Enxnet 10-Q 14 Aug 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jun. 30, 2019	Aug. 14, 2019
Document And Entity Information
Entity Registrant Name	ENXNET INC
Entity Central Index Key	0001083706
Document Type	10-Q
Trading Symbol	EXNT
Document Period End Date	Jun. 30, 2019
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	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		60,801,518
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2019

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)	Jun. 30, 2019	Mar. 31, 2019
CURRENT ASSETS
Cash	$ 15,187	$ 8,155
Restricted cash	2,911	2,439
TOTAL CURRENT ASSETS	18,098	10,594
OTHER ASSETS
Oil and gas cash bond	100,000	100,000
TOTAL OTHER ASSETS	100,000	100,000
TOTAL ASSETS	118,098	110,594
CURRENT LIABILITIES
Accounts payable and accrued expenses	732,100	713,962
Advances from officer - related party	10,500	10,500
Advances from stockholder	31,000	31,000
Convertible notes payable	350,000	350,000
Convertible notes payable - related parties	985,101	985,101
TOTAL CURRENT LIABILITIES	2,108,701	2,090,563
LONG-TERM LIABILITIES
TOTAL LONG-TERM LIABILITIES
TOTAL LIABILITIES	2,108,701	2,090,563
STOCKHOLDERS' DEFICIT
Common stock, $0.00005 par value; 200,000,000 shares authorized, 60,176,518 and 59,301,518 shares issued and outstanding, respectively	3,009	2,965
Additional paid-in capital	5,914,581	5,879,625
Accumulated deficit	(7,808,193)	(7,762,559)
Other comprehensive income	(100,000)	(100,000)
TOTAL STOCKHOLDERS' DEFICIT	(1,990,603)	(1,979,969)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 118,098	$ 110,594

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2019	Mar. 31, 2019
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	60,176,518	59,301,518
Common stock, outstanding	60,176,518	59,301,518

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
EXPENSES
Impairment of oil and gas properties, unproven	$ 17,028	$ 17,128
Payroll	1,500	1,500
Professional services	15,342	15,107
Occupancy and office	1,457	1,888
Travel	374	225
Total Expenses	35,701	35,848
LOSS FROM OPERATIONS	(35,701)	(35,848)
OTHER EXPENSE
Interest expense	(9,933)	(10,883)
Total Other Expenses	(9,933)	(10,883)
NET LOSS	$ (45,634)	$ (46,731)
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)	59,484,210	55,276,518

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS DEFICIT - USD ($)	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Other Comprehensive Income Loss	Total
Beginning Balance, Shares at Mar. 31, 2018	55,276,518
Beginning Balance, Value at Mar. 31, 2018	$ 2,764	$ 5,689,654	$ (7,600,834)	$ (100,000)	$ (2,008,416)
Net loss			(46,731)	(46,731)	(45,634)
Ending Balance, Shares at Jun. 30, 2018	55,276,518
Ending Balance, Value at Jun. 30, 2018	$ 2,764	5,689,654	(7,647,565)	(100,000)	(1,979,969)
Beginning Balance, Shares at Mar. 31, 2019	55,301,518
Beginning Balance, Value at Mar. 31, 2019	$ 2,965	5,879,625	(7,762,559)	(100,000)	(1,979,969)
Stock issued for cash, Shares	875,000
Stock issued for cash, Value	$ 44	34,956			35,000
Net loss			(45,634)		(45,634)
Ending Balance, Shares at Jun. 30, 2019	60,176,518
Ending Balance, Value at Jun. 30, 2019	$ 3,009	$ 5,914,581	$ (7,808,193)	$ (100,000)	$ (1,990,603)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (45,634)	$ (45,634)
Adjustments to reconcile net loss to net cash used by operations:
Impairment of oil and gas properties, unproved	17,128	17,028
Prepaid expenses	(1,118)
Accounts payable and accrued expenses	18,464	18,138
Net cash used in operating activities	(10,021)	(10,468)
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to oil and gas properties, unproved	(17,128)	(17,028)
Net cash used in investing activities	(17,128)	(17,028)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from sales of stock		35,000
Net cash provided by financing activities		35,000
NET CHANGE IN CASH AND RESTRICTED CASH	(27,149)	7,054
CASH AND RESTRICTED CASH - Beginning of period	41,364	10,594
CASH AND RESTRICTED CASH - End of period	14,215	18,098
SUPPLEMENTAL CASH FLOW DISCLOSURES:
Cash paid for interest
Cash paid for taxes
NON-CASH FINANCING AND INVESTING TRANSACTIONS
Conversion of advances from officer-related party to convertible notes payable-related party	$ 15,000

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Jun. 30, 2019
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, 2019 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 results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year. Reclassification Certain amounts in the March 31, 2019 financial statements have been reclassified to conform to the June 30, 2019 financial presentation. These reclassifications have no impact on net loss. Cash and Restricted Cash Cash and restricted cash consist of the following: Cash and restricted cash consist of the following: June 30, 2019 March 31, 2019 Cash $ 15,187 $ 8,155 Restricted cash 2,911 2,439 Total cash and restricted cash $ 18,098 $ 10,594 Impairment of long-lived assets The Company reviews the carrying value of its long-lived assets annually or whenever events or changes in circumstances indicate that the historical-cost carrying value of an asset may no longer be appropriate. The Company assesses recoverability of the asset by comparing the undiscounted future net cash flows expected to result from the asset to its carrying value. If the carrying value exceeds the undiscounted future net cash flows of the asset, an impairment loss is measured and recognized. An impairment loss is measured as the difference between the net book value and the fair value of the long-lived asset. Fair value is estimated based upon either discounted cash flow analysis or estimated salvage value. The Company recognized impairment expense in the three months ended June 30, 2019 and 2018 in the amounts of $17,028 and $17,128, respectively.

GOING CONCERN

GOING CONCERN	3 Months Ended
	Jun. 30, 2019
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, 2019
Payables and Accruals [Abstract]
NOTES PAYABLE	NOTE 3 – NOTES PAYABLE Convertible notes payable-related party consists of the following: June 30, 2019 March 31, 2019 2% convertible notes payable to Ryan Corley, President of the Company, due on demand, convertible into a maximum of 38,238,984 common shares 764,455 764,455 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 7% convertible notes payable to stockholder, which is past due, convertible into a maximum of 250,000 common shares, 50,000 50,000 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 $ 985,101 $ 985,101 Convertible notes payable consists of the following: June 30 2019 March 31, 2019 7% convertible note payable to stockholder, due on August 15, 2019, convertible into a maximum of 250,000 common shares, 50,000 50,000 7% convertible note payable to stockholder, due on September 10, 2019, convertible into a maximum of 250,000 common shares, 50,000 50,000 7% convertible notes payable to stockholder, 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

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Jun. 30, 2019
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 4 – RELATED PARTY TRANSACTIONS Advances from Stockholder: Advances from a stockholder at June 30, 2019 and March 31, 2019 was $31,000. Accrued Interest - officer The Company has notes payable to the CEO in the aggregate amount of $764,455 and $764,455 as of June 30, 2019 and March 31, 2019, respectively. Accrued interest owed on these notes at June 30, 2019 and March 31, 2019 is $223,972 and $220,150, respectively. These notes and accrued interest are convertible into 42,961,750 and 42,770,550 shares of restricted common stock of the Company, as of June 30, 2019 and March 31, 2019 respectively. Advances from officer - related part At June 30, 2019 and March 31, 2019, 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, 2019 and March 31, 2019 is $38,611 and $37,242, respectively. These notes and accrued interest are convertible into 3,216,411 and 3,204,312 shares of restricted common stock of the Company, as of June 30, 2019 and March 31, 2019, 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, 2019
Share-based Payment Arrangement [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, 2019 is presented below: 2019 Options outstanding at beginning of year 1,240,000 Options granted — Options exercised — Options canceled/expired — Options outstanding at end of year 1,240,000 The following table summarizes the information about the stock options as of June 30, 2019: Weighted Average Range Weighted Average of Number Remaining Contractual Number Exercise Price Outstanding Life Years Exercisable 0.08 900,000 3.05 900,000 0.10 240,000 3.05 240,000 0.25 100,000 0.05 100,000 $ 0.08 - 0.25 1,240,000 2.81 1,240,000

COMMON STOCK TRANSACTIONS

COMMON STOCK TRANSACTIONS	3 Months Ended
	Jun. 30, 2019
Longterm Convertible Note Payable 1
COMMON STOCK TRANSACTIONS	NOTE 6 – COMMON STOCK TRANSACTIONS On June 11. 2019, the Company issued 875,000 common shares in exchange for $35,000 in cash

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Jun. 30, 2019
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 7 – SUBSEQUENT EVENT On August 6, 2019 the Company issued 625,000 common shares in exchange for $25,000 in cash

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	3 Months Ended
	Jun. 30, 2019
2% Convertible Note Payable to Douglas Goodsell
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, 2019 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 results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year.
Reclassification	Reclassification Certain amounts in the March 31, 2019 financial statements have been reclassified to conform to the June 30, 2019 financial presentation. These reclassifications have no impact on net loss.
Cash, Cash Equivalents and Restricted Cash	Cash and Restricted Cash Cash and restricted cash consist of the following: Cash and restricted cash consist of the following: June 30, 2019 March 31, 2019 Cash $ 15,187 $ 8,155 Restricted cash 2,911 2,439 Total cash and restricted cash $ 18,098 $ 10,594
Impairment of long lived assets	Impairment of long-lived assets The Company reviews the carrying value of its long-lived assets annually or whenever events or changes in circumstances indicate that the historical-cost carrying value of an asset may no longer be appropriate. The Company assesses recoverability of the asset by comparing the undiscounted future net cash flows expected to result from the asset to its carrying value. If the carrying value exceeds the undiscounted future net cash flows of the asset, an impairment loss is measured and recognized. An impairment loss is measured as the difference between the net book value and the fair value of the long-lived asset. Fair value is estimated based upon either discounted cash flow analysis or estimated salvage value. The Company recognized impairment expense in the three months ended June 30, 2019 and 2018 in the amounts of $17,028 and $17,128, respectively.

BASIS OF PRESENTATION (Tables)

BASIS OF PRESENTATION (Tables)	3 Months Ended
	Jun. 30, 2019
3% Convertible Notes Payable [Member]
Schedule of cash and cash equivalents and restricted cash	Cash and restricted cash consist of the following: Cash and restricted cash consist of the following: June 30, 2019 March 31, 2019 Cash $ 15,187 $ 8,155 Restricted cash 2,911 2,439 Total cash and restricted cash $ 18,098 $ 10,594

NOTES PAYABLE (Tables)

NOTES PAYABLE (Tables)	3 Months Ended
	Jun. 30, 2019
Payables and Accruals [Abstract]
Convertible notes payable-related party	Convertible notes payable-related party consists of the following: June 30, 2019 March 31, 2019 2% convertible notes payable to Ryan Corley, President of the Company, due on demand, convertible into a maximum of 38,238,984 common shares 764,455 764,455 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 7% convertible notes payable to stockholder, which is past due, convertible into a maximum of 250,000 common shares, 50,000 50,000 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 $ 985,101 $ 985,101
Convertible Notes Payable	Convertible notes payable consists of the following: June 30 2019 March 31, 2019 7% convertible note payable to stockholder, due on August 15, 2019, convertible into a maximum of 250,000 common shares, 50,000 50,000 7% convertible note payable to stockholder, due on September 10, 2019, convertible into a maximum of 250,000 common shares, 50,000 50,000 7% convertible notes payable to stockholder, 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, 2019
Share-based Payment Arrangement [Abstract]
Schedule of stock options	A summary of the status of the Company’s stock options as of June 30, 2019 is presented below: 2019 Options outstanding at beginning of year 1,240,000 Options granted — Options exercised — Options canceled/expired — Options outstanding at end of year 1,240,000
Schedule of stock options details	The following table summarizes the information about the stock options as of June 30, 2019: Weighted Average Range Weighted Average of Number Remaining Contractual Number Exercise Price Outstanding Life Years Exercisable 0.08 900,000 3.05 900,000 0.10 240,000 3.05 240,000 0.25 100,000 0.05 100,000 $ 0.08 - 0.25 1,240,000 2.81 1,240,000

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details) - USD ($)	Jun. 30, 2019	Mar. 31, 2019
ConvertibleDebt5Member
Cash	$ 15,187	$ 8,155
Restricted cash	2,911	2,439
Total cash and restricted cash	$ 18,098	$ 10,594

NOTES PAYABLE - Convertible not

NOTES PAYABLE - Convertible notes payable - related party (Details) - USD ($)	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Total notes payable-related party	$ 985,101	$ 985,101
2% Convertible notes payable to Ryan Corley, President of the Company, due on demand, convertilbe into a maximum of 38,238,984 common shares
Total notes payable-related party	764,455	764,455
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
Total notes payable-related party	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
Total notes payable-related party	111,350	111,350
7% convertible notes payable to stockholder, which is past due, convertible into a maximum of 250,000 common shares,
Total notes payable-related party	50,000	50,000
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

NOTES PAYABLE - Convertible N_2

NOTES PAYABLE - Convertible Notes Payable (Details) - USD ($)	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018
Total notes payable	$ 350,000	$ 350,000
Convertible Note 1
Total notes payable	50,000		$ 50,000
Convertible Note 2
Total notes payable	50,000		50,000
Convertible Note 3
Total notes payable	50,000		50,000
Convertible Note 5
Total notes payable	175,000		175,000
Convertible Note 6
Total notes payable	25,000		25,000
Total
Total notes payable	$ 350,000		$ 350,000

STOCK OPTIONS (Details)

STOCK OPTIONS (Details)	3 Months Ended
	Jun. 30, 2019USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Options outstanding at beginning of year	1,240,000
Options granted
Options exercised | $
Options expired | $
Options outstanding at end of year	1,240,000

STOCK OPTIONS (Details 1)

STOCK OPTIONS (Details 1)	3 Months Ended
	Jun. 30, 2019$ / sharesshares
Option 1
Range of Exercise Price, max | $ / shares	$ 0.08
Number Outstanding	900,000
Weighted Average Remaining Contractual Life Years	3 years 18 days
Number Exercisable	900,000
Option 2
Range of Exercise Price, max | $ / shares	$ 0.10
Number Outstanding	240,000
Weighted Average Remaining Contractual Life Years	3 years 18 days
Number Exercisable	240,000
Option 3
Range of Exercise Price, max | $ / shares	$ 0.25
Number Outstanding	100,000
Weighted Average Remaining Contractual Life Years	18 days
Number Exercisable	100,000
Total
Range of Exercise Price, min | $ / shares	$ 0.08
Range of Exercise Price, max | $ / shares	$ 0.25
Number Outstanding	1,240,000
Weighted Average Remaining Contractual Life Years	2 years 9 months 22 days
Number Exercisable	1,240,000