**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

 

**FORM 10-K**

 

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

 

For the fiscal year ended **February 28, 2011**

 

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

 

For the transition period from _________ to _________

 

Commission File Number: **000-52044**

 

**MAGNUM OIL INC.**

(Name of Small Business Issuer in its charter)

 

| **Nevada**

**26-2940624**

(state or other jurisdiction of incorporation or organization)

(I.R.S. Employer I.D. No.)

**848 N. Rainbow Blvd. #3550**

**Las Vegas, Nevada 89107**

(Address of principal executive offices)

 

**(603) 525-3380**

Issuer’s telephone number

Securities registered under Section 12(b) of the Exchange Act: **None**

Securities registered under Section 12(g) of the Exchange Act: **Common Stock, $0.001 par value**

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

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 definition of “large accelerated filer and “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.  (Check one):

Large accelerated filer o            Accelerated filer o         Non-accelerated filer o        **Smaller reporting company****þ**

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

Aggregate market value of the voting and non-voting stock of the registrant held by non-affiliates of the registrant as of the last business day of the registrant’s most recently completed second fiscal quarter:  **$0.00.**

As of **June 14, 2011**the registrant’s outstanding stock consisted of **48,400,000** common shares.

 

 

 

                                 
 

**MAGNUM OIL INC.****Table of Contents****PART I**Item 1.Description of Business3Item 1A.Risk Factors8Item 2. Description of Property8Item 3.Legal Proceedings8Item 4.Submission of Matters to a Vote of Security Holders8
 
**PART II**Item 5.Market for Common Equity, Related Stockholder Matters and Small Business Issuer Purchases of Equity Securities9Item 6. Selected Financial Data10Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operation10Item 7A.Quantitative and Qualitative Disclosures About Market Risk12Item 8.Financial Statements and Supplementary Data13Item 9.Changes in and Disagreements With Accountants on Accounting and Financial Disclosure   14Item 9AControls and Procedures                                   14Item 9B.Other Information1414**PART III**Item 10.Directors, Executive Officers and Corporate Governance15Item 11.Executive Compensation18Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters                    19Item 13.Certain Relationships, Related Transactions and Director Independence20Item 14.Principal Accountant Fees and Services21Item 15. Exhibits21 
 

 

                                
 

 

**PART I
**Item 1.  Description of Business**

***General***

Magnum Oil Inc. was incorporated in the State of Nevada on December 13, 2005.  We were formed to engage in the magazine publishing business in Malaysia.  In January of 2010, our management has decided to abandon our current business in search of other opportunities.

Accordingly, our management has decided to focus our business on acquiring or merging with one or more operating businesses.  Our efforts to identify a target business are not limited to any particular industry.  As of February 28, 2011, we have not yet identified a potential merger or acquisition target.  There can be no assurance that our management will be successful in negotiating the merger or acquisition of this target business and as such we continue to search for opportunities for other mergers or acquisitions.

We intend to focus our search on businesses in North America, but we will also explore opportunities in international markets that are attractive to us.  We will focus our efforts on seeking a business combination with a privately held business in the oil exploration sector.  We believe that owners of privately held small or middle-market companies may seek to realize the value of their investments through a sale or recapitalization or through a merger with a public company to access capital to fund their growth.

There is no assurance that we will successfully identify a potential target business, enter into any definitive agreements with any target business, or finally consummate a business combination with any potential target business.

**Acquisition Strategy**

We have identified the following guidelines that we believe are important in evaluating a prospective target business.  We will use these guidelines in evaluating business combination opportunities; however, we may decide to enter into a business combination with a target business that does not meet all of these guidelines.  We may not be able to complete a business combination with any target business that meets all or part of these guidelines due to our limited human, capital and other resources.  In the alternative, we may seek to consummate a business combination with a company that may be financially unstable or in its early stages of development or growth.

*Established company with positive cash flow*.  We intend to acquire an established company with a history of positive cash earnings before interest, taxes, depreciation and amortization.  We do not intend to acquire a start-up company, a company with speculative business plans or a company that we believe has significant risk attached to it.

*Strong competitive position in industry*.  We intend to analyze the strengths and weaknesses of a target business relative to its competitors.  The factors we will consider include product quality, customer loyalty, cost impediments associated with customers switching to competitors, patent protection, brand positioning and capitalization.  We will seek to acquire a business that has developed a strong position within its market, is well positioned to capitalize on growth opportunities and operates in an industry with significant barriers to entry.  We will seek to acquire a business that demonstrates advantages when compared to its competitors, which may help to protect its market position and profitability.

 

    3             
              
 

*Experienced management team*.  We will seek to acquire a business that has an experienced management team with a proven track record for delivering growth and profits.  We believe that the operating expertise of our management team will complement, not replace, the target business’ management team.

*Diversified customer and supplier base*.  We will seek to acquire a business that has a diversified customer and supplier base.  We believe that a company with a diversified customer and supplier base is generally better able to endure economic downturns, industry consolidation, changing business preferences and other factors that may negatively impact its customers, suppliers and competitors.

**Competition**

In identifying, evaluating and selecting a target business, we may encounter intense competition from other entities with business objectives similar to ours.  There are many blank check companies seeking to carry out a business plan similar to ours that have completed initial public offerings in the United States.  Furthermore, there are a number of additional blank check companies in the registration process that have not yet completed initial public offerings, and there are likely to be more blank check companies that have completed initial public offerings before we are able to successfully consummate a business combination.

We may also be subject to competition from entities other than blank check companies, which may be special acquisition companies or capital pool companies, that have a business objective similar to ours, including venture capital firms, leverage buyout firms and operating businesses looking to expand their operations through the acquisition of a target business.  Many of these entities are well-established and have extensive experience identifying and effecting business combinations either directly or through affiliates.  Many of these competitors possess greater technical, human and other resources than us and our financial resources may be relatively limited in comparison to many of these competitors.

While we believe that numerous potential target businesses may be available for acquisition, our ability to acquire a certain attractive target business will be limited by our available financial resources.  This inherent competitive limitation may give others an advantage in pursuing the acquisition of a target business.  The fact that stockholder approval may delay the completion of a business combination is an additional limitation that may be viewed unfavorably by certain target businesses.

Any of these factors may place us at a competitive disadvantage in successfully negotiating a business combination.  Our management believes, however, that our status as a public entity and our access to the United States public equity markets may give us a competitive advantage in acquiring a target business with significant growth potential on favorable terms over privately-held entities with business objectives similar to ours.

If we succeed in effecting a business combination, there will likely be further intense competition from competitors of the target business.  We cannot assure you that, subsequent to a business combination, we will have the resources or ability to compete effectively.

 4                
               
**Effecting a Business Combination**

*We Have Not Identified a Target Business*

As of February 28, 2011, we have not selected a specific target on which to concentrate our efforts for a business combination.  Our management has not had any preliminary contact or discussions on our behalf with representatives of any prospective target business regarding the possibility of a potential merger, capital stock exchange, asset acquisition or other strategic transaction with us.  In addition, our management has not yet taken any measure, directly or indirectly, to locate a target business.  There has been no due diligence, investigation, discussions, negotiations and/or other similar activities undertaken, directly or indirectly, by us, our management or by any third party, with respect to an ongoing proposed business combination.

*Sources of Target Businesses*

We anticipate target business candidates will be brought to our attention by various unaffiliated sources, including executives, private equity funds, venture capital funds, investment bankers, attorneys, accountants and other members of the financial community, who may present solicited or unsolicited proposals.  We expect such sources to become aware that we are seeking a business combination candidate by a variety of means, such as publicly available information relating to this offering, public relations and marketing efforts, articles that may be published in industry trade papers discussing our intention to effect a business combination, or direct contact by management of potential target businesses.

Our management, as well as our existing stockholders and their affiliates, may also bring to our attention target business candidates.  While we do not anticipate engaging the services of professional firms that specialize in business acquisitions on any formal basis, we may engage these firms in the future, in which case we may be required to pay a finder’s fee or other compensation.  The terms of any such arrangements will be negotiated with such persons on arm’s length basis and disclosed to our stockholders in connection with any proposed business combination.  In no event, however, will we pay our existing management, our existing stockholders, or any entity with which they are affiliated any finder’s fee or other compensation for services rendered to us prior to or in connection with the consummation of a business combination.  In addition, neither our existing management nor our existing stockholders will receive any finder’s fee, consulting fees or any similar fees or other compensation from any other person or entity, including any target company, in connection with any business combination other than any compensation or fees to be received for any services provided following such a business combination.

5            
               
*Selection of a Target Business and Structuring of a Business Combination*

Our management will have virtually unrestricted flexibility in identifying and selecting a prospective target business.  In evaluating a prospective target business, our management will consider, among other factors, the following:

·

growth potential;

·

financial condition and results of operations;

·

capital requirements;

·

the value and extent of intellectual property;

·

competitive position;

·

stage of development of products, processes or services;

·

degree of current or potential market acceptance of products, processes or services;

·

proprietary features and degree of protection of products, processes or services; and

·

costs associated with effecting the business combination.

Any evaluation relating to the merits of a particular business combination will be based on the above factors as well as other considerations deemed relevant by our management in effecting a business combination consistent with our business objectives.  In evaluating a prospective target business, we will conduct an extensive due diligence review which will encompass, among other things, meeting with incumbent management, inspecting facilities, and reviewing financial and other information that is made available to us.

We will attempt to structure any business combination so as to achieve the most favorable tax treatment for us, the target business and both companies’ stockholders.  We cannot assure you, however, that the Internal Revenue Service or appropriate state tax authorities will agree with our tax treatment of the business combination.

The time and costs required to select and evaluate a target business and to structure and complete a business combination cannot presently be ascertained with any degree of certainty.  Any costs incurred with respect to the identification and evaluation of a prospective target business with which a business combination is not ultimately completed will result in a loss to us and reduce the amount of capital available to otherwise complete a business combination.

*Fair Market Value of Target Business*

The fair market value of a target business will be determined by our Board of Directors based upon standards generally accepted by the financial community, such as actual and potential sales, earnings, cash flow, book value, and the price for which comparable businesses have recently been sold.  Other factors contributing to a determination of the fair market value may include timing, the reputation of the target business and the anticipated costs of completing the transaction.

We are not required to obtain an opinion from an unaffiliated third party regarding the fair market value of a target business we select at the time of any transaction.  We are also not required to obtain an opinion from an unaffiliated third party indicating that the price we plan to pay is fair to our stockholders from a financial perspective unless the target is affiliated with our officers, directors, special advisors, existing stockholders or their affiliates.  However, because Patrick DeBlois and Eden Clark our officers and sole director, have no experience in evaluating business combinations for blank check companies like ours, their judgment may not meet the criteria that independent investment banking firms or other similar blank check companies usually use.

 

6                 
              
 

*Probable Lack of Business Diversification*

It is probable that we will have the ability to effect only a single business combination, although this may entail the simultaneous acquisition of several compatible operating businesses or assets.  Unlike other entities which may have the resources to complete several business combinations with entities operating in multiple industries or multiple areas of a single industry, we will likely not have sufficient resources to diversify our operations or benefit from the possible spreading of risks or offsetting of losses.  By consummating a business combination with a single entity or a limited number of entities, our lack of diversification may leave us dependent upon the performance of a single business or a limited number of businesses, and result in us being dependent upon the development or market acceptance of a single or limited number of products or services.

*Limited Ability to Evaluate the Management of a Target Business*

Although we intend to closely scrutinize the management of prospective target businesses when evaluating the potential to effect a business combination, we cannot assure you that our assessment will prove to be correct.  In addition, we cannot assure you that new members who join our management team following a business combination will have the necessary skills, qualifications or abilities to manage a public company.  Furthermore, the future role of our sole officer and director, if any, in a target business cannot presently be stated with any certainty.  While it is possible that our current officer and director will remain associated with us in some capacity following a business combination, it is unlikely that she will devote her full efforts to our affairs after the consummation of a business combination.  Moreover, we cannot assure you that our sole officer and director will have substantial experience or knowledge concerning the operations of any particular target business.

*Opportunity for Stockholder Approval of Business Combination*

We may not submit a business combination to our stockholders for approval if the nature of the transaction would not ordinarily require stockholder approval under applicable governing laws.  If we are required to submit the transaction to our stockholders for approval, we will furnish our stockholders with proxy solicitation materials, which will include a description of the operations of the target business and certain required financial information regarding the business.  Also, we will proceed with the business combination only if a majority of the votes cast by the holders of our common stock at the meeting are in favor of the business combination.  To compensate for a potential shortfall in cash, we may be required to structure the business combination, in whole or in part, using the issuance of our common stock as consideration.  Accordingly, any increase in the number of shares of our issued and outstanding common stock could hinder our ability to consummate a business combination in an efficient manner or to optimize our capital structure.

When we seek stockholder approval for a business combination, we will not offer each stockholder a right to have their shares of common stock redeemed for cash if the stockholder votes against the business combination and the business combination is approved and completed.

7                 
               
**Research and Development**

We have not spent any amounts on research and development activities during the year ended February 28, 2011.  We anticipate that we will not incur any expenses on research and development over the next 12 months.  Our planned expenditures on our operations or a business combination are summarized under the section of this annual report entitled “Management’s Discussion and Analysis of Financial Position and Results of Operations”.

 

***Employees and Employment Agreements***

At present, we have no employees other than our two officers and directors.  Patrick DeBlois currently devotes 7-10 hours a week to our business and Eden Clark currently devotes 3-5 hours a week to our business.  We presently do not have pension, health, annuity, insurance, stock options, profit sharing or similar benefit plans; however, we may adopt such plans in the future.  There are presently no personal benefits available to any officers, directors or employees.

**Item 1A.  Risk Factors**

 

Not applicable to smaller reporting companies.

 
**Item 2.  Description of Property**

We do not currently own any property or real estate of any kind.  Our business offices are located at 848 N. Rainbow Blvd. #3550, Las Vegas, Nevada 89107.

 

**Item 3.  Legal Proceedings**

We are currently unaware of any legal matters pending or threatened against us.

**Item 4.  Submission of Matters to a Vote of Security Holders**

 

None.

 

  
8                 
              
**PART II**

**Item 5.  Market for Common Equity, Related Stockholder Matters and Small Business Issuer Purchases of Equity Securities**

 

***Market Information***

Our shares of common stock are listed on the Over the Counter Bulletin Board under the symbol MGNI.  Set forth below are high and low bid prices for our common stock for each quarterly period in the two most recent fiscal years.  Such quotations reflect inter-dealer prices, without retail mark-up, markdown or commissions and may not necessarily represent actual transactions in the common stock.  

 

**Period **
**High**

**Low**
**Fiscal 2011**
 

 

First Quarter ended May 31, 2010 

$0.0073

$0.0073

Second Quarter ended August 31, 2010

$1.7500

$0.9000

Third Quarter ended November 30, 2010

$0.9500

$0.8500

Fourth Quarter ended February 28, 2011

$0.9100

$0.8800

 

 

 

**Fiscal 2010**

 

 

First Quarter ended May 31, 2009

no bids

no bids

Second Quarter ended August 31, 2009

no bids

no bids

Third Quarter ended November 30, 2009

no bids

no bids

Fourth Quarter ended February 28, 2010

$0.1614

$0.0073

***Number of Holders***

As of February 28, 2011, the 48,400,000 issued and outstanding shares of common stock were held by a total of 17 shareholders of record.

***Dividends***

 

No cash dividends were paid on our shares of common stock during the fiscal years ended February 28, 2011 and 2010.  We have not paid any cash dividends since our inception and do not foresee declaring any dividends on our common stock in the foreseeable future.

***Recent Sales of Unregistered Securities***

None.

***Purchase of our Equity Securities by Officers and Directors***

None.

***Other Stockholder Matters***

None.

 

9                 
               
 

**Item 6.  Selected Financial Data**

 

Not applicable to smaller reporting companies.

**Item 7.  Management's Discussion and Analysis of Financial Condition and Results of Operations**

You should read the following discussion and analysis in conjunction with our financial statements, including the notes thereto, included in this Report.  Some of the information contained in this Report may contain forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1933, as amended (the “Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).  This information may involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by any forward-looking statements.  Forward-looking statements which involve assumptions and describe our future plans, strategies and expectations, are generally identifiable by the use of the words “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend” or “project” or the negative of these words or other variations on these words or comparable terminology.  These forward-looking statements are based on assumptions that may be incorrect, and there can be no assurance that the projections included in these forward-looking statements will come to pass.  Our actual results could differ materially from those expressed or implied by the forward looking statements as a result of various factors.  We undertake no obligation to update publicly any forward-looking statements for any reason, even if new information becomes available or other events occur in the future.

Our auditors’ reports contain a statement that our net loss and limited working capital raise substantial doubt about our ability to continue as a going concern.  Our independent registered public accountants have stated in their report, included in Item 8.  Financial Statements that our significant operating losses and working capital deficit raise substantial doubt about our ability to continue as a going concern.  We had net losses of $59,882 and $22,079, from continuing operation respectively, for the fiscal years ended February 28, 2011 and February 28, 2010.  We will be required to raise substantial capital to fund our capital expenditures, working capital, and other cash requirements since our current cash assets are exhausted and revenues are not yet sufficient to sustain our operations.  We will need to seek other financing to complete our business plans.  The successful outcome of future financing activities cannot be determined at this time and there are no assurances that, if achieved, we will have sufficient funds to execute our intended business plan or generate positive operational results.

In addition to our current deficit, we expect to incur additional losses during the foreseeable future.  Until we are able to locate and acquire a target business, we will not be profitable.  Consequently, we will require substantial additional capital to continue our development and marketing activities.  Since our current cash in the bank is exhausted, we are currently seeking alternative financing to sustain our operations; however, there is no assurance we will be successful in finding the cash required to locate and acquire a target business or that we will not incur additional and unplanned expenses.  There is no assurance that we will be able to obtain additional financing through private placements and/or public offerings necessary to support our working capital requirements.  To the extent that funds generated from any private placements and/or public offerings are insufficient, we will have to raise additional working capital through other sources, such as bank loans and/or financings.  No assurance can be given that additional financing will be available, or if available, will be on acceptable terms.

 

  10               
              
We are incurring increased costs as a result of being a publicly-traded company.  As a public company, we incur significant legal, accounting and other expenses that we did not incur as a private company.  In addition, the Sarbanes-Oxley Act of 2002, as well as new rules subsequently implemented by the Securities and Exchange Commission, have required changes in corporate governance practices of public companies.  These new rules and regulations have increased our legal and financial compliance costs and have made some activities more time-consuming and costly.  For example, as a result of becoming a public company, we have created additional board committees and have adopted policies regarding internal controls and disclosure controls and procedures.  In addition, we have incurred additional costs associated with our public company reporting requirements.  In addition, these new rules and regulations have made it more difficult and more expensive for us to obtain director and officer liability insurance, which we currently cannot afford to do.  As a result of the new rules, it may become more difficult for us to attract and retain qualified persons to serve on our Board of Directors or as executive officers.  We cannot predict or estimate the amount of additional costs we may incur as a result of being a public company or the timing of such costs.

***Results of Operations***

We did not generate any revenues for the fiscal year ended February 28, 2011 or 2010.  We incurred operating expenses of $58,527 and $22,079, respectively, for fiscal years ended February 28, 2011 and February 28, 2010.  These expenses for the fiscal year ended February 28, 2011 consisted of professional fees in the amount of $42,414 (2010 - $nil; cumulative - $42,414) and office and general fees of $16,113 (2010 - $22,079; cumulative - $38,191).  The increase in professional fees was mainly due to the way we classified our expenses. We forgave debt in the amount of $83,420 for the year ended February 28, 2011 (2010 - $nil; cumulative - $83,420).

 

Our comprehensive net income for the fiscal year ended February 28, 2011, adjusted for foreign currency translation adjustment, was $22,538 or $0.00 per share, compared to ($59,415), or $0.00 per share for the fiscal year ended February 28, 2010.  Since the date of inception, we have incurred a comprehensive net loss, adjusted for foreign currency adjustment, of $150,050.  We do not currently have sufficient capital to fund our estimated expenditures for the fiscal year and intend to fund the expenditures through equity and/or debt financing.  There can be no assurance that financing will be available to us on acceptable terms, if at all. 
***Liquidity and Capital Resources***

At February 28, 2011, we had $2,819 in cash in the bank and prepaid expenses of $3,414.

Our accounts payable and accrued liabilities at February 28, 2011 was $20,884, we had a note payable in the amount of $38,918 at February 28, 2011 and loans from related party of $31,481 at February 28, 2011.

Our stockholders' deficit was $85,050 at February 28, 2011, as compared to $105,893 at February 28, 2010.

In the next 12 months, we do not intend to spend any substantial funds on research and development and do not intend to purchase any major equipment.

 

 11                
              
 

We do not anticipate any material commitments for capital expenditures in the near term.  While we continue to work towards 100% capacity, we feel that current cash on hand is insufficient to satisfy cash requirements.  If we are unable to continue to develop and implement a profitable business plan, we will be required to seek additional avenues to obtain funds necessary to sustain operations, including equity and/or debt financing.  There can be no assurance that financing will be available to us on acceptable terms, if at all.

 

Given that we have not achieved significant profitable operations to date, our cash requirements are subject to numerous contingencies and risk factors beyond our control, including operational and development risks, competition from well-funded competitors and our ability to manage growth.  We can offer no assurance that we will generate cash flow sufficient to achieve profitable operations or that our expenses will not exceed our projections.  If our expenses exceed estimates, we will require additional monies during the next twelve months.

***Off-Balance Sheet Arrangements***

We have no off-balance sheet arrangements.

***Critical Accounting Policies***

Management's discussion and analysis of our financial condition and results of operations are based on the financial statements, which are prepared in accordance with accounting principles generally accepted in the United States of America.  The preparation of such financial statements requires Management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosure of contingent assets and liabilities.  On an ongoing basis, Management will evaluate its estimates and will base its estimates on historical experience, as well as on various other assumptions in light of the circumstances surrounding the estimate, and the results will form the basis in making judgments about the carrying values of our assets and liabilities that are not readily apparent from other sources.  It should be noted, however, that actual results could materially differ from the amount derived from Management's estimates under different assumptions or conditions.  

Loss per share is computed using the weighted average number of common stock outstanding during the period.  Diluted loss per share is computed using the weighted average number of common and potentially dilutive common stock outstanding during the period reported.  Our Management does not believe that any recently issued, but not yet effective accounting standards if currently adopted, would have a material effect on the our current financial statements.

Because we are a small, development stage company, with only one director, we have not yet appointed an audit committee or any other committee of our Board of Directors.

  

**ITEM 7A.  Quantitative and Qualitative Disclosures about Market Risk**

Not applicable to smaller reporting companies.

12             
               
**Item 8.  Financial Statements**

**MAGNUM OIL INC.**

**(Formerly PTM PUBLICATIONS INCORPORATED)**

**(A Development Stage Company)**

**Audited**

****

**February 28, 2011**

Index

 

 

Report of Independent Registered Public Accounting Firm

F-1

Consolidated Balance Sheets 

F-2

Consolidated Statements of Operations 

F-3

Consolidated Statement of Stockholders’ Equity (Deficit )

F-5

Consolidated Statements of Cash Flows 

F-6

Notes to the Financial Statements

F-7

 

 

13            
               

**PLS CPA, A Professional Corp.**

**t****4725 MERCURY STREET SUITE 210****t****SAN DIEGO****t****CALIFORNIA 92111****t**

**t****TELEPHONE (858)722-5953****t****FAX (858) 761-0341 ****t****FAX (858) 764-5480**

**t****E-MAIL changgpark@gmail.com****t**

 
 

 

**Report of Independent Registered Public Accounting Firm**

 

To the Board of Directors and Stockholders

Magnum Oil, Inc.

(Formerly PTM Publications Incorporated)

 

We have audited the accompanyingconsolidatedbalance sheets of Magnum Oil, Inc. (formerly PTM Publications Incorporated)and subsidiary(the “Company”) as of February 28, 2011and 2010and the related consolidated statements of operations, changes in shareholders’ equity and cash flows for the years then ended and for the period from December 13, 2005(inception) through February 28, 2011. These consolidated financial statements are the responsibility of the Company’s management.  Our responsibility is to express an opinion on these consolidated financial statements based on our audits. 

 

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States).  Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.  An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.  An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.  We believe that our audit provides a reasonable basis for our opinion.  

 

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Magnum Oil, Inc. (formerly PTM Publications Incorporated) and subsidiaryas of February 28, 2011 and 2010, and the result of its operationsand its cash flows for the yearsthen endedand for the period from December 13, 2005(inception) through February 28, 2011 in conformity with U.S. generally accepted accounting principles. 

 

The financial statements have been prepared assuming that the Company will continue as a going concern.  As discussed in Note 3to theconsolidated financial statements, the Company’s losses from operations raise substantial doubt about its ability to continue as a going concern.  The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

** **

**/s/****PLS CPA****                                                                                                       **

_________________________

PLS CPA, A Professional Corp.

 

June 15, 2011

San Diego, CA. 92111

 

**Member of the California Society of Certified Public Accountants**

**Registered with the Public Company Accounting Oversight Board**

 

 

F-1            
              
 

**MAGNUM OIL, INC.**

**(Formerly PTM PUBLICATIONS INCORPORATED)**

**(A Development Stage Company)**

** CONSOLIDATED BALANCE SHEETS**

**Audited**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

February 28, 2011

 

February 28, 2010

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**ASSETS**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**CURRENT ASSETS**

 

 

 

 

 

 

 

Cash

 

 

 

 

$

2,819 

$

2,255 

Prepaid Expenses

 

 

 

 

3,414 

 

-    

**TOTAL ASSETS**

 

 

 

$

6,233 

$

2,255 

 

 

 

 

 

 

 

 

 

 

**LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**CURRENT  LIABILITIES**

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

$

20,884 

$

91,167 

Note payable

 

 

 

38,918

 

-

Loans from Related Party

 

 

 

31,481 

 

16,981 

**TOTAL CURRENT LIABILITIES**

 

 

$

91,283 

$

108,148 

 

 

 

 

 

 

 

 

 

 

**STOCKHOLDERS'  EQUITY ( DEFICIT )**

 

 

 

 

 

Capital stock 

 

 

 

 

 

 

 

Authorized 

 

 

 

 

 

 

 

       50,000,000 shares of common stock, $0.001 par value,

 

 

 

 

Issued and outstanding 

 

 

 

 

 

 

        48,400,000 shares of common stock

 

$

48,400 

$

48,400 

        Additional Paid in Capital

 

 

 

16,600 

 

16,600 

Deficit accumulated during the development stage

 

(150,050)

 

(173,588)

Foreign currency translation adjustments

 

 

- 

 

2,695 

**TOTAL STOCKHOLDER'S EQUITY/(DEFICIT)**

 

 

 

 

 

$

(85,050)

$

(105,893)

**TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY/(DEFICIT)**

 

 

 

 

 

$

6,233 

$

2,255 

The accompanying notes are an integral part of these financial statements

 

F-2            
              
 

**MAGNUM OIL, INC.**

**(Formerly PTM PUBLICATIONS INCORPORATED)**

**(A Development Stage Company)**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

**Audited**

Cumulative results 

Year

Year

from inception

ended

ended

(December 13, 2005) to

 

 

February 28, 2011

 

February 28, 2010

 

February 28, 2011

**EXPENSES**

Office and general

$

16,113 

$

22,079 

$

38,191

Professional Fees

42,414 

-    

42,414 

**Total Expenses**

$

58,527 

$

22,079 

$

80,605 

**Operating Loss**

(58,527)

(22,079)

(80,605)

** **

**Other income (loss)**

Interest income (expense)

(1,235)

(1,235)

Foreign currency transaction gain (loss)

(120)

(120)

**Net other income (loss)**

(1,355)

(1,355)

**Net loss from continued operations**

(59,882)

(22,079)

(81,960)

Discontinued Business

-    

(37,336)

(151,510)

Forgiveness of Debt

83,420 

-    

83,420 

**Total other (Expenditure)/income**

 

83,420 

 

(37,336)

 

(68,090)

**NET PROFIT (LOSS)**

$

23,538

$

(59,415)

$

(150,050)

**BASIC AND DILUTED LOSS PER COMMON SHARE****-CONTINUED OPERATION**

$

-    

$

-    

**BASIC AND DILUTED LOSS PER COMMON SHARE****-DISCONTINUED OPERATION**

**WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING**

$

-    

$

-    

 

48,400,000 

 

48,400,000 

The accompanying notes are an integral part of these financial statements

 

F-3            
              
**MAGNUM OIL, INC.**

**(Formerly PTM PUBLICATIONS INCORPORATED)**

**(A Development Stage Company)**

 

 

 

 

 

 

 

 

 

 

 

 

**CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)**

**From inception (December 13, 2005) to February 28, 2011**

 

**Audited**

 

 

 

 

 

 

 

Deficit

 

 

 

 

 

Common Stock

 

 

 

accumulated

 

Accumulated 

 

 

 

 

 

Additional

 

during the

 

Other

 

 

 

Number of 

 

 

 

Paid-in

 

development

 

Comprehensive

 

 

 

shares

 

Amount

 

Capital

 

stage

 

Income(loss)

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

Common stock issued for cash at $0.001

 

 

 

 

 

 

 

 

 

 

 

per share on December 14, 2005

22,000,000 

$

22,000 

$

(17,000)

$

-    

$

-    

$

5,000 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss, February 28, 2006 

 

 

 

 

 

 

(983)

 

 

 

(983)

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

 

 

 

 

 

 

34 

 

34 

**Balance, February 28, 2006**

**22,000,000**

**$**

**22,000**

**$**

**(17,000)**

**$**

**(983)**

**$**

**34**

**$**

**4,051**

Stock issued for cash during the quarter

 

 

 

 

 

 

 

 

 

 

 

August 31, 2006 @$0.0227 per share

26,400,000 

 

26,400 

 

33,600 

 

 

 

 

 

60,000 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss, February 28, 2007 

 

 

 

 

 

 

-    

 

 

 

-    

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

 

 

 

 

 

 

2,683 

 

2,683 

**Balance, February 28, 2007**

**48,400,000**

**$**

**48,400**

**$**

**16,600**

**$**

**(983)**

**$**

**2,717**

**$**

**66,734**

 

 

 

 

 

 

 

 

 

 

 

 

Net loss, February 28, 2008

 

 

 

 

 

 

(52,058)

 

 

 

(52,058)

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

 

 

 

 

 

 

350 

 

350 

**Balance, February 28, 2008**

**48,400,000**

**$**

**48,400**

**$**

**16,600**

**$**

**(53,041)**

**$**

**3,067**

**$**

**15,026**

 

 

 

 

 

 

 

 

 

 

 

 

Net loss, February 28, 2009

 

 

 

 

 

 

(75,309)

 

 

 

(75,309)

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

 

 

 

 

 

 

5,988 

 

5,988 

**Balance, February 28, 2009**

**48,400,000**

**$**

**48,400**

**$**

**16,600**

**$**

**(128,350)**

**$**

**9,055**

**$**

**(54,295)**

 

 

 

 

 

 

 

 

 

 

 

 

Net loss, February 28, 2010

 

 

 

 

 

 

(45,238)

 

 

 

(45,238)

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

 

 

 

 

 

 

(6,360)

 

(6,360)

**Balance, February 28, 2010**

**48,400,000**

**$**

**48,400**

**$**

**16,600**

**$**

**(173,588)**

**$**

**2,695**

**$**

**(105,893)**

 

 

 

 

 

 

 

 

 

 

 

 

Net loss, February 28, 2011

 

 

 

 

 

 

23,538

 

(2,695)

 

20,843

 

 

 

 

 

 

 

 

 

 

 

 

**Balance, February 28, 2011**

**48,400,000**

**$**

**48,400**

**$**

**16,600**

**$**

**(150,050)**

**$**

**-**

**$**

**(85,050)**

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these financial statements

  
F-4             
              
 

 

**MAGNUM OIL, INC.**

**(Formerly PTM PUBLICATIONS INCORPORATED)**

**(A Development Stage Company)**

 

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**Audited**

 

 

 

Year

 

Year

 

December 13, 2005

 

 

 

ended

 

ended

 

(date of inception) to

 

 

 

February 28, 2011

 

February 28, 2010

 

February 28, 2011

 

 

 

 

 

 

 

 

** OPERATING ACTIVITIES**

 

 

 

 

 

 

 

Net loss

$

23,538 

$

(45,238)

$

(150,050)

 

Adjustment to reconcile net loss to net cash

 

 

 

 

 

 

 

used in operating activities

 

 

 

 

 

 

 

Depreciation

 

 

 

314 

 

2,826 

 

Loss on Disposition of Assets

 

-    

 

 

 

4,608 

 

Increase in Prepaid Expenses

 

(3,414)

 

-    

 

(3,414)

 

Forgiveness of debt

 

(83,420)

 

 

 

   (83,420)

 

Foreign Transaction loss

 

-    

 

(6,134)

 

696 

 

Foreign currency translation loss

 

-     

 

(297)

 

-     

 

Increase (decrease) in accrued expenses

 

10,442

 

41,552 

 

102,182 

**NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES**

 

 

 

 

 

 

$

52,854 

$

(1,822)

$

(127,268)

**INVESTING ACTIVITIES**

 

 

 

 

 

 
Purchase of fixed assets
-     

-    

(11,468)

 

Disposition of fixed assets

 

-    

 

1,008 

 

3,337 

**NET CASH PROVIDED BY INVESTING ACTIVITIES**

 

 

 

 

 

 

$

-    

$

1,008 

$

(8,131)

**FINANCING ACTIVITIES**

 

 

 

 

 

 

Loan Payable - Related Party

14,500 

7,981 

31,481
Note Payable
38,918

-    

38,918

 

Proceeds from sale of common stock

 

-    

 

-    

 

2,200 

 

Additional paid-in capital

 

-    

 

-    

 

62,800 

**NET CASH PROVIDED BY FINANCING ACTIVITIES**

 

 

 

 

 

 

$

53,418

$

-    

$

135,399

 

 

 

 

 

 

 

 

**NET INCREASE ( DECREASE) IN CASH**

$

564 

$

(814)

$

2,819 

 

 

 

 

 

 

 

 

**CASH, BEGINNING OF PERIOD**

$

2,255 

$

3,068 

$

-    

 

 

 

 

 

 

 

 

**CASH, END OF PERIOD**

$

2,819 

$

2,255 

$

2,819 

 

 

 

 

 

 

 

 

Supplemental cash flow information and noncash financing activities:

 

 

 

 

Cash paid for:

 

 

 

 

 

 

 

 

 

 

Interest

$

-    

$

-    

$

-    

 

 

 

 

Income taxes

$

-    

$

-    

$

-    

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these financial statements

 

 

 

 

F-5           
              
**MAGNUM OIL INC.**

**(A Development Stage Company)**

**Notes to the Audited Consolidated Financial Statements**

**February 28, 2011**

**NOTE 1 – NATURE OF OPERATIONS AND BASIS OF PRESENTATION**

 

Magnum Oil, Inc. (Formerly PTM Publications Incorporated) (the “Company”) was incorporated under the laws of the State of Nevada on December 13, 2005.  The Company is in the development stage.  Its activities to date have included capital formation, organization and development of its business plan.  The Company has yet to commence operations.  On July 15, 2010 the company changed its name to Magnum Oil Inc.

The Company operated through its lone subsidiary: PTM Publications Sdn Bhd, a Malaysian Corporation.

The Company decided to cease the operation of subsidiary in January 2010.

Magnum Oil, Inc. (the parent company) is now a holding company

 

**NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

 

**Basis of Accounting**

The Company’s financial statements are prepared using the accrual method of accounting.  The Company has elected a February year-end.  

 

**Basic Earnings per Share**

The Company computes earnings (loss) per share in accordance with Accounting Standards Codification (“ASC”) 260, Earnings per Share.  ASC 260 specifies the computation, presentation and disclosure requirements for earnings (loss) per share for entities with publicly held common stock.  The Company has adopted the provisions of ASC 260 effective December 13, 2005 (inception).

Basic earnings (loss) per share amounts are computed by dividing the net income (loss) by the weighted average number of common shares outstanding.  Diluted earnings (loss) per share are the same as basic earnings (loss) per share due to the lack of dilutive items in the Company.

 

**Cash Equivalents**

The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents.

 

**Use of 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.  

 

**Stock-Based Compensation**

The Company records stock-based compensation in accordance with ASC 718, Compensation – Stock Based Compensation, using the fair value method.  All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable.  Equity instruments issued to employees and the cost of the services received as consideration are measured and recognized based on the fair value of the equity instruments issued.

  
F-6            
              
**MAGNUM OIL INC.**

**(A Development Stage Company)**

**Notes to the Audited Consolidated Financial Statements**

**February 28, 1010**

 

**NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)**

 

**Income Taxes**

Income taxes are provided in accordance with ASC 740, Income Taxes.  A deferred tax asset or liability is recorded for all temporary differences between financial and tax reporting and net operating loss carry forwards. Deferred tax expense (benefit) results  from  the net  change  during  the  year of  deferred  tax  assets  and liabilities.

Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.  Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

**Foreign Currency Translation**

Foreign denominated monetary assets and liabilities are translated to their United States dollar equivalents using foreign exchange rates which prevailed at the balance sheet date.  Expenses are translated at average rates of exchange during the period.  Related translation adjustments are reported as a separate component of stockholders' equity, whereas gains or losses resulting from foreign currency transactions are included in results of operations.

**Recent Accounting Pronouncements**

The company has evaluated all the recent accounting pronouncements and believes that none of them will have a material effect on the company’s financial statement.

 

 

**NOTE 3 – GOING CONCERN**

The Company’s financial statements are prepared in accordance with generally accepted accounting principles applicable to a going concern.  This contemplates the realization of assets and the liquidation of liabilities in the normal course of business.  Currently, the Company has a working capital deficit of $85,050, an accumulated deficit of $150,050 and net loss from operations since inception of $150,050.  The Company does not have a source of revenue sufficient to cover its operation costs giving substantial doubt for it to continue as a going concern.  The Company will be dependent upon the raising of additional capital through placement of our common stock in order to implement its business plan, or merge with an operating company.  There can be no assurance that the Company will be successful in either situation in order to continue as a going concern.  The Company is funding its initial operations by way of issuing Founder’s shares.

The officers and directors have committed to advancing certain operating costs of the Company, including Legal, Audit, Transfer Agency and Edgarizing costs

**NOTE 4 - WARRANTS AND OPTIONS**

There are no warrants or options outstanding to acquire any additional shares of common stock.

**NOTE 5 - NOTE PAYABLE**

 As of February 28, 2011, there is a Note Payable of $38,918 at 5% interest which is repayable on June 7, 2011

F-7             
               
**MAGNUM OIL INC.**

**(A Development Stage Company)**

**Notes to the Audited Consolidated Financial Statements**

**February 28, 1010**

 

**NOTE 6 - RELATED PARTY TRANSACTIONS**

As of February 28, 2011, there is a total of $31,481 that has been forwarded by an officer of the Company; no specific repayment terms have been established. 

On August 23, 2010 the former directors of the company forgave a loan of $83,420, which was owed to them by the Company.

**NOTE 7 - DIRECTOR'S FEES**

Fees of $500 per month have been recorded for the remuneration of the director.

 

**NOTE 8 - INCOME TAXES**

  

Deferred tax assets:                                                                                            **February 28, 2011  **

Net operating loss carryforwards                                                                           $  150,050

Gross deferred tax assets                                                                                      $    52,518

Valuation allowance                                                                                              $   (52,518)

Net deferred tax assets                                                                                         $            0

 

Realization of deferred tax assets is dependent upon sufficient future taxable income during the period that deductible temporary differences and carryforwards are expected to be available to reduce taxable income.  As the achievement of required future taxable income is uncertain, the Company recorded a valuation allowance.

 

**NOTE 9 - NET OPERATING LOSSES**

As of February 28, 2011, the Company has a net operating loss carryforwards of approximately $150,050 Net operating loss carryforward expires twenty years from the date the loss was incurred.

 

**NOTE 10 - STOCK TRANSACTIONS**

Transactions, other than employees’ stock issuance, are in accordance with ASC 505.  Thus issuances shall be accounted for based on the fair value of the consideration received.  Transactions with employees’ stock issuance are in accordance with ASC 718.  These issuances shall be accounted for based on the fair value of the consideration received or the fair value of the equity instruments issued, or whichever is more readily determinable.

On December 14, 2005, the company issued a total of 22,000,000 shares of $0.000455 par value common stock as founder's shares to Jasmin Bin Omar Jayaseelan, Jefferi Bin Omar Jayaseelan and Cheryl Lim Phaik Suan, all of whom were officers and directors of our company.  Mr. Jasmin Jayaseelan and Mr. Jefferi Jayaseelan received 8,800,000 shares each, and Ms. Lim received 4,400,000 shares.  The shares were issued in exchange for cash in the aggregate amount of $5,000. In August 2006, the company completed an offering of shares of common stock in accordance with an SB-2 registration statement declared effective by the Securities and Exchange Commission on May 4, 2006.  The company sold 26,400,000 shares of common stock, par value $0.001, at a price of $0.0227 per share to approximately 32 investors.  The aggregate offering price for the offering closed in August 2006 was $60,000, all of which was collected from the offering. As of August 31, 2010 the Company had 48,400,000 shares of common stock issued and outstanding.
On May 23, 2010 the company received approval from FINRA for a forward split of common share of 22:1.  All share amounts have been retroactively adjusted for all periods presented.
 

  
F-8             
              
**MAGNUM OIL INC.**

**(A Development Stage Company)**

**Notes to the Audited Consolidated Financial Statements**

**February 28, 1010**

**NOTE 11 - STOCKHOLDERS’ EQUITY**

 

On May 23, 2010 the company received approval from FINRA for a forward split of common share of 22:1 $0,001 par value:  50,000,000 shares authorized; 48,400,000 shares issued and outstanding.

 

 

**NOTE 12 - DISCONTINUED BUSINESS**

 

In January 2010 the company discontinued doing business with the subsidiary.  The contributions of that company has been consolidated into one item in the Income Statement

**NOTE 13 - SUBSEQUENT EVENTS**

 

In accordance with ASC 855, Subsequent Events, the Company has evaluated subsequent events through the date of issuance of the audited consolidated financial statements.  

F-9            
               
**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***

 

Company management, including our chief executive officer and chief financial officer, have evaluated our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) as of the end of the period covered by this Form 10-K. Based on that evaluation, our chief executive officer and chief financial officer have concluded that our disclosure controls and procedures are effective to ensure that the information we are required to disclose in reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time period specified in Securities and Exchange Commission rules and forms. There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including cost limitations, the possibility of human error, judgments and assumptions regarding the likelihood of future events, and the circumvention or overriding of the controls and procedures.  Accordingly, even effective disclosure controls and procedures can only provide reasonable assurance of achieving their control objectives.

 

***Changes in Internal Controls over Financial Reporting***

 

There have been no changes in our internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Rule 13a-15 or 15d-15 promulgated under the Exchange Act that occurred during the last fiscal quarter of the fiscal year ended February 28, 2010 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.  Management is aware that there is a lack of segregation of duties at our company due to the limited number of employees dealing with general administrative and financial matters.  At this time management believes that, given the individuals involved and the control procedures in place, the risks associated with such lack of segregation are insignificant, and that the potential benefits of adding additional employees to segregate duties more clearly do not justify the associated added expense.  Management will continue to evaluate this segregation of duties.  In addition, management is aware that many of our currently existing internal controls are undocumented.  Our management will be working to document such internal controls over the coming year.

 **Item 9B.  Other Information.**

None.
14             
              
 

 

**PART III**

**Item 10.  Directors, Executive Officers, Promoters and Control Persons; Compliance With Section 16(a) of the Exchange Act**

***Directors, Executive Officers and Key Employees***

 

The following table sets forth certain information regarding our directors, executive officers and key employees as of February 28, 2011 and as of the date of the filing of this report:

 

**Name and Address**

**Age**

**Position(s) Held**

Patrick DeBlois                                    36                                President, CEO, Treasurer, 

                                                                                                Principal Executive Officer and 

                                                                                                Chairman of the Board of Directors

 

Eden Clark                                           34                                Secretary

 

***Background of Directors and Executive Officers***

**Patrick DeBlois** has been the President, CEO, Treasurer, CFO and a Director of our company since October 27, 2010.  Since 1999, Mr. DeBlois has been a Director and is the Proprietor of the Minakwa Lodge located in Northern Ontario.  Mr. DeBlois has grown his resort from a grassroots venture to a global success story.  Mr. DeBlois holds a diploma in Wildlife Management and GIS mapping from Cambrian College.  Mr. DeBlois devotes approximately 10 hours a week to our business.

**Eden Clark** has been our Secretary since December 15, 2010.  From 1997 to 2001, Ms. Clark was a founding team member of Onvia.com Inc., a publicly traded company on NASDAQ, assisting it in the growth from a small start-up to more than 300 employees and $140 million in revenue.  From 2002 to 2008 she was founder and CEO of Be Jane, Inc., a media and web company focused on the niche segment of women’s home improvement and décor, leading breakthrough partnerships on new initiatives with such companies as MSN and Bank of America, and was featured in hundreds of national TV and print media such as *TIME, Entrepreneur, People Magazine, Wall St Journal, CNN, The Today Show*, and more.  From 2008 until present, Ms. Clark became President of eDivvy.com Inc., a private payment technology company, leading the company’s strategic initiatives, branding, and business development efforts.  Ms. Clark devotes approximately 5 hours a week to our business.

  
***Term of Office of Directors***

 

Our directors are appointed for a one-year term to hold office until the next annual general meeting of our stockholders or until removed from office in accordance with our bylaws.  Our officers are appointed by our Board of Directors and hold office until the officer dies or resigns or the Board elects a successor or removes the officer.

 

***Key Employees***

 

None.
15             
              
 

**Family Relationships**

 

None.

 

**Involvement in Certain Legal Proceedings**

 

None.

 

**Audit Committee Financial Expert**

 

No determination has been made as to whether any member of the audit committee qualified as an audit committee financial expert as defined in Item 401 of Regulation S-K.

 

**Section 16(a) Beneficial Ownership Reporting Compliance**

 

Section 16(a) of the Securities Exchange Act of 1934, as amended, requires our directors and executive officers, and persons who beneficially own more than 10% of a registered class of our equity securities, to file reports of beneficial ownership and changes in the beneficial ownership of our securities with the SEC of Forms 3 (Initial Statement of Beneficial Ownership), 4 (Statement of Changes of Beneficial Ownership of Securities) and 5 (Annual Statement of Beneficial Ownership of Securities). Directors, executive officers and beneficial owners of more than 10% of our Common Stock are required by SEC regulations to furnish us with copies of all Section 16(a) forms that they file.  Based on a review of the SEC’s website, we believe that, with respect to our most recent fiscal year, all directors, executive officers and greater than 10% beneficial owners complied with all Section 16(a) filing requirements applicable to them.

 

**Code of Ethics**

 

We have adopted an informal Code of Ethics that applies to our officers, directors, which we feel is sufficient at this time, given we are still in the start-up, development stage and have no employees, other than our officers and directors.

 

**Item 11.  Executive Compensation.**

  
We have two executive officers, who are currently our only employees.  None of these officers and directors draw a salary and do not intend to draw any salaries until such time as the company is successful in its business plans and generates cash flow.  At such time, a special meeting will be held to determine whether salaries will be paid.  The following summary compensation table sets forth information concerning compensation for services rendered in all capacities during 2011 and 2010 awarded to, earned by or paid to our executive officers.

16            
               
**SUMMARY COMPENSATION TABLE**

 

**Name and Principal Position**

**Year**

**Salary**

**Bonus**

**Stock**

**Option**

**Non-Equity**

**Change in Pension**

**All Other**

**Total**

**(a)**

**(b)**

**($)**

**($)**

**Awards**

**Awards**

**Incentive**

**Value Nonqualified**

**Compensation**

**($)**

 

 

**(c)**

**(d)**

**($)**

**($)**

**Plan**

**Deferred**

**($)**

**(j)**

 

 

 

 

**(e)**

**(f)**

**Compensation**

**Compensation**

**(i)**

 

 

 

 

 

 

 

**($)**

**Earnings**

 

 

 

 

 

 

 

 

**(g)**

**($)**

 

 

 

 

 

 

 

 

 

**(h)**

 

 

 

 

 

 

 

 

 

 

 

 

Patrick DeBlois, President, CEO, Treasurer, CFO and Principal Executive Officer

2011

6,000

0

0

0

0

0

0

6,000

 

2010

0

0

0

0

0

0

0

0

 

 

 

 

 

 

 

 

 

 

Eden Clark, Secretary

2011

0

0

0

0

0

0

0

0

 

2010

0

0

0

0

0

0

0

0

 

 

 

 

 

 

 

 

 

 

 
 

**OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END TABLE**

 

  

**OPTION AWARDS**

**STOCK AWARDS**

**Name and Principal Position(s)**

**Number of**

**Number of**

**Equity**

**Option**

**Option**

**Number**

**Market**

**Equity**

**Equity**

**(a)**

**Securities**

**Securities**

**Incentive**

**Exercise**

**Expiration**

**of Shares**

**Value of**

**Incentive**

**Incentive**

 

**Underlying**

**Underlying**

**Plan**

**Price**

**Date**

**or Units**

**Shares or**

**Plan**

**Plan**

 

**Unexercised**

**Unexercised**

**Awards:**

**($)**

**(f)**

**of Stock**

**Units**

**Awards:**

**Awards:**

 

**Options**

**Options**

**Number of**

**(e)**

 

**That Have**

**of Stock**

**Number**

**Market**

 

**(#)**

**(#)**

**Securities**

 

 

**Not**

**That Have**

**of**

**or Payout**

 

**(Exercisable)**

**(Unexercisable)**

**Underlying**

 

 

**Vested**

**Not**

**Unearned**

**Value of**

 

**(b)**

**(c)**

**Unexercised**

 

 

**(#)**

**Vested**

**Shares,**

**Unearned**

 

 

 

**Unearned**

 

 

**(g)**

**($)**

**Units or**

**Shares,**

 

 

 

**Options**

 

 

 

**(h)**

**Other**

**Units or**

 

 

 

**(#)**

 

 

 

 

**Rights**

**Other**

 

 

 

**(d)**

 

 

 

 

**That**

**Rights**

 

 

 

 

 

 

 

 

**Have Not**

**That**

 

 

 

 

 

 

 

 

**Vested**

**Have Not**

 

 

 

 

 

 

 

 

**(#)**

**Vested**

 

 

 

 

 

 

 

 

**(i)**

**($)**

 

 

 

 

 

 

 

 

 

**(j)**

Patrick DeBlois, President, CEO, Treasurer, CFO and Principal Executive Officer

0

0

0

0

0

0

0

0

0

 

 

 

 

 

 

 

 

 

 

Eden Clark, Secretary

0

0

0

0

0

0

0

0

0

 

 

17             
              
**Option Grants**

No options were granted during the fiscal year ended February 28, 2011.  We have no outstanding warrants or stock options.

 

***Director Compensation***

 

None.

 

***Employment Agreements***

 

None.

 

***Report on Repricing of Options***

 

None.

 

**Item 12.**

**Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters**

***Security Ownership of Certain Beneficial Owners and Management***

 

The following table provides certain information regarding the ownership of our common stock, as of February 28, 2011 and as of the date of the filing of this annual report by:

 

 

•

 

each of our executive officers;

 

•

 

each director;

 

 

•

 

each person known to us to own more than 5% of our outstanding common stock; and

 

 

•

 

all of our executive officers and directors and as a group.

 

18          
              
 

As of February 28, 2011, we had a total of 48,400,000 shares of common stock issued and outstanding.  Except as indicated in footnotes to this table, the persons named in this table have sole voting and investment power with respect to all shares of common stock indicated below.  Except where noted, the address of all listed beneficial owners is in care of our office address.

 
 

 

 

 

**Name and Address of**  

**Beneficial Owner**

**Title of Class**

**Amount and**  

**Nature of Beneficial**  

**Ownership (1)**

**(#)**

**Percent of**  

**Class (2)**  

**(%)**

Patrick DeBlois, President, CEO, Treasurer, CFO and Principal Executive Officer

Common

Shares

0

0

Eden Clark, Secretary 

Common

Shares

0

0

All Officers and Directors as a Group 

Common

Shares

0

0

 

Jasmin Bin Omar Jayaseelan

 

Common

Shares

8,800,000

18.18

 

Jefferi Bin Omar Jayaseelan

 

Common

Shares

8,800,000

18.18

 

Cheryl Lim Phaik Suan

 

Common

Shares

4,400,000

9.09

 

***Changes in Control***

 

None.

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

 

At February 28, 2011, there is a total of $31,481 advanced by an officer for costs; however, there is no specific repayment term.

We do not currently have any other related party transactions and have not yet formulated a policy for the resolution of any related transaction conflicts, should they arise.

 

19            
               
***Director Independence***

 

The OTC Bulletin Board does not have a requirement that a majority of our Board of Directors be independent.  However, with respect to the definition of independence utilized by NASDAQ, our officers and directors would be deemed to be independent.

Our Audit Committee is comprised of our officers and directors.  NASDAQ requires at least three members on the Audit Committee, each of whom must be independent.  NASDAQ also requires that, if its Chief Executive Officer’s compensation is determined by its Compensation Committee, the Compensation Committee must be comprised solely of independent directors.  The Company currently does not meet either of these requirements.

 

The NASDAQ rules have both objective tests and a subjective test for determining who is an “independent director.”  The objective tests state, for example, that a director is not considered independent if he or she is an employee of the Company or is a partner, executive officer or controlling stockholder 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 the greater of $200,000 or 5% of the recipient’s consolidated gross revenue for that year or a family member serves in the current fiscal year or has served at any time during the last three fiscal years as an executive officer of the Company. The subjective test states that an independent director must be a person who lacks a relationship that, in the opinion of the Board, would interfere with the exercise of independent judgment in carrying out the responsibilities of a director.

**Item 14.  Principal Accountant Fees and Services **

 

***Audit Fees***

 

The audit fees paid to our accounting firm, Chang G. Park, CPA, for the fiscal years ended February 28, 2011 and February 28, 2010 were $10,000 and $5,000, respectively.

 

***Audit-Related Fees***

 

The fees of our accounting firm, Chang G. Park, CPA, for providing audit-related services such as reviewing our quarterly reports on Form 10-Q for the fiscal year ended February 28, 2011 was approximately $5,800. 

 

***Tax Fees***

 

Chang G. Park, CPA, does not provide us with tax compliance, tax advice or tax planning services.

 

***All Other Fees***

 

None.

 

  
20             
              
 

**Item 15.   **

**Exhibits **

 

The following exhibits are being filed as part of this Annual Report on Form 10-K; all other exhibits required to be filed herein are incorporated by reference and can be found in their entirety in our original Form SB-2 registration statement filing on the SEC website.

 

**Exhibit No**.   

**Description**

23

Consent of Independent Certified Public Accountants

31.1

Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32.1

Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) of the Exchange Act, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized. 

  

**MAGNUM OIL INC.**

  

  

  

By: /s/ *Patrick DeBlois*

Date:  June 15, 2011 

Patrick DeBlois

  

President, Chief Executive Officer 

  

Chief Financial Officer, Director, Secretary, Treasurer 

 

 

Pursuant to the requirements of 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. 

Signature

Title

Date

 

  

  

/s/ *Patrick DeBlois*

President, Chief Executive 

June 15, 2011

Patrick DeBlois

Officer, Chief Financial Officer, Director, Secretary, Treasurer

 

21             
             ** |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|