Enxnet 10-Q 9 Feb 17 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Dec. 31, 2016	Feb. 08, 2017
Document And Entity Information
Entity Registrant Name	ENXNET INC
Entity Central Index Key	1,083,706
Document Type	10-Q
Document Period End Date	Dec. 31, 2016
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		54,401,518
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2,016

Balance Sheets (Unaudited)

Balance Sheets (Unaudited) - USD ($)	Dec. 31, 2016	Mar. 31, 2016
CURRENT ASSETS
Cash	$ 10,539	$ 24,608
Restricted cash	65,545	54,371
TOTAL CURRENT ASSETS	76,084	78,979
OTHER ASSETS
Mineral rights, unproven	53,633	20,108
TOTAL OTHER ASSETS	53,633	20,108
TOTAL ASSETS	129,717	99,087
CURRENT LIABILITIES
Accounts payable and accrued expenses	627,928	602,703
Advances from officer - related party	15,500	10,500
Advances from stockholder	31,000	31,000
Convertible notes payable - stockholders	300,000	300,000
Convertible notes payable - related parties	885,101	875,101
TOTAL CURRENT LIABILITIES	1,859,529	1,819,304
LONG TERM LIABILITIES
Convertible notes payable - stockholders	50,000
TOTAL LONG TERM LIABILITIES	50,000
TOTAL LIABILITIES	1,909,529	1,819,304
STOCKHOLDERS' DEFICIT
Common stock, $0.00005 par value; 200,000,000 shares authorized, 54,401,518 and 54,201,518 shares issued and outstanding as of December 31, 2016, and March 31, 2016, respectively	2,720	2,710
Additional paid-in capital	5,649,704	5,647,714
Accumulated deficit	(7,332,236)	(7,270,641)
Other comprehensive income	(100,000)	(100,000)
TOTAL STOCKHOLDERS' DEFICIT	(1,779,812)	(1,720,217)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 129,717	$ 99,087

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2016	Mar. 31, 2016
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	54,401,518	54,201,518
Common Stock, Shares Outstanding	54,401,518	54,201,518

Statements of Operations (Unaud

Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
EXPENSES
Consulting fees	$ 300	$ 300	$ 1,450	$ 12,000
Payroll	1,500	9,000	4,500	13,000
Professional services	4,650	4,815	22,843	22,552
Occupancy and office	936	1,275	3,494	4,928
Travel	149	229	425	1,405
Other	532	507	1,623	1,957
Total Expenses	8,067	16,126	34,335	55,842
LOSS FROM OPERATIONS	(8,067)	(16,126)	(34,335)	(55,842)
OTHER INCOME (EXPENSE)
Interest expense	(8,777)	(8,614)	(27,260)	(25,711)
NET LOSS	$ (16,844)	$ (24,740)	$ (61,595)	$ (81,553)
BASIC AND DILUTED NET LOSS PER SHARE	$ 0	$ 0	$ 0	$ 0
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING, BASIC AND DILUTED	54,401,518	53,136,301	54,293,977	53,027,545

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (61,595)	$ (81,553)
Adjustments to reconcile net loss to net cash used by operations:
Debt issuance cost	2,000
Common stock issued for services		18,500
Changes in operating assets and liabilities:
Prepaid expenses		559
Accounts payable & accrued expenses	25,225	26,097
Net cash used in operating activities	(34,370)	(36,397)
CASH FLOWS FROM INVESTING ACTIVITIES
Changes in restricted cash	(11,174)	15,000
Deposit		1,137
Mineral rights, unproven	(33,525)
Net cash (used in)/provided by investing activities	(44,699)	16,137
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from convertible note payable from stockholders	50,000
Proceeds from advances from officer and stockholders	15,000	5,000
Net cash provided by financing activities	65,000	5,000
NET (DECREASE) IN CASH	(14,069)	(15,260)
CASH - Beginning of period	24,608	22,529
CASH - End of period	10,539	7,269
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	10,000	40,000
Conversion of convertible notes-stockholder - related party to Advances from officer		$ 25,000

1. BASIS OF PRESENTATION

1. BASIS OF PRESENTATION	9 Months Ended
	Dec. 31, 2016
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 nine months ended December 31, 2016 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, 2016 Annual Report on Form 10-K.

2. GOING CONCERN

2. GOING CONCERN	9 Months Ended
	Dec. 31, 2016
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	9 Months Ended
	Dec. 31, 2016
Payables and Accruals [Abstract]
3. CONVERTIBLE NOTES PAYABLE	NOTE 3 – CONVERTIBLE NOTES PAYABLE Convertible notes payable-related party consists of the following: December 31, 2016 March 31, 2016 2% convertible notes payable to Ryan Corley, President of the Company, due on demand, convertible into a maximum of 35,722,734 and 35,222,734 common shares, respectively 714,455 704,455 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 $ 885,101 $ 875,101 Convertible notes payable consist of the following: December 31, 2016 March 31, 2016 7% convertible notes payable to stockholders, due August 12, 2018 convertible into a maximum of 250,000 common shares, 50,000 — 7% convertible notes payable to stockholders, due March 16, 2017, convertible into a maximum of 500,000 common shares, 100,000 100,000 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 $ 350,000 $ 300,000

4. ADVANCES FROM OFFICER AND ST

4. ADVANCES FROM OFFICER AND STOCKHOLDER	9 Months Ended
	Dec. 31, 2016
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 December 31, 2016 and March 31, 2016 were $31,000. Advances from Officer: Our CEO, Ryan Corley, has made advances to the Company in prior years. During the nine months ended December 31, 2016 and the year ended March 31, 2016, respectively, the CEO made additional unsecured advances totaling $15,000 and $5,000. Also during the nine months ended December 31, 2016, the Company converted $10,000 of the advances into a convertible note payable. At December 31, 2016 and March 31, 2016, respectively, advances from the CEO were $5,000 and $-0- respectively. The Company has notes payable to the CEO in the aggregate amount of $714,455 and $704,455 as of December 31, 2016, and March 31, 2016, respectively. Accrued interest owed on these notes at December 31, 2016 and March 31, 2016 is $186,609 and $175,759, respectively. These notes and accrued interest are convertible into 38,734,228 and 37,535,471 shares of restricted common stock of the company. At December 31, 2016 and March 31, 2016, advances from the entity controlled by the CEO were $10,500 and $10,500 and notes payable totaled $160,250 and $160,250, respectively. Accrued interest owed on these notes at December 31, 2016 and March 31, 2016 is $32,950 and $29,711, respectively. These notes and accrued interest are convertible into 3,108,683 and 3,059,127 shares of restricted common stock of the company. The Company conducts its business from the office of its CEO, Ryan Corley, rent free. The office is located at 7450 S. Winston Ave. in Tulsa, OK. The Company’s offices are currently adequate and suitable for its operations.

5. STOCK OPTIONS

5. STOCK OPTIONS	9 Months Ended
	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
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 December 31, 2016, is presented below: December 31, 2016 Options outstanding at beginning of year 2,390,000 Options granted — Options exercised — Options canceled/expired/forfeited 800,000 Options outstanding at end of year 1,590,000 The following table summarizes the information about the stock options as of December 31, 2016: 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 0.55 .12 1,590,000 .12

6. COMMON STOCK

6. COMMON STOCK	9 Months Ended
	Dec. 31, 2016
STOCKHOLDERS' DEFICIT
6. COMMON STOCK	NOTE 6 – COMMON STOCK The Company issued 200,000 common shares with the issuance of a note payable in the aggregate of $50,000 during the quarter ended December 31, 2016. The Company recorded debt issuance cost of $2,000.

7. SUBSEQUENT EVENTS

7. SUBSEQUENT EVENTS	9 Months Ended
	Dec. 31, 2016
Subsequent Events [Abstract]
7. SUBSEQUENT EVENTS	NOTE 7 – SUBSEQUENT EVENT On January 1, 2017, the Company converted $5,000 of the advances from officer into a convertible note payable. The note bears interest of 2% and is convertible with the accrued interest into common shares of the Company at a rate of $.032 per share.

3. CONVERTIBLE NOTES PAYABLE (T

3. CONVERTIBLE NOTES PAYABLE (Tables)	9 Months Ended
	Dec. 31, 2016
Payables and Accruals [Abstract]
Convertible Debt	Convertible notes payable-related party consists of the following: December 31, 2016 March 31, 2016 2% convertible notes payable to Ryan Corley, President of the Company, due on demand, convertible into a maximum of 35,722,734 and 35,222,734 common shares, respectively 714,455 704,455 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 $ 885,101 $ 875,101 Convertible notes payable consist of the following: December 31, 2016 March 31, 2016 7% convertible notes payable to stockholders, due August 12, 2018 convertible into a maximum of 250,000 common shares, 50,000 — 7% convertible notes payable to stockholders, due March 16, 2017, convertible into a maximum of 500,000 common shares, 100,000 100,000 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 $ 350,000 $ 300,000

5. STOCK OPTIONS (Tables)

5. STOCK OPTIONS (Tables)	9 Months Ended
	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Options	December 31, 2016 Options outstanding at beginning of year 2,390,000 Options granted — Options exercised — Options canceled/expired/forfeited 800,000 Options outstanding at end of year 1,590,000
Option Details	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 0.55 .12 1,590,000 .12

3. CONVERTIBLE NOTES PAYABLE -

3. CONVERTIBLE NOTES PAYABLE - Convertible Debt (Details) - USD ($)	Dec. 31, 2016	Mar. 31, 2016	Mar. 31, 2015
Total notes payable-related party	$ 885,101	$ 875,101
Total notes payable	350,000	300,000
2% Convertible Note Payable to Ryan Corley
Total notes payable-related party	714,455	704,455
2% Convertible Note Payable to Entity Controlled by Ryan Corley 1
Total notes payable-related party	48,900	48,900
3% Convertible Note Payable to Entity Controlled by Ryan Corley 2
Total notes payable-related party	111,350	111,350
2% Convertible Note Payable to Douglas Goodsell
Total notes payable-related party	10,396	10,396
7% Convertible Note Payable to Stockholder
Total notes payable	50,000
7% Convertible Note Payable to Stockholder 1
Total notes payable	100,000	100,000
7% Convertible Note Payable to Stockholder
Total notes payable	175,000	175,000
2% Convertible Note Payable to Stockholder
Total notes payable	$ 25,000	$ 25,000

5. STOCK OPTIONS - Stock Option

5. STOCK OPTIONS - Stock Options (Details)	9 Months Ended
	Dec. 31, 2016USD ($)shares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Options outstanding at beginning of year	2,390,000
Options granted
Options exercised | $
Options canceled | $	$ 800,000
Options outstanding at end of year	1,590,000

5. STOCK OPTIONS - Option Detai

5. STOCK OPTIONS - Option Details (Details) - $ / shares	9 Months Ended
	Dec. 31, 2016	Mar. 31, 2016
Number Outstanding	1,590,000	2,390,000
Number Exercisable	1,590,000
Option 1
Range of Exercise Price	$ .12
Weighted Average Remaining Contractual Life Years	6 months 18 days
Weighted Average Exercise Price (Exercisable shares)	$ 0.12