Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Oct. 31, 2016 | Dec. 19, 2016 | |
Document And Entity Information | ||
Entity Registrant Name | MEDICAL INNOVATION HOLDINGS, INC. | |
Entity Central Index Key | 1,093,248 | |
Document Type | 10-Q | |
Document Period End Date | Oct. 31, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --04-30 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 38,420,022 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,017 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Oct. 31, 2016 | Apr. 30, 2016 |
ASSETS | ||
Cash | $ 15,781 | $ 1,600 |
Total current assets | 15,781 | 1,600 |
TOTAL ASSETS | 15,781 | 1,600 |
LIABILITIES AND SHAREHOLDERS' DEFICIT | ||
Accounts payable and accrued expenses | 463,510 | 203,643 |
Notes payable | 276,025 | 441,930 |
Short term debt | 0 | 18,100 |
Related Parties - short-term borrowings from shareholders | 0 | 0 |
Total current liabilities | 739,535 | 663,673 |
Common stock, $0.0001 par value, 500,000,000 common shares authorized, 38,420,022 and 37,209,022 issued and outstanding on October 31, 2016 and April 30, 2016, respectively | 3,842 | 3,721 |
Additional paid-in capital | 238,359 | (3,721) |
Accumulated deficit | (965,955) | (662,073) |
Total stockholders' deficit | (723,754) | (662,073) |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) | 15,781 | 1,600 |
Series A Preferred Stock [Member] | ||
LIABILITIES AND SHAREHOLDERS' DEFICIT | ||
Preferred stock value | ||
Series B Preferred Stock [Member] | ||
LIABILITIES AND SHAREHOLDERS' DEFICIT | ||
Preferred stock value |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Oct. 31, 2016 | Apr. 30, 2016 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 38,420,022 | 37,209,022 |
Common stock, shares outstanding | 38,420,022 | 37,209,022 |
Series A Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 50 | 50 |
Preferred stock, shares issued | 30 | 30 |
Preferred stock, shares outstanding | 30 | 30 |
Series B Preferred Stock [Member] | ||
Preferred stock, par value | ||
Preferred stock, shares authorized | 100 | 100 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Consolidated Statement of Opera
Consolidated Statement of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended |
Oct. 31, 2016 | Oct. 31, 2016 | |
Operating expenses: | ||
General and administrative expenses | $ (57,204) | $ (303,882) |
Total operating expenses | ||
Loss from operations | (57,204) | (303,882) |
Income taxes | ||
Net Loss | $ (57,204) | $ (303,882) |
Net loss per common share: | ||
Basic | $ (0.01) | |
Diluted | $ (0.01) | |
Weighted average number of shares outstanding: | ||
Basic | 38,244,512 | 37,941,762 |
Diluted | 38,244,512 | 37,941,762 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows (Unaudited) | 6 Months Ended |
Oct. 31, 2016USD ($) | |
OPERATING ACTIVITIES | |
Net loss attributable to common stockholders | $ (303,882) |
Changes in: | |
Notes Payable and short term debt | (184,005) |
Accounts payable and accrued liabilities | 259,868 |
Net cash (used in) operating activities | (228,019) |
FINANCING ACTIVITIES | |
Issuance of Common Stock | 242,200 |
Net cash provided by financing activities | 242,200 |
NET CHANGE IN CASH | 14,181 |
CASH, Beginning of period | 1,600 |
CASH, Ending of period | 15,781 |
SUPPLEMENTAL SCHEDULE OF CASH FLOW INFORMATION: | |
Interest Paid | 0 |
Income Taxes Paid | $ 0 |
Introduction
Introduction | 6 Months Ended |
Oct. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Introduction | NOTE 1 - INTRODUCTION On April 29, 2016, Medina International Holdings, Inc. (the Company) entered into an Acquisition and Purchase Agreement with Medical Innovation Holdings, a Joint Venture (MedHold) effective April 29, 2016, whereby all of the assets of MedHold were acquired by the Company. In conjunction therewith, 35,100,000 shares (post-reverse split 1-for-10) were issued. Since the owners of MedHold now own approximately 94% of Medina, this transaction was accounted for as a reverse acquisition of Medina by MedHold resulting in a recapitalization of Medhold. Accordingly, the financial statements presented herein do not contain comparisons to the prior fiscal year, as operations began April 29, 2016. Prior to the acquisition, Medina went through a restructuring and divesture. For details, please see the 8-K/A filed by Medina on June 6, 2016. The Company is establishing a nationwide, state-by-state, multi-disciplinary medical specialist provider/practice network, staffed by 16 types of Physician Specialists. These Physician Specialists will provide virtual medical consultations to the potential millions of rural patients who are chronically underserved. This will be accomplished via a seamless, comprehensive, sophisticated end-to-end virtual medicine program. On August 9, 2016 the Company announced that it had set up a subsidiary, 3Point Care, to provide services critical to the Company for the administration, scheduling, claims processing, technical support as well as delivering medical and health related services. On or about June 24, 2016, the Company proposed a reverse split of the common stock issued and outstanding on a one new share for ten old shares basis, with fractional shares being rounded up to the next whole share, and sought authorization to change the Company's name to Medical Innovation Holdings, Inc. (note these actions required an amendment to the Articles of Incorporation and required the approval of the Financial Industry Regulatory Authority ("FINRA"), which was granted). The majority shareholders approved both proposals and a Schedule 14C Information Statement was filed on August 8, 2016. The stock split and name change were effective September 15, 2016, and as such, the numbers reflected in the unaudited financial statements are post-split figures; all per share data has been retroactively restated. Going Concern The accompanying financial statements have been prepared in conformity with GAAP in the United States, which contemplates continuation of the Company as a going concern. The Company is a development stage enterprise and has limited operations as of October 31, 2016. On October 31, 2016, the Companys had a stockholders deficiency of $ 889,659. Management is devoting considerable effort to establish a business as discussed above. Management has taken various steps in that direction and it believes that its actions will allow the Company to continue its operations through the next fiscal year. The future success of the Company is likely dependent on its ability to attain additional capital to develop its proposed products and ultimately, upon its ability to attain future profitable operations. There can be no assurance that the Company will be successful in obtaining such financing, or that it will obtain positive cash flow. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Oct. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Presentation of Interim Information In the opinion of the management of the Company, the accompanying unaudited financial statements include all normal adjustments considered necessary to present fairly the financial position and operating results of the Company for the period presented. The financial statements and notes are presented as permitted by Form 10-Q, and do not contain certain information included in the Companys Annual Report on Form 10-K for the fiscal year ended April 30, 2016. It is managements opinion that when the interim financial statements are read in conjunction with the April 30, 2016 Annual Report on Form 10-K, the disclosures are adequate to make the information presented not misleading. Interim results are not necessarily indicative of results for a full year or any future period. The accompanying consolidated financial statements of Medical Innovation Holdings, Inc. and its subsidiaries were prepared in accordance with generally accepted accounting principles in the United States of America (GAAP) and include the assets, liabilities, revenues, and expenses of subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of our consolidated financial statements in conformity with GAAP requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions are used for, but are not limited to; 1) Revenue recognition; 2) Allowance for doubtful accounts; 3) Inventory costs; 4) Asset impairments; 5) Depreciable lives of assets; 6) Income tax reserves and valuation allowances; 7) Fair value of stock options; 8) Allocation of direct and indirect cost of sales; and 9) Contingent liabilities. Future events and their effects cannot be predicted with certainty; accordingly, our accounting estimates require judgment. We base our estimates on historical experience, available market information, appropriate valuation methodologies, and on various other assumptions that we believe to be reasonable. We evaluate and update our assumptions and estimates on an ongoing basis and may employ outside experts to assist in our evaluation, when necessary. Actual results could differ materially from these estimates. Revenue Recognition Revenue Recognition is recognized when earned. The Companys revenue recognition policies are in compliance with SEC Staff Accounting Bulletin (SAB) 104. Sales revenue is recognized at the date services are rendered and no other significant obligations of the Company exist and collectability is reasonably assured. Payments received before all of the relevant criteria for revenue recognition are satisfied, are recorded as unearned revenue. Cash and Cash Equivalents The Company considers all liquid investments with a maturity of three months or less from the date of purchase that are readily convertible into cash to be cash equivalents. The Company maintains its cash in bank deposit accounts that may exceed federally insured limits. The Company has not experienced any losses in such accounts. Accounts Receivable The Company reviews its accounts receivables accounts periodically for collectability and establishes an allowance for doubtful accounts and records bad debt expense when deemed necessary. Advertising costs Advertising costs are expensed as incurred. The Company recorded no advertisement costs in the three and six months ended October 31, 2016. Inventory We carry our inventories at the lower of their cost or market value. Cost is determined using first-in, first-out (FIFO) method. Market is determined based on net realizable value. We also provide due consideration to obsolescence, excess quantities, and other factors in evaluating net realizable value. Fixed Assets Capital assets are stated at cost. Equipment consists of medical equipment and related assets. Depreciation of fixed assets is provided using the straight-line method over the estimated useful lives (3-7 years) of the assets. Expenditures for maintenance and repairs are charged to expense as incurred. Property and Equipment No. of Years Medical Equipment 7 years Telemedicine Equipment 3 years Computers 3 years Furniture 5 years Office Equipment 5 years Office Phone 3 years Long Lived Assets The Company adopted Statement of Financial Accounting Standard No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets (SFAS 144), now codified in ASC 350,which addresses financial accounting and reporting for the impairment or disposal of long-lived assets and supersedes SFAS No. 121, Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed Of, and the accounting and reporting provisions of APB Opinion No. 30, Reporting the Results of Operations for a Disposal of a Segment of a Business. The Company periodically evaluates the carrying value of long-lived assets to be held and used in accordance with ASC 350. ASC 350 requires impairment losses to be recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets carrying amounts. In that event, a loss is recognized based on the amount by which the carrying amount exceeds the fair market value of the long-lived assets. Loss on long-lived assets to be disposed of is determined in a similar manner, except that fair market values are reduced Income Taxes The Company uses the liability method of accounting for income taxes under which deferred tax assets and liabilities are recognized for the future tax consequences of temporary differences between the accounting bases and the tax bases of the Companys assets and liabilities. Any deferred tax assets and liabilities are computed using enacted tax rates in effect for the year in which the temporary differences are expected to reverse. GAAP generally requires that recognized revenue, expenses, gains and losses be included in net income. Certain statements, however, require entities to report specific changes in assets and liabilities, such as unrealized gains and losses on available-for-sale securities, as a separate component of the equity section of the balance sheet. Such items, along with net income, are components of comprehensive income. Issuance of Shares for Service The Company accounts for employee and non-employee stock awards under ASC 718, whereby equity instruments issued to employees for services are recorded based on the fair value of the instrument issued and those issued to non-employees are recorded based on the fair value of the consideration received or the fair value of the equity instrument, whichever is more reliably measurable. Foreign Currency Translations and Hedging The Company will be exposed to foreign currency fluctuations due to international trade. Management does not intend to enter into forward exchange contracts or any derivative financial investments for trading purposes. There is no present international trade and as such management does not currently hedge foreign currency exposure. Basic and Diluted Net Loss per Share Net loss per share is calculated in accordance with FASB ASC 105. Basic net loss per share is based upon the weighted average number of common shares outstanding. Diluted net loss per share is based on the assumption that all dilutive convertible shares and stock options were converted or exercised. Dilution is computed by applying the treasury stock method. Under this method, options and warrants are assumed to be exercised at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby were used to purchase common stock at the average market price during the period. Products and Services, Geographic Areas and Major Customers The Company intends to establish a nationwide, state-by-state, multi-disciplinary medical specialist provider/practice network, staffed by 16 types of Physician Specialists. These specialist Physicians will provide virtual medical consultations to the potential millions of rural patients who are chronically underserved. This will be accomplished via a seamless, comprehensive, sophisticated end to end virtual medicine program. Recently issued accounting pronouncements In May 2014, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) amending revenue recognition guidance and requiring more detailed disclosures to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. In August 2015, the FASB deferred the effective date of the revenue recognition guidance to reporting periods beginning after December 15, 2017. Early adoption is permitted for reporting periods beginning after December 15, 2016. We are continuing to evaluate our method of adoption and the impact this ASU, and related amendments and interpretations, will have on our consolidated financial statements (CFS). In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties About an Entitys Ability to Continue as a Going Concern (ASU 2014-15), which requires management to perform interim and annual assessments of an entitys ability to continue as a going concern within one year of the date the financial statements are issued and provides guidance on determining when and how to disclose going concern uncertainties in the financial statements. Certain disclosures will be required if conditions give rise to substantial doubt about an entitys ability to continue as a going concern. ASU 2014-15 applies to all entities and is effective for annual and interim reporting periods ending after December 15, 2016, with early adoption permitted. The Company does not expect that the adoption of this standard will have a material effect on the Companys CFS. In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes. The new guidance requires that all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet. This update is effective for annual periods beginning after December 15, 2016 and interim periods within those annual periods. The Company does not anticipate the adoption of this ASU will have a significant impact on its CFS. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The guidance in ASU 2016-02 supersedes the lease recognition requirements in ASC Topic 840, Leases (FAS 13). ASU 2016-02 requires an entity to recognize assets and liabilities arising from a lease for both financing and operating leases, along with additional qualitative and quantitative disclosures. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating the effect this standard will have on its CFS. In March 2016, the FASB issued an ASU amending the accounting for stock-based compensation and requiring excess tax benefits and deficiencies to be recognized as a component of income tax expense rather than equity. This guidance also requires excess tax benefits to be presented as an operating activity on the statement of cash flows and allows an entity to make an accounting policy election to either estimate expected forfeitures or to account for them as they occur. The ASU is effective for reporting periods beginning after December 15, 2016, with early adoption permitted. We are currently evaluating the impact of the ASU; however, we expect the ASU will have a material impact on our CFS. As of October 31, 2016, there are no recently issued accounting standards not yet adopted that would have a material effect on the Companys financial statements to have a material impact on the Companys CFS. |
Accounts Payable and Accrued Ex
Accounts Payable and Accrued Expenses | 6 Months Ended |
Oct. 31, 2016 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Expenses | NOTE 3 - ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses consisted of the following as of October 31, 2016 and April 30, 2016. October 31, 2016 April 30, 2016 (Audited) Audit fee $ $ 1,500 Transfer agent 1,621 Attorney fees 200,522 200,522 Officers 120,000 Amount due for consultant BBVI, LLC 142,988 Total $ 463,510 $ 203,643 |
Notes Payable
Notes Payable | 6 Months Ended |
Oct. 31, 2016 | |
Debt Disclosure [Abstract] | |
Notes Payable | NOTE 4 - NOTES PAYABLE Notes payable consisted of the following as of October 31, 2016 and April 30, 2016. October 31, 2016 April 30, 2016 (Audited) Syndicated Equity, Inc. $ 256,025 $ 256,025 C. S. Seshadri 20,000 185,905 Total $ 276,025 $ 441,930 The Company retained a Note payable of $256,025. The Note was issued on June 18, 2015 and was due in one month at 1%. The Note carries a default interest rate of 18% and is convertible at 60% of the Volume Weighted Average Price for 5 days prior to conversion. This note is currently in default. The Company evaluated and recorded beneficial conversion on this note in prior years financial statements. The Seshadri note was agreed to be settled with a payment of $20,000. Prior to the settlement the note carried interest and was convertible into the Companys common stock. |
Employment Agreement
Employment Agreement | 6 Months Ended |
Oct. 31, 2016 | |
Employment Agreement | |
Employment Agreement | NOTE 5 - EMPLOYMENT AGREEMENT As of October 31, 2016 there are no employment agreements with any management personal. However, on April 1, 2016 the Company entered into a memorandum of understanding with its CEO that includes a tentative salary of $144,000 per annum based upon certain conditions and other provisions. However, as of the date of this report, no definitive agreement has been signed. |
Preferred Stock
Preferred Stock | 6 Months Ended |
Oct. 31, 2016 | |
Equity [Abstract] | |
Preferred Stock | NOTE 6 - PREFERRED STOCK As of October 31, 2016 the Company had 30 shares of convertible preferred stock outstanding. Each preferred stock is convertible in to 1% of the outstanding common shares at the date of conversion. At October 31, 2016 the preferred shares were convertible into approximately 11.4 million shares of common stock. |
Pending Litigation
Pending Litigation | 6 Months Ended |
Oct. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Pending Litigation | NOTE 7 - PENDING LITIGATION The Company assumed liabilities due to a former law firm of $140,000 (see note 3 above). The law firm has filed suit against the Company and other guarantors to collect its fees, including costs. The Company is presently attempting to settle this matter. |
Contractual Obligations
Contractual Obligations | 6 Months Ended |
Oct. 31, 2016 | |
Business Combinations [Abstract] | |
Contractual Obligations | NOTE 8 - CONTRACTUAL OBLIGATIONS As part of the acquisition on April 29, 2016, Medical Innovation Holdings, Inc. (the Company) assumed a consulting agreement that was entered into on February 20, 2016 by MedHold JV, which obligates MedHold JV to pay BBV International Consulting, LLC (BBVI) $30,000 per month through February 19, 2019 for strategic and corporate planning. The agreement was ratified by the Companys Board of Directors effective May 1, 2016. No material relationship exists between BBVI and its representatives and any officers or directors of the Company. During the three and six months ended October 31, 2016, the Company expensed $90,000 and $180,000, respectively, on consulting fees. |
Short-term Debt
Short-term Debt | 6 Months Ended |
Oct. 31, 2016 | |
Debt Disclosure [Abstract] | |
Short-term Debt | NOTE 9 - SHORT-TERM DEBT As of October 31, 2016 and April 30, 2016, short term debt consisted of the following: October 31, 2016 April 30, 2016 Short-Term Debt Borrowings from stockholders $ $ 18,100 The short-term debts do not carry interest and are payable on demand. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Oct. 31, 2016 | |
Equity [Abstract] | |
Stockholders' Equity | NOTE 10 - STOCKHOLDERS EQUITY 351,000 and 1,211,000 common shares (post-reverse split 1-for-10) were issued during the three-month and six month period ended October 31, 2016 for $70,200 and $242,200 respectively at a price per post-split share of $0.20 through a private placement to unrelated parties under Rule 506 of Regulation D. Of the 38,420,022 shares outstanding at October 31, 2016, 1,211,000 have been subscribed and paid for, but have not yet been issued. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Oct. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 11 - SUBSEQUENT EVENTS On November 14, 2016, BKare Diagnostics, Inc., a wholly-owned subsidiary, entered into a marketing and services agreement with Vantari Genetics whereby BKare will provide marketing and other services, and Vantari will provide genetic based testing, molecular laboratory, and toxicology testing services. Please see the Companys 8-K filed on November 15, 2016 for more information. |
Summary of Significant Accoun17
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Oct. 31, 2016 | |
Accounting Policies [Abstract] | |
Presentation of Interim Information | Presentation of Interim Information In the opinion of the management of the Company, the accompanying unaudited financial statements include all normal adjustments considered necessary to present fairly the financial position and operating results of the Company for the period presented. The financial statements and notes are presented as permitted by Form 10-Q, and do not contain certain information included in the Company’s Annual Report on Form 10-K for the fiscal year ended April 30, 2016. It is management’s opinion that when the interim financial statements are read in conjunction with the April 30, 2016 Annual Report on Form 10-K, the disclosures are adequate to make the information presented not misleading. Interim results are not necessarily indicative of results for a full year or any future period. The accompanying consolidated financial statements of Medical Innovation Holdings, Inc. and its subsidiaries were prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and include the assets, liabilities, revenues, and expenses of subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of our consolidated financial statements in conformity with GAAP requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions are used for, but are not limited to; 1) Revenue recognition; 2) Allowance for doubtful accounts; 3) Inventory costs; 4) Asset impairments; 5) Depreciable lives of assets; 6) Income tax reserves and valuation allowances; 7) Fair value of stock options; 8) Allocation of direct and indirect cost of sales; and 9) Contingent liabilities. Future events and their effects cannot be predicted with certainty; accordingly, our accounting estimates require judgment. We base our estimates on historical experience, available market information, appropriate valuation methodologies, and on various other assumptions that we believe to be reasonable. We evaluate and update our assumptions and estimates on an ongoing basis and may employ outside experts to assist in our evaluation, when necessary. Actual results could differ materially from these estimates. |
Revenue Recognition | Revenue Recognition Revenue Recognition is recognized when earned. The Company’s revenue recognition policies are in compliance with SEC Staff Accounting Bulletin (SAB) 104. Sales revenue is recognized at the date services are rendered and no other significant obligations of the Company exist and collectability is reasonably assured. Payments received before all of the relevant criteria for revenue recognition are satisfied, are recorded as unearned revenue. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all liquid investments with a maturity of three months or less from the date of purchase that are readily convertible into cash to be cash equivalents. The Company maintains its cash in bank deposit accounts that may exceed federally insured limits. The Company has not experienced any losses in such accounts. |
Accounts Receivable | Accounts Receivable The Company reviews its accounts receivables accounts periodically for collectability and establishes an allowance for doubtful accounts and records bad debt expense when deemed necessary. |
Advertising costs | Advertising costs Advertising costs are expensed as incurred. The Company recorded no advertisement costs in the three and six months ended October 31, 2016. |
Inventory | Inventory We carry our inventories at the lower of their cost or market value. Cost is determined using first-in, first-out (“FIFO”) method. Market is determined based on net realizable value. We also provide due consideration to obsolescence, excess quantities, and other factors in evaluating net realizable value. |
Fixed Assets | Fixed Assets Capital assets are stated at cost. Equipment consists of medical equipment and related assets. Depreciation of fixed assets is provided using the straight-line method over the estimated useful lives (3-7 years) of the assets. Expenditures for maintenance and repairs are charged to expense as incurred. Property and Equipment No. of Years Medical Equipment 7 years Telemedicine Equipment 3 years Computers 3 years Furniture 5 years Office Equipment 5 years Office Phone 3 years |
Long Lived Assets | Long Lived Assets The Company adopted Statement of Financial Accounting Standard No. 144, “Accounting for the Impairment or Disposal of Long-Lived Assets” (“SFAS 144”), now codified in ASC 350,which addresses financial accounting and reporting for the impairment or disposal of long-lived assets and supersedes SFAS No. 121, “Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed Of,” and the accounting and reporting provisions of APB Opinion No. 30, “Reporting the Results of Operations for a Disposal of a Segment of a Business.” The Company periodically evaluates the carrying value of long-lived assets to be held and used in accordance with ASC 350. ASC 350 requires impairment losses to be recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amounts. In that event, a loss is recognized based on the amount by which the carrying amount exceeds the fair market value of the long-lived assets. Loss on long-lived assets to be disposed of is determined in a similar manner, except that fair market values are reduced |
Income Taxes | Income Taxes The Company uses the liability method of accounting for income taxes under which deferred tax assets and liabilities are recognized for the future tax consequences of temporary differences between the accounting bases and the tax bases of the Company’s assets and liabilities. Any deferred tax assets and liabilities are computed using enacted tax rates in effect for the year in which the temporary differences are expected to reverse. GAAP generally requires that recognized revenue, expenses, gains and losses be included in net income. Certain statements, however, require entities to report specific changes in assets and liabilities, such as unrealized gains and losses on available-for-sale securities, as a separate component of the equity section of the balance sheet. Such items, along with net income, are components of comprehensive income. |
Issuance of Shares for Service | Issuance of Shares for Service The Company accounts for employee and non-employee stock awards under ASC 718, whereby equity instruments issued to employees for services are recorded based on the fair value of the instrument issued and those issued to non-employees are recorded based on the fair value of the consideration received or the fair value of the equity instrument, whichever is more reliably measurable. |
Foreign Currency Translations and Hedging | Foreign Currency Translations and Hedging The Company will be exposed to foreign currency fluctuations due to international trade. Management does not intend to enter into forward exchange contracts or any derivative financial investments for trading purposes. There is no present international trade and as such management does not currently hedge foreign currency exposure. |
Basic and Diluted Net Loss per Share | Basic and Diluted Net Loss per Share Net loss per share is calculated in accordance with FASB ASC 105. Basic net loss per share is based upon the weighted average number of common shares outstanding. Diluted net loss per share is based on the assumption that all dilutive convertible shares and stock options were converted or exercised. Dilution is computed by applying the treasury stock method. Under this method, options and warrants are assumed to be exercised at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby were used to purchase common stock at the average market price during the period. |
Products and Services, Geographic Areas and Major Customers | Products and Services, Geographic Areas and Major Customers The Company intends to establish a nationwide, state-by-state, multi-disciplinary medical specialist provider/practice network, staffed by 16 types of Physician Specialists. These specialist Physicians will provide virtual medical consultations to the potential millions of rural patients who are chronically underserved. This will be accomplished via a seamless, comprehensive, sophisticated end to end virtual medicine program. |
Recently Issued Accounting Pronouncements | Recently issued accounting pronouncements In May 2014, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) amending revenue recognition guidance and requiring more detailed disclosures to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. In August 2015, the FASB deferred the effective date of the revenue recognition guidance to reporting periods beginning after December 15, 2017. Early adoption is permitted for reporting periods beginning after December 15, 2016. We are continuing to evaluate our method of adoption and the impact this ASU, and related amendments and interpretations, will have on our consolidated financial statements (CFS). In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties About an Entitys Ability to Continue as a Going Concern (ASU 2014-15), which requires management to perform interim and annual assessments of an entitys ability to continue as a going concern within one year of the date the financial statements are issued and provides guidance on determining when and how to disclose going concern uncertainties in the financial statements. Certain disclosures will be required if conditions give rise to substantial doubt about an entitys ability to continue as a going concern. ASU 2014-15 applies to all entities and is effective for annual and interim reporting periods ending after December 15, 2016, with early adoption permitted. The Company does not expect that the adoption of this standard will have a material effect on the Companys CFS. In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes. The new guidance requires that all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet. This update is effective for annual periods beginning after December 15, 2016 and interim periods within those annual periods. The Company does not anticipate the adoption of this ASU will have a significant impact on its CFS. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The guidance in ASU 2016-02 supersedes the lease recognition requirements in ASC Topic 840, Leases (FAS 13). ASU 2016-02 requires an entity to recognize assets and liabilities arising from a lease for both financing and operating leases, along with additional qualitative and quantitative disclosures. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating the effect this standard will have on its CFS. In March 2016, the FASB issued an ASU amending the accounting for stock-based compensation and requiring excess tax benefits and deficiencies to be recognized as a component of income tax expense rather than equity. This guidance also requires excess tax benefits to be presented as an operating activity on the statement of cash flows and allows an entity to make an accounting policy election to either estimate expected forfeitures or to account for them as they occur. The ASU is effective for reporting periods beginning after December 15, 2016, with early adoption permitted. We are currently evaluating the impact of the ASU; however, we expect the ASU will have a material impact on our CFS. As of October 31, 2016, there are no recently issued accounting standards not yet adopted that would have a material effect on the Companys financial statements to have a material impact on the Companys CFS. |
Summary of Significant Accoun18
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Oct. 31, 2016 | |
Accounting Policies [Abstract] | |
Schedule of Property and Equipment Estimated Useful Lives | Property and Equipment No. of Years Medical Equipment 7 years Telemedicine Equipment 3 years Computers 3 years Furniture 5 years Office Equipment 5 years Office Phone 3 years |
Accounts Payable and Accrued 19
Accounts Payable and Accrued Expenses (Tables) | 6 Months Ended |
Oct. 31, 2016 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Expenses | Accounts payable and accrued expenses consisted of the following as of October 31, 2016 and April 30, 2016. October 31, 2016 April 30, 2016 (Audited) Audit fee $ $ 1,500 Transfer agent 1,621 Attorney fees 200,522 200,522 Officers 120,000 Amount due for consultant BBVI, LLC 142,988 Total $ 463,510 $ 203,643 |
Notes Payable (Tables)
Notes Payable (Tables) | 6 Months Ended |
Oct. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Notes Payable | Notes payable consisted of the following as of October 31, 2016 and April 30, 2016. October 31, 2016 April 30, 2016 (Audited) Syndicated Equity, Inc. $ 256,025 $ 256,025 C. S. Seshadri 20,000 185,905 Total $ 276,025 $ 441,930 |
Short-term Debt (Tables)
Short-term Debt (Tables) | 6 Months Ended |
Oct. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Short Term Debt | As of October 31, 2016 and April 30, 2016, short term debt consisted of the following: October 31, 2016 April 30, 2016 Short-Term Debt Borrowings from stockholders $ $ 18,100 |
Introduction (Details Narrative
Introduction (Details Narrative) - USD ($) | Apr. 29, 2016 | Oct. 31, 2016 | Apr. 30, 2016 |
Stockholders' deficiency | $ 723,754 | $ 662,073 | |
MedHold [Member] | Acquisition and Purchase Agreement [Member] | |||
Business acquisition of shares issued | 35,100,000 | ||
Post reverse stock split, description | post-reverse split 1-for-10 | ||
Equity ownership interest percentage | 94.00% |
Summary of Significant Accoun23
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended |
Oct. 31, 2016 | Oct. 31, 2016 | |
Advertisement costs | ||
Minimum [Member] | ||
Property and equipment useful lives | 3 years | |
Maximum [Member] | ||
Property and equipment useful lives | 7 years |
Summary of Significant Accoun24
Summary of Significant Accounting Policies - Schedule of Property and Equipment Estimated Useful Lives (Details) | 6 Months Ended |
Oct. 31, 2016 | |
Medical Equipment [Member] | |
Property and equipment useful lives | 7 years |
Telemedicine Equipment [Member] | |
Property and equipment useful lives | 3 years |
Computers [Member] | |
Property and equipment useful lives | 3 years |
Furniture [Member] | |
Property and equipment useful lives | 5 years |
Office Equipment [Member] | |
Property and equipment useful lives | 5 years |
Office Phone [Member] | |
Property and equipment useful lives | 3 years |
Accounts Payable and Accrued 25
Accounts Payable and Accrued Expenses - Schedule of Accounts Payable and Accrued Expenses (Details) - USD ($) | Oct. 31, 2016 | Apr. 30, 2016 |
Payables and Accruals [Abstract] | ||
Audit fee | $ 1,500 | |
Transfer agent | 1,621 | |
Attorney fees | 200,522 | 200,522 |
Officers | 120,000 | |
Amount due for consultant BBVI, LLC | 142,988 | |
Total | $ 463,510 | $ 203,643 |
Notes Payable (Details Narrativ
Notes Payable (Details Narrative) - USD ($) | Jun. 18, 2015 | Oct. 31, 2016 |
Notes payable | $ 256,025 | |
Debt term | 1 month | |
Debt instruments percentage per annum | 1.00% | 18.00% |
Percentage of convertible debt volume weighted average price | 60.00% | |
CS Seshadri [Member] | ||
Notes payable | $ 20,000 |
Notes Payable - Schedule of Not
Notes Payable - Schedule of Notes Payable (Details) - USD ($) | Oct. 31, 2016 | Apr. 30, 2016 |
Total | $ 276,025 | $ 441,930 |
Syndicated Equity, Inc [Member] | ||
Total | 256,025 | 256,025 |
CS Seshadri [Member] | ||
Total | $ 20,000 | $ 185,905 |
Employment Agreement (Details N
Employment Agreement (Details Narrative) | 6 Months Ended |
Oct. 31, 2016USD ($) | |
CEO [Member] | |
Salary per annum | $ 144,000 |
Preferred Stock (Details Narrat
Preferred Stock (Details Narrative) | 6 Months Ended |
Oct. 31, 2016shares | |
Equity [Abstract] | |
Convertible preferred stock outstanding | 30 |
Percentage of preferred stock converted into common stock | 1.00% |
Preferred stock converted into common stock | 11,400,000 |
Pending Litigation (Details Nar
Pending Litigation (Details Narrative) | 6 Months Ended |
Oct. 31, 2016USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Assumed liabilities due to former law firm | $ 140,000 |
Contractual Obligations (Detail
Contractual Obligations (Details Narrative) - USD ($) | Apr. 29, 2016 | Oct. 31, 2016 | Oct. 31, 2016 |
Consulting Agreement [Member] | MedHold JV [Member] | |||
Consulting fees | $ 30,000 | $ 90,000 | $ 180,000 |
Short-term Debt (Details Narrat
Short-term Debt (Details Narrative) | Oct. 31, 2016 |
Debt Disclosure [Abstract] | |
Short term debt interest rate |
Short-term Debt - Schedule of S
Short-term Debt - Schedule of Short Term Debt (Details) - USD ($) | Oct. 31, 2016 | Apr. 30, 2016 |
Debt Disclosure [Abstract] | ||
Borrowings from stockholders | $ 0 | $ 18,100 |
Stockholders' Equity (Details N
Stockholders' Equity (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |
Oct. 31, 2016 | Oct. 31, 2016 | Apr. 30, 2016 | |
Equity issuance price per share | $ 0.20 | $ 0.20 | |
Common stock, shares outstanding | 38,420,022 | 38,420,022 | 37,209,022 |
Common stock shares subscribed but unissued | 1,211,000 | 1,211,000 | |
Private Placement [Member] | |||
Number of common shares issued | 351,000 | 1,211,000 | |
Value of common shares issued | $ 70,200 | $ 242,200 | |
Post reverse stock split, description | (post-reverse split 1-for-10) | (post-reverse split 1-for-10) |