Enxnet 10-Q 12 Aug 15 2015 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jun. 30, 2015	Aug. 12, 2015
Document And Entity Information
Entity Registrant Name	ENXNET INC
Entity Central Index Key	1,083,706
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
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		52,601,518
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2,015

Balance Sheets (Unaudited)

Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2015	Mar. 31, 2015
CURRENT ASSETS
Cash	$ 14,280	$ 22,529
Restricted cash	115,000	115,000
Prepaid expenses	180	559
TOTAL CURRENT ASSETS	129,460	138,088
OTHER ASSETS
Deposits	1,137	1,137
TOTAL OTHER ASSETS	1,137	1,137
TOTAL ASSETS	130,597	139,225
CURRENT LIABILITIES
Accounts payable and accrued expenses	576,585	567,865
Advances from officer - related party	40,500	20,500
Advances from stockholder	31,000	31,000
Convertible notes payable - stockholders	310,000	325,000
Convertible notes payable - related parties	835,101	835,101
TOTAL CURRENT LIABILITIES	1,793,186	1,779,466
STOCKHOLDERS' DEFICIT
Common stock, $0.00005 par value; 200,000,000 shares authorized, 52,601,518 and 52,601,518 shares issued and outstanding	2,630	2,630
Additional paid-in capital	5,629,294	5,629,294
Accumulated deficit	(7,194,513)	(7,172,165)
Other comprehensive income	(100,000)	(100,000)
TOTAL STOCKHOLDERS' DEFICIT	(1,662,589)	(1,640,241)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 130,597	$ 139,225

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2015	Mar. 31, 2015
Statement of Financial Position [Abstract]
Common Stock, Par Value	$ 0.00005	$ 0.00005
Common Stock, Shares Authorized	200,000,000	200,000,000
Common Stock, Shares Issued	52,601,518	52,601,518
Common Stock, Shares Outstanding	52,601,518	52,601,518

Statements of Operations (Unaud

Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
EXPENSES
Consulting fees	$ 400	$ 600
Depreciation & amortization		518
Payroll	$ 2,500	4,576
Professional services	6,500	7,783
Occupancy and office	2,839	3,782
Travel	913	565
Other	647	697
Total Expenses	13,799	18,521
LOSS FROM OPERATIONS	(13,799)	(18,521)
OTHER INCOME (EXPENSE)
Interest expense	(8,549)	(6,334)
NET LOSS	$ (22,348)	$ (24,855)
BASIC AND DILUTED NET LOSS PER SHARE	$ 0	$ 0
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING, BASIC AND DILUTED	52,601,518	49,673,436

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (22,348)	$ (24,855)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		518
Stock options expense		1,374
Changes in operating assets and liabilities:
Prepaid expenses	$ 379	113
Accounts payable & accrued expenses	8,720	5,641
Net cash used in operating activities	$ (13,249)	(17,209)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from stock sales		$ 17,500
Proceeds from advances from officer and stockholders	$ 5,000
Net cash provided by financing activities	5,000	$ 17,500
NET INCREASE (DECREASE) IN CASH	(8,249)	291
CASH - Beginning of period	22,529	23,439
CASH - End of period	$ 14,280	$ 23,730
SUPPLEMENTAL CASH FLOW DISCLOSURES:
Interest expense
Income taxes
NON-CASH FINANCING AND INVESTING TRANSACTIONS
Conversion of convertible notes payables-stockholders to Advances from officer - related party	$ 15,000

1. BASIS OF PRESENTATION

1. BASIS OF PRESENTATION	3 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
1. BASIS OF PRESENTATION	NOTE 1 - BASIS OF PRESENTATION The accompanying unaudited financial statements of EnXnet, Inc. (“EnXnet” or “the Company”) for the three months ended June 30, 2015 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, 2015 Annual Report on Form 10-K.

2. GOING CONCERN

2. GOING CONCERN	3 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
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.

3. CONVERTIBLE NOTES PAYABLE

3. CONVERTIBLE NOTES PAYABLE	3 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
3. CONVERTIBLE NOTES PAYABLE	NOTE 3 – CONVERTIBLE NOTES PAYABLE Convertible notes payable-related party consists of the following: June 30, 2015 March 31, 2015 2% convertible notes payable to Ryan Corley, President of the Company, due on demand, convertible into a maximum of 33,222,750 common shares 664,455 664,455 2% convertible note payable to an entity controlled by Ryan Corley, President of the Company, due on demand, convertible into a maximum of 978,000 common shares 48,900 48,900 3% convertible notes payable to an entity controlled by Ryan Corley, President of the Company, due on demand, convertible into a maximum of 1,619,500 common shares 111,350 111,350 2% convertible notes payable to Douglas Goodsell, a related party, due on demand, convertible into a maximum of 519,850 common shares 10,396 10,396 Total notes payable-related party $ 835,101 $ 835,101 Convertible notes payable - stockholders consist of the following: June 30, 2015 March 31, 2015 7% convertible notes payable to stockholders, due March 16, 2017, convertible into a maximum of 5,250,000 common shares, 110,000 125,000 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 stockholders, due on demand, convertible into a maximum of 1,100,000 common shares 25,000 25,000 Total notes payable $ 310,000 $ 325,000 In March 2015, the Company issued two conventional convertible notes in the aggregate amount of $125,000 to stockholders. A portion of the proceeds in the amount of $115,000 is restricted and to be used to obtain natural gas and petroleum properties. In connection with these notes, the Company issued 250,000 common shares valued in the amount of $4,250. During the quarter ended June 30, 2015, $15,000 of these notes were treated as being repaid. The Company’s CEO transferred a private partnership interest to one of the note holders and then contributed the $15,000 in a non-cash transaction back to the Company. The effect of the transaction was that Convertible Notes payable were reduced by $15,000 and Advances from officer – related party was increased by $15,000. These notes are convertible into 5,250,000 common stock shares and accrue interest at a 7% per year rate. A Black-Scholes valuation of the conversion feature was determined to have no value and therefore no liability for the conversion feature was recorded. These notes are due March 16, 2017, however, if suitable natural gas and petroleum properties are not located in the near term, the restricted cash will be used to pay off these notes. For this reason, the notes have been classified as current liabilities.

4. ADVANCES FROM OFFICER AND ST

4. ADVANCES FROM OFFICER AND STOCKHOLDER	3 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
4. ADVANCES FROM OFFICER AND STOCKHOLDER	NOTE 4 – ADVANCES FROM OFFICER AND STOCKHOLDER Advances from Stockholder: Advances from a stockholder at June 30, 2015 and March 31, 2015 were $31,000 and $31,000, respectively. Advances from Officer: Our CEO, Ryan Corley, has made advances to the Company in prior years. During the quarter ended June 30, 2015, and the year ended March 31, 2015, the CEO made additional unsecured advances totaling $5,000 and $10,000. During the year ended March 31, 2015, the Company converted $2,000 of the advances into notes payable. At June 30, 2015 and March 31, 2015, advances from the CEO were $30,000 and $10,000 respectively. The Company has notes payable to the CEO in the aggregate amount of $664,455 and $664,455 as of June 30, 2015 and March 31, 2015. Accrued interest owed on these notes at June 30, 2015 and March 31, 2015 is $165,459 and $162,137. These notes and accrued interest are convertible into 35,020,464 and 34,854,350 shares of restricted common stock of the company. At June 30, 2015 and March 31, 2015, advances from the entity controlled by the CEO were $10,500 and $10,500 and notes payable totaled $160,250 and $160,250. Accrued interest owed on these notes at June 30, 2015 and March 31, 2015 is $26,472 and $25,392. These notes and accrued interest are convertible into 3,008,018 and 2,990,982 shares of restricted common stock of the company.

5. STOCK OPTIONS

5. STOCK OPTIONS	3 Months Ended
	Jun. 30, 2015
STOCKHOLDERS' DEFICIT
5. STOCK OPTIONS	NOTE 5 – 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. A summary of the status of the Company’s stock options as of June 30, 2015 is presented below: June 30, 2015 Options outstanding at beginning of year 2,590,000 Options granted — Options exercised — Options canceled 200,000 Options outstanding at end of year 2,390,000 The following table summarizes the information about the stock options as of June 30, 2015: Range of Exercise Price Number Outstanding Weighted Average Remaining Contractual Life Years Weighted Average Exercise Price (Total shares) Number Exercisable Weighted Average Exercise Price (Exercisable shares) $ .12 1,590,000 2.06 $ .12 1,590,000 $ .12 .50 300,000 1.00 .50 300,000 .50 .15 500,000 1.41 .15 500,000 .15 $ .12 - .50 2,390,000 1.79 $ .17 2,390,000 $ .17

3. CONVERTIBLE NOTES PAYABLE (T

3. CONVERTIBLE NOTES PAYABLE (Tables)	3 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Convertible Notes Payable	Convertible notes payable-related party consists of the following: June 30, 2015 March 31, 2015 2% convertible notes payable to Ryan Corley, President of the Company, due on demand, convertible into a maximum of 33,222,750 common shares 664,455 664,455 2% convertible note payable to an entity controlled by Ryan Corley, President of the Company, due on demand, convertible into a maximum of 978,000 common shares 48,900 48,900 3% convertible notes payable to an entity controlled by Ryan Corley, President of the Company, due on demand, convertible into a maximum of 1,619,500 common shares 111,350 111,350 2% convertible notes payable to Douglas Goodsell, a related party, due on demand, convertible into a maximum of 519,850 common shares 10,396 10,396 Total notes payable-related party $ 835,101 $ 835,101 Convertible notes payable - stockholders consist of the following: June 30, 2015 March 31, 2015 7% convertible notes payable to stockholders, due March 16, 2017, convertible into a maximum of 5,250,000 common shares, 110,000 125,000 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 stockholders, due on demand, convertible into a maximum of 1,100,000 common shares 25,000 25,000 Total notes payable $ 310,000 $ 325,000

5. STOCK OPTIONS (Tables)

5. STOCK OPTIONS (Tables)	3 Months Ended
	Jun. 30, 2015
STOCKHOLDERS' DEFICIT
Stock Option Activity	June 30, 2015 Options outstanding at beginning of year 2,590,000 Options granted — Options exercised — Options canceled 200,000 Options outstanding at end of year 2,390,000
Stock Option Information	Range of Exercise Price Number Outstanding Weighted Average Remaining Contractual Life Years Weighted Average Exercise Price (Total shares) Number Exercisable Weighted Average Exercise Price (Exercisable shares) $ .12 1,590,000 2.06 $ .12 1,590,000 $ .12 .50 300,000 1.00 .50 300,000 .50 .15 500,000 1.41 .15 500,000 .15 $ .12 - .50 2,390,000 1.79 $ .17 2,390,000 $ .17

3. CONVERTIBLE NOTES PAYABLE -

3. CONVERTIBLE NOTES PAYABLE - Convertible Notes Payable (Details) - USD ($)	Jun. 30, 2015	Mar. 31, 2015
Total notes payable-related party	$ 835,101	$ 835,101
Total notes payable	310,000	325,000
2% Convertible Notes payable to Ryan Corley, President of the Company, due on demand, convertible into a maximum of 33,222,750 common shares
Total notes payable-related party	664,455	664,455
2% Convertible Notes payable to and entity controlled by Ryan Corley, President of the Company, due on demand, convertible into a maximum of 978,000 common shares
Total notes payable-related party	48,900	48,900
3% Convertible Notes payable to Ryan Corley, President of the Company, due on demand, convertible into a maximum of 1,619,500 common shares
Total notes payable-related party	111,350	111,350
2% convertible notes payable to Douglas Goodsell, a related party, due on demand, convertible into a maximum of 519,850 common shares
Total notes payable-related party	10,396	10,396
7% Convertible notes payable to stockholders, due March 16, 2017, convertible into a maximum of 5,250,000 common shares
Total notes payable	110,000	125,000
4% convertible notes payable to a stockholder, due on demand, convertible into a maximum of 350,000 common shares
Total notes payable	175,000	175,000
2% convertible notes payable to stockholders, due on demand, convertible into maximum of 1,100,000 common shares
Total notes payable	$ 25,000	$ 25,000

3. CONVERTIBLE NOTES PAYABLE (D

3. CONVERTIBLE NOTES PAYABLE (Details Narrative) - USD ($)	3 Months Ended	12 Months Ended
	Jun. 30, 2015	Mar. 31, 2015
Debt Disclosure [Abstract]
Convertible Notes Issued		$ 125,000
Restricted Portion of Notes Issued		$ 115,000
Stock issued for debt issue costs, Shares		250,000
Stock issued for debt issue costs, value		$ 4,250
Convertible notes, shares to be issued		6,250,000
Interest rate		7.00%
Repayment of Notes Payable	$ 15,000

4. ADVANCES FROM OFFICER AND 15

4. ADVANCES FROM OFFICER AND STOCKHOLDER (Details Narrative) - USD ($)	3 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Mar. 31, 2015
Advances from Stockholder	$ 31,000		$ 31,000
Advances from CEO, Increase	5,000		10,000
Conversion of Advances to Notes Payable	15,000		2,000
Advances from CEO	30,000		10,000
Total notes payable-related party	835,101		$ 835,101
Shares Issuable upon Conversion			6,250,000
2% Convertible Notes payable to Ryan Corley, President of the Company, due on demand, convertible into a maximum of 33,222,750 common shares
Total notes payable-related party	664,455		$ 664,455
Accrued Interest, Notes Payable	$ 165,459		$ 162,137
Shares Issuable upon Conversion	35,020,464		34,854,350
Entity Controlled by CEO
Advances from CEO	$ 10,500		$ 10,500
Total notes payable-related party	160,250		160,250
Accrued Interest, Notes Payable	$ 26,472		$ 25,392
Shares Issuable upon Conversion	3,008,018		2,990,982

5. STOCK OPTIONS - Stock Option

5. STOCK OPTIONS - Stock Option Activity (Details) - 3 months ended Jun. 30, 2015 - USD ($)	Total
STOCKHOLDERS' DEFICIT
Options outstanding at beginning of year	2,590,000
Options granted
Options exercised
Options canceled	$ 200,000
Options outstanding at end of year	2,390,000

5. STOCK OPTIONS - Stock Opti17

5. STOCK OPTIONS - Stock Option Information (Details) - $ / shares	3 Months Ended
	Jun. 30, 2015	Mar. 31, 2015
Number Outstanding	2,390,000	2,590,000
Weighted Average Remaining Contractual Life Years	1 year 8 months
Number Exercisable	2,390,000
Weighted Average Exercise Price (Exercisable shares)	$ .17
Minimum
Range of Exercise Price	0.12
Maximum
Range of Exercise Price	.50
Option 1
Range of Exercise Price	$ .12
Number Outstanding	1,590,000
Weighted Average Remaining Contractual Life Years	2 years 1 month
Number Exercisable	1,590,000
Weighted Average Exercise Price (Exercisable shares)	$ .12
Option 2
Range of Exercise Price	$ .50
Number Outstanding	300,000
Weighted Average Remaining Contractual Life Years	1 year
Number Exercisable	300,000
Weighted Average Exercise Price (Exercisable shares)	$ .50
Option 3
Range of Exercise Price	$ 0.15
Number Outstanding	500,000
Weighted Average Remaining Contractual Life Years	1 year 5 months
Number Exercisable	500,000
Weighted Average Exercise Price (Exercisable shares)	$ .15

5. STOCK OPTIONS (Details Narra

5. STOCK OPTIONS (Details Narrative)	Mar. 31, 2014shares
2002 Stock Option Plan
Option Shares Authorized	3,000,000