	$	193,019

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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