Enxnet 10-Q 14 Nov 13 2013 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Sep. 30, 2013
Document And Entity Information	'
Entity Registrant Name	'ENXNET INC
Entity Central Index Key	'0001083706
Document Type	'10-Q
Document Period End Date	30-Sep-13
Amendment Flag	'false
Current Fiscal Year End Date	'--03-31
Is Entity a Well-known Seasoned Issuer?	'No
Is Entity a Voluntary Filer?	'No
Is Entity's Reporting Status Current?	'Yes
Entity Filer Category	'Smaller Reporting Company
Entity Common Stock, Shares Outstanding	48,901,518
Document Fiscal Period Focus	'Q3
Document Fiscal Year Focus	'2013

Balance_Sheets_Unaudited

Balance Sheets (Unaudited) (USD $)	Sep. 30, 2013	Mar. 31, 2013
CURRENT ASSETS	'	'
Cash	$5,923	$8,098
Prepaid expenses	1,060	1,027
TOTAL CURRENT ASSETS	6,983	9,125
OTHER ASSETS	'	'
Patent technology, net	36,742	37,778
Deposits	1,137	1,137
TOTAL OTHER ASSETS	37,879	38,915
TOTAL ASSETS	44,862	48,040
CURRENT LIABILITIES	'	'
Accounts payable and accrued expenses	548,750	524,556
Advances from officer - related party	12,500	10,500
Advances from stockholder	32,400	32,400
Convertible notes payable - stockholders	180,000	180,000
Convertible notes payable - related parties	809,118	809,118
TOTAL CURRENT LIABILITIES	1,582,768	1,556,574
Common stock, $0.00005 par value; 200,000,000 shares authorized, 48,901,518 and 47,981,518 shares issued and outstanding	2,445	2,399
Additional paid-in capital	5,518,266	5,468,153
Accumulated deficit	-6,958,617	-6,879,086
Other comprehensive income	-100,000	-100,000
TOTAL STOCKHOLDERS DEFICIT	-1,537,906	-1,508,534
TOTAL LIABILITIES AND STOCKHOLDERS DEFICIT	$44,862	$48,040

Balance_Sheets_Parenthetical

Balance Sheets (Parenthetical) (USD $)	Sep. 30, 2013	Mar. 31, 2013
Statement of Financial Position [Abstract]	'	'
Common Stock Par Value	$0.00	$0.00
Common Stock Authorized	200,000,000	200,000,000
Common Stock Issued	48,901,518	47,981,518
Common Stock Outstanding	48,901,518	47,981,518

Statements_of_Operations_Unaud

Statements of Operations (Unaudited) (USD $)	3 Months Ended		6 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Income Statement [Abstract]	'	'	'	'
REVENUES	'	'	'	'
COST OF SALES	'	'	'	'
Gross Profit	'	'	'	'
EXPENSES	'	'	'	'
Consulting fees	2,201	22,394	10,637	33,667
Depreciation & amortization	518	518	1,036	1,036
Advertising	'	'	'	'
Payroll	7,999	77,267	23,848	92,306
Professional services	7,466	9,297	21,324	21,152
Occupancy	3,610	3,588	6,076	6,748
Office	1,156	1,965	2,371	3,675
Travel	347	2,864	649	3,634
Other	612	707	1,250	1,378
Total Expenses	23,909	118,600	67,191	163,596
LOSS FROM OPERATIONS	-23,909	-118,600	-67,191	-163,596
OTHER INCOME (EXPENSE)	'	'	'	'
Interest expense	-6,204	-6,204	-12,340	-12,227
NET LOSS	($30,113)	($124,804)	($79,531)	($175,823)
BASIC AND DILUTED NET LOSS PER SHARE	$0	$0	$0	$0
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING, BASIC AND DILUTED	48,790,648	47,164,235	48,581,026	45,253,089

Statements_of_Cash_Flows_Unaud

Statements of Cash Flows (Unaudited) (USD $)	6 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES	'	'
Net loss	($79,531)	($175,823)
Adjustments to reconcile net loss to net cash used by operations:	'	'
Depreciation and amortization	1,036	1,036
Common stock issued for services	'	69,000
Stock options expense	4,159	8,954
Changes in operating assets and liabilities:	'	'
Decrease (increase) in prepaid expenses	-33	255
Increase in accounts payable & accrued expenses	24,194	11,049
Net cash used in operating activities	-50,175	-85,527
CASH FLOWS FROM FINANCING ACTIVITIES	'	'
Proceeds from stock sales	46,000	100,000
Proceeds from note payable	'	'
Proceeds from advances from officer and stockholders	3,000	18,900
Repayment of advances from officer and stockholders	-1,000	-11,000
Net cash provided by financing activities	48,000	107,900
NET INCREASE (DECREASE) IN CASH	-2,175	22,371
CASH - Beginning of period	8,098	11,966
CASH - End of period	5,923	34,337
SUPPLEMENTAL CASH FLOW DISCLOSURES:	'	'
Interest expense	'	'
Income taxes	'	'
Conversion of account payable - related parties to note payable - related parties	'	$36,900

NOTE_1_BASIS_OF_PRESENTATION

NOTE 1. BASIS OF PRESENTATION	6 Months Ended
	Sep. 30, 2013
Accounting Policies [Abstract]	'
NOTE 1 - BASIS OF PRESENTATION	'
	NOTE 1 - BASIS OF PRESENTATION
	The accompanying unaudited financial statements of EnXnet, Inc. (“EnXnet” or “the Company”) for the six months ended September 30, 2013 have been prepared in accordance with generally accepted accounting principles in the United States of America, pursuant to the rules and regulations of the U.S. Securities and Exchange Commission for interim financial information. Accordingly, the financial statements do not include all information and footnotes required by generally accepted accounting principles in the United States for complete annual financial statements. In the opinion of management, the accompanying unaudited condensed interim financial statements reflect all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation. The accompanying financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s March 31, 2013 Annual Report on Form 10-K.

NOTE_2_GOING_CONCERN

NOTE 2. GOING CONCERN	6 Months Ended
	Sep. 30, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
NOTE 2 - GOING CONCERN	'
	NOTE 2 – GOING CONCERN
	The Company has a working capital deficit and has incurred losses since inception. These factors raise substantial doubt about the Company’s ability to continue as a going concern.  The financial statements do not include any adjustments that may be necessary if the Company is unable to continue as a going concern.
	Management of the Company has undertaken certain actions to address these conditions.    Funds required to carry out management’s plans are expected to be derived from future stock sales and borrowings from outside parties. There can be no assurances that the Company will be successful in executing its plans.

NOTE_3_CONVERTIBLE_NOTES_PAYAB

NOTE 3. CONVERTIBLE NOTES PAYABLE	6 Months Ended
	Sep. 30, 2013
Notes to Financial Statements	'
NOTE 3. CONVERTIBLE NOTES PAYABLE	'
	NOTE 3 – CONVERTIBLE NOTES PAYABLE
	Convertible notes payable-related parties consists of the following:
			30-Sep-13		31-Mar-13
	3% convertible note payable to Ryan Corley, President of the Company, due on demand		21,705		21,705
	2% convertible notes payable to Ryan Corley, due on demand		620,750		620,750
	2% convertible note payable to an entity controlled by Ryan Corley,  due on demand		48,900		48,900
	3% convertible notes payable to an entity controlled by Ryan Corley, due on demand		111,350		111,350
	3% convertible notes payable to Douglas Goodsell, due on demand		6,413		6,413
	Total notes payable-related party	$	809,118	$	809,118
	Convertible notes payable consist of the following:
			30-Sep-13		31-Mar-13
	4% convertible notes payable to a stockholder, due on demand, convertible into a		175,000		175,000
	maximum of 350,000 common shares
	2% convertible notes payable to a stockholders, due on demand, convertible into a		5,000		5,000
	maximum of 294,934 common shares
	Total notes payable	$	180,000	$	180,000

NOTE_4_ADVANCES_FROM_AND_NOTES

NOTE 4. ADVANCES FROM AND NOTES PAYABLE TO OFFICER	6 Months Ended
	Sep. 30, 2013
Related Party Transactions [Abstract]	'
NOTE 4. ADVANCES FROM AND NOTES PAYABLE TO OFFICER	'
	NOTE 4 – ADVANCES FROM AND NOTES PAYABLE TO OFFICER
	Advances from a stockholder at both September 30, 2013 and March 31, 2013 were $32,400.
	Our CEO, Ryan Corley, has made advances to the Company in prior years. During the six months ended September 30, 2013, the CEO made additional unsecured advances totaling $3,000. During six months ended September 30, 2013 the Company made payments on these advances of $1,000.
	ENXNET, INC
	NOTES TO FINANCIAL STATEMENTS
	(Unaudited)
	The Company has notes payable to the CEO totaling $642,455 and $642,455 as of September 30, 2013 and March 31, 2013. Accrued interest owed on these notes is $142,120 and $135,569. These notes and accrued interest are convertible into 15,021,705 and 14,880,388 shares, respectively.
	An entity controlled by the CEO has made unsecured advances and notes payables to the Company. Advances and notes payable from the entity controlled by the CEO as of September 30, 2013 and March 31, 2013 is $160,250. Accrued interest owed on these notes was $18,740 and $16,575, respectively. These notes and accrued interest are convertible into 2,885,505 and 2,851,340 shares, respectively

NOTE_5_COMMON_STOCK_TRANSACTIO

NOTE 5. COMMON STOCK TRANSACTIONS	6 Months Ended
	Sep. 30, 2013
STOCKHOLDERS DEFICIT	'
NOTE 5. COMMON STOCK TRANSACTIONS	'
	NOTE 5 - COMMON STOCK TRANSACTIONS
	The Company sold 920,000 shares for $46,000 in cash during the six months ended September 30, 2013

NOTE_6_STOCK_OPTIONS

NOTE 6. STOCK OPTIONS	6 Months Ended
	Sep. 30, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
NOTE 6. STOCK OPTIONS	'
	NOTE 6 – STOCK OPTIONS
	On July 24, 2001, the Company filed with the SEC Form S-8, for its 2002 Stock Option Plan, (the Plan). An aggregate amount of common stock that may be awarded and purchased under the Plan is 3,000,000 shares of the Company’s common stock. Under the Plan during the years ended March 31, 2013, the Company granted stock options to employees and members of the Board of Directors in the amount of 2,190,000. The Company recognized option expense of $4,159 due to the vesting of these options for the six months ended September 30, 2013.
	A summary of the status of the Company’s stock options as of September 30, 2013 is presented below:
		30-Sep-13
	Options outstanding at beginning of year	3,290,000
	Options granted	-
	Options exercised	-
	Options canceled	-
	Options outstanding at end of year	3,290,000
	The following table summarizes the information about the stock options as of September 30, 2013:
	Range of		Number	Weighted Average	Weighted Average		Number	Weighted Average
	Exercise Price		Outstanding	Remaining	Exercise Price		Exercisable	Exercise Price
				Contractual Life	(Total shares)			(Exercisable
				Years				shares)
	$	0.12	1,990,000	3.8	$	0.12	1,990,000	$	0.12
		.10-.15	800,000	0.47		0.12	800,000		0.12
		0.25	200,000	1.75		0.25	-		-
		0.5	300,000	2.75		0.5	100,000		0.5
	$	.10 – .15	3,290,000	2.77	$	0.16	2,890,000	$	0.13

NOTE_3_CONVERTIBLE_NOTES_PAYAB1

NOTE 3. CONVERTIBLE NOTES PAYABLE (Tables)	6 Months Ended
	Sep. 30, 2013
Notes to Financial Statements	'
Convertible Notes Payable	'
	Convertible notes payable-related parties consists of the following:
			30-Sep-13		31-Mar-13
	3% convertible note payable to Ryan Corley, President of the Company, due on demand		21,705		21,705
	2% convertible notes payable to Ryan Corley, due on demand		620,750		620,750
	2% convertible note payable to an entity controlled by Ryan Corley,  due on demand		48,900		48,900
	3% convertible notes payable to an entity controlled by Ryan Corley, due on demand		111,350		111,350
	3% convertible notes payable to Douglas Goodsell, due on demand		6,413		6,413
	Total notes payable-related party	$	809,118	$	809,118
	Convertible notes payable consist of the following:
			30-Sep-13		31-Mar-13
	4% convertible notes payable to a stockholder, due on demand, convertible into a		175,000		175,000
	maximum of 350,000 common shares
	2% convertible notes payable to a stockholders, due on demand, convertible into a		5,000		5,000
	maximum of 294,934 common shares
	Total notes payable	$	180,000	$	180,000

NOTE_6_STOCK_OPTIONS_Tables

NOTE 6. STOCK OPTIONS (Tables)	6 Months Ended
	Sep. 30, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Stock Options	'
		30-Sep-13
	Options outstanding at beginning of year	3,290,000
	Options granted	-
	Options exercised	-
	Options canceled	-
	Options outstanding at end of year	3,290,000
Stock Options Info Summary	'
	Range of		Number	Weighted Average	Weighted Average		Number	Weighted Average
	Exercise Price		Outstanding	Remaining	Exercise Price		Exercisable	Exercise Price
				Contractual Life	(Total shares)			(Exercisable
				Years				shares)
	$	0.12	1,990,000	3.8	$	0.12	1,990,000	$	0.12
		.10-.15	800,000	0.47		0.12	800,000		0.12
		0.25	200,000	1.75		0.25	-		-
		0.5	300,000	2.75		0.5	100,000		0.5
	$	.10 – .15	3,290,000	2.77	$	0.16	2,890,000	$	0.13

NOTE_4_ADVANCES_FROM_AND_NOTES1

NOTE 4. ADVANCES FROM AND NOTES PAYABLE TO OFFICER (Details Narrative) (USD $)	6 Months Ended			6 Months Ended	12 Months Ended	6 Months Ended	12 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Mar. 31, 2013	Sep. 30, 2013	Mar. 31, 2013	Sep. 30, 2013	Mar. 31, 2013
				Note to CEO	Note to CEO	Note to CEO Entity	Note to CEO Entity
Due to Officers, Noncurrent	$32,400	'	'	'	'	'	'
Increase (Decrease) Due to Officers	3,000	18,900	'	'	'	'	'
Repayments of Debt	1,000	'	'	'	'	'	'
Notes Payable, Related Parties	642,455	'	642,455	'	'	'	'
Interest Payable	142,120	'	135,569	'	'	'	'
Debt Instrument, Convertible	'	'	'	2,885,505	2,851,340	15,021,705	14,880,388
Due to Affiliate	160,250	'	'	'	'	'	'
Interest Payable, Current	$18,740	'	$16,575	'	'	'	'

NOTE_5_COMMON_STOCK_TRANSACTIO1

NOTE 5. COMMON STOCK TRANSACTIONS (Details Narrative) (USD $)	6 Months Ended
	Sep. 30, 2012
STOCKHOLDERS DEFICIT	'
[us-gaap:StockIssuedDuringPeriodValueNewIssues]	$920,000
[us-gaap:ProceedsFromIssuanceOrSaleOfEquity]	$46,000

NOTE_3_CONVERTIBLE_NOTES_PAYAB2

NOTE 3. CONVERTIBLE NOTES PAYABLE - Convertible Notes Payable (Details) (USD $)	Sep. 30, 2013	Mar. 31, 2013
Debt Disclosure [Abstract]	'	'
3% convertible note payable to Ryan Corley, President of the Company, due on demand	$21,705	$21,705
2% convertible notes payable to Ryan Corley, due on demand	620,750	620,750
2% convertible note payable to an entity controlled by Ryan Corley, due on demand	48,900	48,900
3% convertible notes payable to an entity controlled by Ryan Corley, due on demand	111,350	111,350
3% convertible notes payable to Douglas Goodsell, due on demand	6,413	6,413
Total notes payable-related party	809,118	809,118
4% convertible notes payable to a stockholder, due on demand, convertible into a maximum of 350,000 common shares	175,000	175,000
2% convertible notes payable to a stockholders, due on demand, convertible into a maximum of 294,934 common shares	5,000	5,000
Total notes payable	$180,000	$180,000

NOTE_6_STOCK_OPTIONS_Stock_Opt

NOTE 6. STOCK OPTIONS - Stock Options (Details)	3 Months Ended
	Sep. 30, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Options outstanding at beginning of year	3,290,000
Options granted	'
Options exercised	'
Options canceled	'
Options outstanding at end of year	3,290,000

NOTE_6_STOCK_OPTIONS_Stock_Opt1

NOTE 6. STOCK OPTIONS - Stock Options Information Summary (Details) (USD $)	6 Months Ended
	Sep. 30, 2013
Exercise Price, Minimum	$0.10
Exercise Price, Maximum	$0.15
Number Outstanding	3,290,000
Weighted Average Remaining Contractual Life Years	'2 years 9 months
Weighted Average Exercise Price (Total shares)	$0.16
Number Exercisable	2,890,000
Weighted Average Exercise Price (Exercisable shares)	$0.13
Option 1	'
Exercise Price, Minimum	$0.12
Number Outstanding	1,990,000
Weighted Average Remaining Contractual Life Years	'3 years 9 months
Weighted Average Exercise Price (Total shares)	$0.12
Number Exercisable	1,990,000
Weighted Average Exercise Price (Exercisable shares)	$0.12
Option 2	'
Exercise Price, Minimum	$0.10
Exercise Price, Maximum	$0.15
Number Outstanding	800,000
Weighted Average Remaining Contractual Life Years	'6 months
Weighted Average Exercise Price (Total shares)	$0.12
Number Exercisable	800,000
Weighted Average Exercise Price (Exercisable shares)	$0.12
Option 3	'
Exercise Price, Minimum	$0.25
Number Outstanding	200,000
Weighted Average Remaining Contractual Life Years	'1 year 9 months
Weighted Average Exercise Price (Total shares)	$0.25
Number Exercisable	'
Weighted Average Exercise Price (Exercisable shares)	'
Option 4	'
Exercise Price, Minimum	$0.50
Number Outstanding	300,000
Weighted Average Remaining Contractual Life Years	'2 years 9 months
Weighted Average Exercise Price (Total shares)	$0.50
Number Exercisable	100,000
Weighted Average Exercise Price (Exercisable shares)	$0.50

NOTE_6_STOCK_OPTIONS_Details_N

NOTE 6. STOCK OPTIONS (Details Narrative) (USD $)	6 Months Ended
	Sep. 30, 2013	Jul. 24, 2001
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'	'
[us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized]	'	3,000,000
[us-gaap:StockGrantedDuringPeriodValueSharebasedCompensation]	$2,190,000	'
[us-gaap:AllocatedShareBasedCompensationExpense]	$4,159	'