Enxnet 10-Q 14 Aug 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jun. 30, 2017	Aug. 05, 2017
Document And Entity Information
Entity Registrant Name	ENXNET INC
Entity Central Index Key	1,083,706
Document Type	10-Q
Trading Symbol	EXNT
Document Period End Date	Jun. 30, 2017
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Entity a Well-known Seasoned Issuer	No
Entity a Voluntary Filer	No
Entity's Reporting Status Current	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		54,926,518
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2,017

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)	Jun. 30, 2017	Mar. 31, 2017
CURRENT ASSETS
Cash	$ 23,582	$ 8,123
Restricted cash	23,161	52,277
TOTAL CURRENT ASSETS	46,743	60,400
OTHER ASSETS
Oil and gas cash bond	100,000
Oil and gas properties, unproven (full cost method)	83,651	66,396
TOTAL OTHER ASSETS	183,651
TOTAL ASSETS	230,394	126,796
CURRENT LIABILITIES
Accounts payable and accrued expenses	643,757	636,563
Advances from officer - related party	10,500	16,500
Advances from stockholder	31,000	31,000
Note payable - stockholder	100,000
Convertible notes payable - stockholders	300,000	300,000
Convertible notes payable - related parties	912,101	890,101
TOTAL CURRENT LIABILITIES	1,997,358	1,874,164
LONG-TERM LIABILITIES
Convertible note payable	50,000	50,000
TOTAL LIABILITIES	2,047,358	1,924,164
STOCKHOLDERS' DEFICIT
Common stock, $0.00005 par value; 200,000,000 shares authorized, 54,501,518 and 54,401,528 shares issued and outstanding	2,725	2,720
Additional paid-in capital	5,653,699	5,649,704
Accumulated deficit	(7,373,388)	(7,349,792)
Other comprehensive income	(100,000)	(100,000)
TOTAL STOCKHOLDERS' DEFICIT	(1,816,964)	(1,797,368)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 230,394	$ 126,796

CONSOLIDATED BALANCE SHEETS (U3

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2017	Mar. 31, 2017
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.00005	$ 0.00005
Common stock, authorized	200,000,000	200,000,000
Common stock, issued	54,501,518	54,401,528
Common stock, outstanding	54,501,518	54,401,528

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
EXPENSES
Oil and gas exploration	$ 600	$ 650
Payroll	1,500	1,500
Professional services	5,516	12,556
Occupancy and office	1,854	1,265
Travel	250	131
Other	507	584
Total Expenses	10,227	16,686
LOSS FROM OPERATIONS	(10,227)	(16,686)
OTHER INCOME (EXPENSE)
Interest expense	(13,369)	(8,006)
NET LOSS	$ (23,596)	$ (24,692)
BASIC AND DILUTED NET LOSS PER SHARE (in dollars per share)	$ 0	$ 0
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING, BASIC AND DILUTED (in shares)	54,528,093	54,201,518

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (23,596)	$ (24,692)
Adjustments to reconcile net loss to net cash used by operations:
Common stock issued for additional interest	4,000
Changes in operating assets and liabilities:
Accounts payable & accrued expenses	7,194	15,166
Net cash used in operating activities	(12,402)	(9,526)
CASH FLOWS FROM INVESTING ACTIVITIES
Change in restricted cash	29,116	8,513
Purchase of cash bond	(100,000)
Mineral rights, unproven	(17,255)	(8,509)
Net cash (used in)/provided by investing activities	(88,139)	4
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from advances from officer	500	10,000
Payment of advances from officer	(500)
Proceeds from convertible notes payable - related parties	16,000
Proceeds from note payables	100,000
Net cash provided by financing activities	116,000	10,000
NET INCREASE IN CASH	15,459	478
CASH - Beginning of period	8,123	24,608
CASH - End of period	23,582	25,086
SUPPLEMENTAL CASH FLOW DISCLOSURES:
Interest expense
Income taxes
NON-CASH FINANCING AND INVESTING TRANSACTIONS
Conversion of advances from officer - related party to convertible notes payables - related party	$ 6,000

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
BASIS OF PRESENTATION	NOTE 1 - BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements of EnXnet, Inc. (“EnXnet” or “the Company”) for the three months ended June 30, 2017 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 interim consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation. The accompanying unaudited consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s March 31, 2017 Annual Report on Form 10-K. Reclassification Certain amounts in the 20 16 financial statements have been reclassified to conform to the 201 7 financial presentation. These reclassifications have no impact on net loss. Recent Accounting Pronouncements The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company's results of operation, financial position or cash flows.

GOING CONCERN

GOING CONCERN	3 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
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.

NOTES PAYABLE

NOTES PAYABLE	3 Months Ended
	Jun. 30, 2017
Payables and Accruals [Abstract]
NOTES PAYABLE	NOTE 3 – NOTES PAYABLE Note payable-stockholder consists of the following: June 30, March 31, 5.5% note payable to a stockholder, due November 30, 2017 with the Company having a six month optional extension period to May 30, 2018. $ 100,000 $ — Convertible notes payable-related party consists of the following: June 30, March 31, 2% convertible notes payable to Ryan Corley, President of the Company, due on demand, convertible into a maximum of 36,998,984 common shares 741,455 719,455 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 519,828 common shares 10,396 10,396 Total notes payable-related party $ 912,101 $ 890,101 Convertible notes payable consist of the following: June 30, March 31, 7% convertible notes payable to stockholders, which is past due, convertible into a maximum of 500,000 common shares, 100,000 100,000 7% convertible notes payable to stockholders, due August 12, 2018 convertible into a maximum of 250,000 common shares 50,000 50,000 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 $ 350,000 On April 1, 2017, the Company converted $6,000 of the advances from an 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 $0.05 per share. On May 30, 2017, the Company’s subsidiary, EnXnet Energy Company, LLC, entered into a loan agreement with an individual to borrow $100,000 for an initial term of 6 months with the option to extend the note for an additional 6 months. The note is due November 30, 2017 with interest of 5.5% in the amount of $2,750 which was paid in June 30, 2017. The Company also issued 100,000 shares of Common Stock with a fair value of $4,000 which was recognized as interest expense during the three months ended June 30, 2017. The loan is to be used to secure a one hundred thousand ($100,000) Cash Oil and Gas Blanket Activity Bond with the State of Colorado. On June 16, 2017, the Company borrowed $16,000 from our CEO, Ryan Corley. The note bears interest of 2% and is convertible with the accrued interest into common shares of the Company at a rate of $0.016 per share.

ADVANCES FROM OFFICER AND STOCK

ADVANCES FROM OFFICER AND STOCKHOLDER	3 Months Ended
	Jun. 30, 2017
Related Party Transactions [Abstract]
ADVANCES FROM OFFICER AND STOCKHOLDER	NOTE 4 – ADVANCES FROM OFFICER AND STOCKHOLDER Advances from Stockholder: Advances from a stockholder at June 30, 2017 and March 31, 2017 was $31,000. Advances from Officer: Our CEO, Ryan Corley, has made advances to the Company in prior years. During the quarter ended June 30, 2017 and the year ended March 31, 2017, respectively, the CEO made additional unsecured advances totaling $500 and $21,000. During the quarter ended June 30, 2017 and the year ended March 31, 2017, the Company made payments on these advances of $500 and $-0-, respectively. At June 30, 2017 and March 31, 2017, respectively, advances from the CEO were $-0- and $6,000, respectively. The Company has notes payable to the CEO in the aggregate amount of $741,455 and $719,455 as of June 30, 2017 and March 31, 2017, respectively. Accrued interest owed on these notes at June 30, 2017 and March 31, 2017 is $193,680 and $190,007, respectively. These notes and accrued interest are convertible into 40,206,107 and 38,901,957 shares of restricted common stock of the Company, as of June 30, 2017 and March 31, 2017, respectively. At June 30, 2017 and March 31, 2017, advances from the entity controlled by the CEO was $10,500 and notes payable totaled $160,250. Accrued interest owed on these notes at June 30, 2017 and March 31, 2017 is $33,134 and $32,449, respectively. These notes and accrued interest are convertible into 3,119,621 and 3,104,417 shares of restricted common stock of the Company, as of June 30, 2017 and March 31, 2017, respectively. The Company conducts its business from the office of its CEO, Ryan Corley, rent free.

STOCK OPTIONS

STOCK OPTIONS	3 Months Ended
	Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
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, 2017 is presented below: June 30, 2017 Options outstanding at beginning of year 1,590,000 Options granted — Options exercised — Options canceled — Options outstanding at end of year 1,590,000 The following table summarizes the information about the stock options as of June 30, 2017: 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 0.05 $ .12 1,590,000 $ .12

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
SUBSEQUENT EVENTS	NOTE 6 SUBSEQUENT EVENTS On July 13, 2017, the Company modified outstanding options that were expiring. The Company modified the terms to extend 1,190,000 options for 11 years with a strike price of $.08. The Company also modified the terms to extend and reprice 300,000 for 6 to 7 years at a strike price of $. 12. On July 3 I, 2017, the Company issued 125,000 valued at $2,250 to a member of the Board of Directors. Also, the Company issued 300,000 common shares valued at $5,400 to the Chief Financial Officer.

NOTES PAYABLE (Tables)

NOTES PAYABLE (Tables)	3 Months Ended
	Jun. 30, 2017
Payables and Accruals [Abstract]
Schedule of convertible notes payable	Note payable-stockholder consists of the following: June 30, March 31, 5.5% note payable to a stockholder, due November 30, 2017 with the Company having a six month optional extension period to May 30, 2018. $ 100,000 $ — Convertible notes payable-related party consists of the following: June 30, March 31, 2% convertible notes payable to Ryan Corley, President of the Company, due on demand, convertible into a maximum of 36,998,984 common shares 741,455 719,455 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 519,828 common shares 10,396 10,396 Total notes payable-related party $ 912,101 $ 890,101 Convertible notes payable consist of the following: June 30, March 31, 7% convertible notes payable to stockholders, which is past due, convertible into a maximum of 500,000 common shares, 100,000 100,000 7% convertible notes payable to stockholders, due August 12, 2018 convertible into a maximum of 250,000 common shares 50,000 50,000 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 $ 350,000

STOCK OPTIONS (Tables)

STOCK OPTIONS (Tables)	3 Months Ended
	Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of stock options	A summary of the status of the Company’s stock options as of June 30, 2017 is presented below: June 30, 2017 Options outstanding at beginning of year 1,590,000 Options granted — Options exercised — Options canceled — Options outstanding at end of year 1,590,000
Schedule of stock options details	The following table summarizes the information about the stock options as of June 30, 2017: 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 0.05 $ .12 1,590,000 $ .12

NOTES PAYABLE (Details)

NOTES PAYABLE (Details) - USD ($)	Jun. 30, 2017	Mar. 31, 2017
7% Convertible Notes Payable To Stockholders [Member]
Total notes payable	$ 100,000	$ 100,000
7% Convertible Notes Payable To Stockholders [Member]
Total notes payable	50,000	50,000
4% Convertible Notes Payable To Stockholders [Member]
Total notes payable	175,000	175,000
2% Convertible Notes Payable To Stockholders [Member]
Total notes payable	25,000	25,000
Convertible Notes Payable To Stockholders [Member]
Total notes payable	350,000	350,000
2% Convertible Notes Payable [Member] | Ryan Corley [Member]
Total notes payable-related party	741,455	719,455
2% Convertible Notes Payable [Member] | Ryan Corley [Member]
Total notes payable-related party	48,900	48,900
3% Convertible Notes Payable [Member] | Ryan Corley [Member]
Total notes payable-related party	111,350	111,350
2% Convertible Notes Payable [Member] | Douglas Goodsell [Member]
Total notes payable-related party	10,396	10,396
Convertible Notes Payable to Related Party [Member]
Total notes payable-related party	912,101	890,101
5.5% Note Payable to Stockholder [Member]
Total notes payable-related party	$ 100,000

NOTES PAYABLE (Details Narrativ

NOTES PAYABLE (Details Narrative)	May 30, 2017USD ($)	Jun. 30, 2017USD ($)shares	Jun. 30, 2016USD ($)	Jun. 16, 2017USD ($)$ / shares	Apr. 02, 2017USD ($)$ / shares	Mar. 31, 2017USD ($)
Advances from an officer | $		$ 31,000				$ 31,000
Common stock issued for additional interest | $		$ 4,000
7% Convertible Notes Payable To Stockholders [Member]
Interest rate		7.00%
Number of shares converted		500,000
7% Convertible Notes Payable To Stockholders [Member]
Maturity date		Aug. 12, 2018
Interest rate		7.00%
Number of shares converted		250,000
4% Convertible Notes Payable To Stockholders [Member]
Interest rate		4.00%
Number of shares converted		350,000
2% Convertible Notes Payable To Stockholders [Member]
Interest rate		2.00%
Number of shares converted		1,100,000
2% Convertible Notes Payable [Member] | Ryan Corley [Member]
Interest rate		2.00%
Number of shares converted		36,998,984
Face amount | $				$ 16,000
Conversion price (in dollars per share) | $ / shares				$ 0.16
2% Convertible Notes Payable [Member] | Officer [Member]
Face amount | $					$ 6,000
Advances from an officer | $					$ 6,000
Conversion price (in dollars per share) | $ / shares					$ 0.05
5.5% Notes Payable Due November 30, 2017 [Member] | Loan Agreement [Member] | EnXnet Energy Company, LLC [Member]
Face amount | $	$ 100,000
Initial debt term	6 months
Extended debt term	6 months
Repayment of notes payable | $		$ 2,750
Number of shares issued		100,000
Description of collateral		The loan is to be used to secure a one hundred thousand ($100,000) Cash Oil and Gas Blanket Activity Bond with the State of Colorado.
Loan collateral amount | $		$ 100,000
5.5% Note Payable to Stockholder [Member]
Maturity date		May 30, 2018
Interest rate		5.50%
2% Convertible Notes Payable [Member] | Ryan Corley [Member]
Interest rate		2.00%
Number of shares converted		978,000
3% Convertible Notes Payable [Member] | Ryan Corley [Member]
Interest rate		3.00%
Number of shares converted		1,619,500
2% Convertible Notes Payable [Member] | Douglas Goodsell [Member]
Interest rate		2.00%
Number of shares converted		519,828

ADVANCES FROM OFFICER AND STO16

ADVANCES FROM OFFICER AND STOCKHOLDER (Details Narrative)	3 Months Ended	12 Months Ended
	Jun. 30, 2017USD ($)shares	Mar. 31, 2017USD ($)shares
Advances from a stockholder or officer	$ 31,000	$ 31,000
Ryan Corley [Member]
Advances from a stockholder or officer	0	6,000
Due from Officer	500	0
Additional unsecured advances from officer	500	21,000
Ryan Corley [Member] | 2% Convertible Notes Payable [Member]
Notes payable to officer	741,455	719,455
Interest paid	$ 193,680	$ 190,007
Number of shares converted | shares	36,998,984
Ryan Corley [Member] | 2% Convertible Notes Payable [Member] | Restricted Stock [Member]
Number of shares converted | shares	40,206,107	38,901,957
Ryan Corley [Member] | Notes Payable [Member]
Notes payable to officer	$ 160,250
Interest paid	33,134	$ 32,449
Due to affiliate	$ 10,500
Ryan Corley [Member] | Notes Payable [Member] | Restricted Stock [Member]
Number of shares converted | shares	3,119,621	3,104,417

STOCK OPTIONS (Details)

STOCK OPTIONS (Details)	3 Months Ended
	Jun. 30, 2017USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Options outstanding at beginning of year	1,590,000
Options granted
Options exercised | $
Options canceled | $
Options outstanding at end of year	1,590,000

STOCK OPTIONS (Details 1)

STOCK OPTIONS (Details 1) - $ / shares	3 Months Ended
	Jun. 30, 2017	Mar. 31, 2017
Number Outstanding	1,590,000	1,590,000
Option 1
Range of Exercise Price	$ 0.12
Number Outstanding	1,590,000
Weighted Average Remaining Contractual Life Years	18 days
Number Exercisable	1,590,000
Weighted Average Exercise Price (Exercisable shares)	$ 0.12
Weighted Average Exercise Price (Total shares)	$ 0.12

STOCK OPTIONS (Details Narrativ

STOCK OPTIONS (Details Narrative)	Jul. 24, 2001shares
2002 Stock Option Plan [Member]
Number of shares authorised	3,000,000

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) - USD ($)	Jul. 31, 2017	Jul. 13, 2017	Jun. 30, 2017	Mar. 31, 2017
Number Outstanding			1,590,000	1,590,000
Subsequent Event [Member] | Chief Financial Officer [Member]
Amount of shares issued	$ 500
Number of shares issued	300,000
Subsequent Event [Member] | Board of Directors [Member]
Amount of shares issued	$ 2,250
Number of shares issued	125,000
Option 1
Range of Exercise Price			$ 0.12
Number Outstanding			1,590,000
Weighted Average Remaining Contractual Life Years			18 days
Number Exercisable			1,590,000
Weighted Average Exercise Price (Exercisable shares)			$ 0.12
Option 1 | Subsequent Event [Member]
Range of Exercise Price		$ 0.08
Number Outstanding		1,190,000
Weighted Average Remaining Contractual Life Years		11 months
Number Exercisable		300,000
Weighted Average Exercise Price (Exercisable shares)		$ 0.12
Option 1 | Subsequent Event [Member] | Maximum [Member]
Weighted Average Remaining Contractual Life Years		7 months
Option 1 | Subsequent Event [Member] | Minimum [Member]
Weighted Average Remaining Contractual Life Years		6 months