Document_and_Entity_Informatio
Document and Entity Information (USD $) | 3 Months Ended |
Sep. 30, 2013 | |
Document and Entity Information: | ' |
Entity Registrant Name | 'Myriad Interactive Media, Inc. |
Document Type | '10-Q |
Document Period End Date | 30-Sep-13 |
Amendment Flag | 'false |
Entity Central Index Key | '0001096555 |
Current Fiscal Year End Date | '--06-30 |
Entity Common Stock, Shares Outstanding | 90,461,999 |
Entity Public Float | $90,461,999 |
Entity Filer Category | 'Smaller Reporting Company |
Entity Current Reporting Status | 'Yes |
Entity Voluntary Filers | 'Yes |
Entity Well-known Seasoned Issuer | 'Yes |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q1 |
Balance_Sheets
Balance Sheets (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
ASSETS | ' | ' |
Cash | $7,690 | $3,340 |
Accounts receivable | 11,500 | 5,218 |
Deposits | 950 | 950 |
Prepaid expenses | 11,400 | 17,100 |
Total Current Assets | 31,540 | 26,608 |
PROPERTY AND EQUIPMENT, net | 3,066 | 3,475 |
INTANGIBLE ASSETS, net | 217,924 | 221,507 |
TOTAL ASSETS | 252,530 | 251,590 |
Accounts payable and accrued expenses | 80,901 | 68,392 |
Accrued expenses, related party | 76,211 | 53,987 |
Convertible debt, net | 102,500 | 122,500 |
Due to shareholder | 18,711 | 18,711 |
Total Current Liabilities | 278,323 | 263,590 |
Notes payable | 169,715 | 166,250 |
TOTAL LIABILITIES | 448,038 | 429,840 |
Common stock; 200,000,000 shares authorized, at $0.001 par value, 86,371,090 and 75,401,892 shares issued and outstanding, respectively | 86,371 | 75,401 |
Additional paid-in capital | 12,202,747 | 12,154,717 |
Deferred compensation | -48,374 | -72,299 |
Accumulated other comprehensive loss | 8,134 | 11,754 |
Accumulated deficit | -12,444,386 | -12,347,823 |
TOTAL STOCKHOLDERS' EQUITY (DEFICIT) | -195,508 | -178,250 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | $252,530 | $251,590 |
Statements_of_Operations_and_O
Statements of Operations and Other Comprehensive Income (USD $) | 3 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
REVENUES | ' | ' |
REVENUES | $18,865 | $6,033 |
Professional fees | 66,193 | 225,509 |
General and administrative | 23,961 | 29,204 |
Depreciation and amortization | 21,248 | 262 |
Total Operating Expenses | 111,402 | 254,975 |
LOSS FROM OPERATIONS | -92,537 | -248,942 |
Interest expense | -4,026 | -578 |
Total Other Income (Expense) | -4,026 | -578 |
NET INCOME (LOSS) | -96,563 | -249,520 |
Foreign currency translation adjustment | 3,620 | ' |
Total Other Comprehensive Income (Loss) | 3,620 | ' |
COMPREHENSIVE LOSS | ($92,943) | ($249,520) |
LOSS PER SHARE, BASIC AND FULLY DILUTED | $0 | $0 |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING | 79,395,641 | 50,518,470 |
Statements_of_Cash_Flows
Statements of Cash Flows (USD $) | 3 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
OPERATING ACTIVITIES | ' | ' |
Net loss | ($96,563) | ($249,520) |
Value of options granted | 5,000 | 44,436 |
Common stock and warrants issued for services/interest | 1,500 | 139,891 |
Change in Depreciation and amortization | 21,248 | 269 |
Amortization of deferred compensation | 23,925 | ' |
(Increase) in accounts receivable | -6,282 | -2,008 |
Decrease in deposits | ' | 9,130 |
Decrease in prepaid expenses | 5,700 | ' |
Increase (Decrease) in accounts payable and accrued expenses | 12,509 | -2,649 |
Increase in accrued expenses, related party | 22,224 | 17,179 |
Net Cash Used in Operating Activities | -10,739 | -43,272 |
Purchase of intangible assets | -17,256 | ' |
Purchase of property and equipment | ' | -88 |
Net Cash Used in Investing Activities | -17,256 | -88 |
Proceeds from convertible debt | 32,500 | 42,500 |
Net Cash Provided by Financing Activities | 32,500 | 42,500 |
Exchange rate effect on cash | -155 | ' |
NET INCREASE (DECREASE) IN CASH | 4,350 | -860 |
CASH AT BEGINNING OF YEAR | 3,340 | 5,579 |
CASH AT END OF PERIOD | 7,690 | 4,719 |
Interest | 12 | ' |
Common stock issued for conversion of debt | 54,000 | ' |
Beneficial conversion feature recorded in connection with convertible debt | $0 | ' |
Description_of_Business_Histor
Description of Business, History and Summary of Significant Policies | 3 Months Ended |
Sep. 30, 2013 | |
Notes | ' |
Description of Business, History and Summary of Significant Policies | ' |
NOTE 1 – DESCRIPTION OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT POLICIES | |
Description of Business | |
Myriad Interactive Media, Inc. (referred to as the “Company”) is involved in the e-business industry. It provides end-to-end, e-business solutions to businesses interested in doing e-tailing (selling of retail goods on the Internet). | |
History | |
The Company was incorporated in Nevada on April 23, 1990, as Investor Club of the United States. The name was changed to Noble Financing Group Inc. (in 1992), then to Newman Energy Technologies Incorporated (1998), then World Star Asia, Inc. (1998), Comgen Corp. (1998) and then to Planet411.com Corporation on February 11, 1999 to reflect its then current business objectives. Planet411.com Inc. was incorporated on July 13, 1999. Planet411.com Corporation was merged with and into Planet411.com Inc. (referred to as the “Company”) on October 6, 1999 for the sole purpose of changing the Company's jurisdiction of incorporation to Delaware. On July 18, 2007, the Company filed a Certificate of Merger with the Secretary of State of Delaware in order to effectuate a merger whereby the Company (as Planet411.com Inc.) would merge with its wholly-owned subsidiary, Ivany Mining Inc., as a parent/ subsidiary merger with the Company as the surviving corporation. This merger, which became effective as of July 18, 2007, was completed pursuant to Section Title 8, Section 251(c) of the Delaware General Corporation Law. Upon completion of this merger, the Company's name was changed to "Ivany Mining Inc." and the Company's Articles of Incorporation have been amended to reflect this name change. On February 16, 2010 the Company’s name was changed to Ivany Nguyen, Inc. On July 6, 2011 the Company’s name was changed to Myriad Interactive Media, Inc. | |
Basis of Presentation | |
The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission ("SEC"). In the opinion of management, all adjustments necessary in order for the financial statements to be not misleading have been reflected herein. The Company has adopted a June 30 year end. | |
Foreign Currency Translation | |
The functional currency of the Company is the U.S. Dollar. Accordingly, assets and liabilities of the subsidiary are translated into U.S. dollars at period-end exchange rates. Revenues and expenses are translated at the average exchange rates in effect for the period. The resulting translation gains or losses are recorded as a component of accumulated other comprehensive income in the consolidated statement of stockholders’ equity. For the periods ended September 30, 2013 and June 30, 2013, the Company recognized a gain on translation adjustment in the amount of $3,620 and $11,754, respectively. | |
Comprehensive Loss | |
Total comprehensive loss represents the net change in stockholders' equity during a period from sources other than transactions with stockholders and as such, includes net loss. For the Company, the components of other comprehensive loss are the changes in the cumulative foreign currency translation adjustments. | |
Use of Estimates | |
The preparation of audited financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | |
Cash and Cash Equivalents | |
For purposes of financial statement presentation, the Company considers all highly liquid investments with a maturity of three months or less, from the date of purchase, to be cash equivalents. | |
Property and Equipment | |
Property and equipment is recorded at cost less accumulated depreciation. Depreciation and amortization is calculated using the straight-line method over the expected useful life of the asset, after the asset is placed in service. | |
Concentration of Risk | |
Financial instruments, which potentially subject us to concentrations of credit risk, consist principally of cash. The Company’s cash balances are maintained in accounts held by major banks and financial institutions located in the United States. The Company occasionally maintains amounts on deposit with a financial institution that are in excess of the federally insured limits. The risk is managed by maintaining all deposits in high quality financial institutions. | |
Fair Value of Financial Instruments | |
The Company has adopted ASC 805, “Disclosure About Fair Value of Financial Instruments”, which requires the Company to disclose, when reasonably attainable, the fair market values of its assets and liabilities which are deemed to be financial instruments. The carrying amounts and estimated fair values of the Company’s financial instruments approximate their fair value due to the short-term nature. | |
Revenue Recognition | |
Revenues from fixed price contracts and cost-plus-fee contracts are recognized as services are performed. Revenue is recognized at the time of sale if collection is reasonably assured. Provisions for discounts and rebates to customers, estimated returns and allowances, and other adjustments are provided for in the same period the related sales are recorded. The Company defers any revenue for which the product has not been delivered or is subject to refund until such time that the Company and the customer jointly determine that the product has been delivered or no refund will be required. | |
Advertising Costs | |
The Company expenses all costs of advertising as incurred. There were $1,056 and $1,950 of advertising costs incurred during the periods ended September 30, 2013 and June 30, 2013, respectively. | |
Share-Based Compensation | |
The Company follows the provisions of ASC 718, “Share-Based Payment” which requires all share-based payments to employees, including grants of employee stock options, to be recognized in the income statement based on their fair values. The Company uses the Black-Scholes pricing model for determining the fair value of stock based compensation. Equity instruments issued to non-employees for goods or services are accounted for at fair value and are marked to market until service is complete or a performance commitment date is reached, whichever is earlier. | |
Earnings (loss) per Share | |
Basic earnings (loss) per share exclude any dilutive effects of options, warrants and convertible securities. Basic earnings (loss) per share is computed using the weighted-average number of outstanding common stocks during the applicable period. Diluted earnings per share is computed using the weighted-average number of common and common stock equivalent shares outstanding during the period. Common stock equivalent shares are excluded from the computation if their effect is antidilutive. | |
Recent Accounting Pronouncements | |
The Company has evaluated recent accounting pronouncements and their adoption has not had or is not expected to have a material impact on the Company’s financial position or statements of operations or cash flows. | |
Income Taxes | |
The Company provides for income taxes under ASC 740 which requires the use of an asset and liability approach in accounting for income taxes. Deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax bases of assets and liabilities and the tax rates in effect when these differences are expected to reverse. The Company’s predecessor operated as entity exempt from Federal and State income taxes. | |
ASC 740 also requires the reduction of deferred tax assets by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. | |
Prepaid Expenses | |
On January 31, 2012, the Company issued 5,000,000 shares of its common stock valued at $800,000 under a 6 months consulting agreement. The Company amortized the value of the shares over the term of the contract leaving a balance of $0 and $0 in prepaid expense as of September 30, 2013 and June 30, 2013, respectively. | |
On April 1, 2013 the Company entered into a lease agreement for a term of twelve months. The Company paid $22,800 initially toward the agreement and that amount is being amortized over the term of the lease leaving a balance of $11,400 and $17,100 as prepaid expense as of September 30, 2013 and June 30, 2013, respectively. | |
Intangible Assets | |
The Company classifies intangible assets into three categories: (1) intangible assets with definite lives subject to amortization, (2) intangible assets with indefinite lives not subject to amortization and (3) goodwill. The Company determines the useful lives of identifiable intangible assets after considering the specific facts and circumstances related to each intangible asset. Factors the Company considers when determining useful lives include the contractual term of any agreement related to the asset, the historical performance of the asset, the Company’s strategy for using the asset, any laws or other local regulations which could impact the useful life of the asset, and other economic factors, including competition and specific market conditions. Intangible assets that are deemed to have definite lives are amortized, on a straight-line basis, over their useful lives, which in the case of computer software is generally 4 years. | |
Accounts Receivable | |
The Company establishes provisions for losses on accounts receivable if it determines that it will not collect all or part of the outstanding balance. The Company regularly reviews collectability and establishes or adjusts the allowance as necessary using the specific identification method. At September 30, 2013 and June 30, 2013, no reserve for allowance for doubtful accounts was needed. | |
Reclassification | |
Certain balances in previously issued financial statements have been reclassified to be consistent with the current period presentation. | |
Going_Concern
Going Concern | 3 Months Ended |
Sep. 30, 2013 | |
Notes | ' |
Going Concern | ' |
NOTE 2 - GOING CONCERN | |
The Company's financial statements are prepared using generally accepted accounting principles in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and allow it to continue as a going concern, and has negative working capital. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations. | |
In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management’s plan is to obtain such resources for the Company by obtaining capital from management and significant shareholders sufficient to meet its minimal operating expenses and seeking equity and/or debt financing. However management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. | |
The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. |
Related_Party_Transactions
Related Party Transactions | 3 Months Ended |
Sep. 30, 2013 | |
Notes | ' |
Related Party Transactions | ' |
NOTE 3 – RELATED PARTY TRANSACTIONS | |
On April 23, 2012, an officer loaned the Company $1,236. The note bears no interest and is due July 18, 2013. During the year ended June 30, 2013, the Company repaid the entire balance. | |
On April 25, 2012, an officer loaned the Company $15,812. The note bears no interest and is due April 25, 2013. During the year ended June 30, 2013, the Company repaid the entire balance. | |
On June 26, 2012, an officer loaned the Company $8,708. The note bears no interest and is due June 26, 2013. During the year ended June 30, 2013, the Company repaid the entire balance. | |
On July 18, 2012, the Company borrowed $12,418 from a related party in the form of promissory note. The note bears no interest and is due on July 18, 2013. During the year ended June 30, 2013, the Company issued 1,653,120 for the conversion of $12,418 which extinguished the debt in full. As a result, the Company recorded a loss on the settlement of the debt of $20,644. | |
On January 22, 2013, the Company borrowed $9,928 from a related party in the form of promissory note. The note bears interest at 9% per annum and is due on January 22, 2014. The note is collateralized by 1,241,810 shares of the Company’s common stock and has accrued interest in the amount of $548 and $392 as of September 30, 2013 and June 30, 2013, respectively. | |
On February 26, 2013 the Company borrowed $8,783 from a related party in the form of promissory note. The note is unsecured, accrues interest at 9% per annum and is due on February 26, 2014. The note has accrued interest in the amount of $418 and $270 as of September 30, 2013 and June 30, 2013, respectively. | |
On July 23, 2013 the Company borrowed $3,168 from a related party in the form of promissory note. The note is unsecured, accrues interest at 9% per annum and is due on July 23, 2014. The note has accrued interest in the amount of $49 and $0 as of September 30, 2013 and June 30, 2013, respectively. | |
An officer of the Company receives $8,000 a month for consulting fees until otherwise modified or cancelled by further action of the board. The Company has a balance due to the officer for consulting services of $81,155 and $53,987 as of September 30, 2013 and June 30, 2013, respectively. |
Property_and_Equipment
Property and Equipment | 3 Months Ended | ||
Sep. 30, 2013 | |||
Notes | ' | ||
Property and Equipment | ' | ||
NOTE 4 – PROPERTY AND EQUIPMENT | |||
The Company’s property and equipment are comprised of the following on September 30, 2013 and June 30, 2013: | |||
30-Sep-13 | 30-Jun-13 | ||
Computer equipment | $ 4,910 | $ 4,910 | |
Accumulated depreciation | -1,844 | -1,435 | |
Property and equipment, net | $ 3,066 | $ 3,475 | |
Depreciation expense for the periods ended September 30, 2013 and June 30, 2013 was $409 and $1,124, respectively. |
Intangible_Assets
Intangible Assets | 3 Months Ended | ||
Sep. 30, 2013 | |||
Notes | ' | ||
Intangible Assets | ' | ||
NOTE 5 – INTANGIBLE ASSETS | |||
The Company has capitalized internally developed computer software costs and costs to acquire computer software from a third party as intangible assets. The agreement, mentioned in Note 8, calls for a promissory note in the amount of CAD $175,000 and stock in the amount of $75,000. The total value of the purchased asset was valued as of the date of purchase at $252,951. The Company also incurred additional internally developed computer software costs of $38,796. The Company has determined a 4 year useful life for its computer software. | |||
The Company’s intangible assets are comprised of the following on September 30, 2013 and June 30, 2013: | |||
30-Sep-13 | 30-Jun-13 | ||
Computer software | $ 291,747 | $ 274,491 | |
Accumulated depreciation | -73,823 | -52,984 | |
Property and equipment, net | $ 217,924 | $ 221,507 | |
Total amortization expense for the periods ended September 30, 2013 and June 30, 2013 were $20,839 and $53,066, respectively. | |||
Convertible_Notes_Payable
Convertible Notes Payable | 3 Months Ended |
Sep. 30, 2013 | |
Notes | ' |
Convertible Notes Payable | ' |
NOTE 6 – CONVERTIBLE NOTES PAYABLE | |
As of September 30, 2013 and June 30, 2013, respectively, the Company had an outstanding balance, net of the debt discount of $102,500 and $122,500. As of September 30, 2013 and June 30, 2013, the total outstanding accrued interest on the convertible notes payable was $3,384 and $1,223, respectively. | |
On July 31, 2012, the Company issued a convertible promissory note in the amount of $42,500. The note is due on May 2, 2013 and bears interest at 8% per annum. The loan is secured by shares of the Company’s common stock. The loan becomes convertible 180 days after date of the note. The loan and any accrued interest can then be converted into shares of the Company’s common stock at a rate of 55% multiplied by the market price, which is the average of the lowest three (3) trading prices for the common stock during the ten (10) trading day period ending on the latest complete trading day prior to the conversion date. | |
During the year ended June 30, 2013, the Company converted $42,500 of debt and $1,700 of accrued interest into 5,658,636 shares of common stock fully extinguishing the debt. | |
During the period ended September 30, 2013, the Company converted $52,500 of debt and $1,500 of accrued interest into 10,232,551 shares of common stock. | |
On October 23, 2012, the Company issued a convertible promissory note in the amount of $22,500. The note is due on July 25, 2013 and bears interest at 8% per annum. The loan is secured by shares of the Company’s common stock. The loan becomes convertible 180 days after date of the note. The loan and any accrued interest can then be converted into shares of the Company’s common stock at a rate of 55% multiplied by the market price, which is the average of the lowest three (3) trading prices for the common stock during the ten (10) trading day period ending on the latest complete trading day prior to the conversion date. During the year ended June 30, 2013, the Company converted $22,500 of debt and $900 of accrued interest into 3,946,666 shares of common stock fully extinguishing the debt. | |
On February 4, 2013, the Company issued a convertible promissory note in the amount of $37,500. The note is due on November 6, 2013 and bears interest at 8% per annum. The loan is secured by shares of the Company’s common stock. The loan becomes convertible 180 days after date of the note. The loan and any accrued interest can then be converted into shares of the Company’s common stock at a rate of 55% multiplied by the market price, which is the average of the lowest three (3) trading prices for the common stock during the ten (10) trading day period ending on the latest complete trading day prior to the conversion date. As of September 30, 2013 the debt was paid in full through issuance of common stock. | |
On March 19, 2013, the Company issued a convertible promissory note in the amount of $47,500. The note is due on December 26, 2013 and bears interest at 8% per annum. The loan is secured by shares of the Company’s common stock. The loan becomes convertible 180 days after date of the note. The loan and any accrued interest can then be converted into shares of the Company’s common stock at a rate of 55% multiplied by the market price, which is the average of the lowest three (3) trading prices for the common stock during the ten (10) trading day period ending on the latest complete trading day prior to the conversion date. | |
On June 17, 2013, the Company issued a convertible promissory note in the amount of $37,500. The note is due on March 19, 2014 and bears interest at 8% per annum. The loan is secured by shares of the Company’s common stock. The loan becomes convertible 180 days after date of the note. The loan and any accrued interest can then be converted into shares of the Company’s common stock at a rate of 55% multiplied by the market price, which is the average of the lowest three (3) trading prices for the common stock during the ten (10) trading day period ending on the latest complete trading day prior to the conversion date. | |
On August 12, 2013, the Company issued a convertible promissory note in the amount of $32,500. The note is due on May 12, 2014 and bears interest at 8% per annum. The loan is secured by shares of the Company’s common stock. The loan becomes convertible 180 days after date of the note. The loan and any accrued interest can then be converted into shares of the Company’s common stock at a rate of 55% multiplied by the market price, which is the average of the lowest three (3) trading prices for the common stock during the ten (10) trading day period ending on the latest complete trading day prior to the conversion date. |
Derivative_Liability
Derivative Liability | 3 Months Ended |
Sep. 30, 2013 | |
Notes | ' |
Derivative Liability | ' |
NOTE 7– DERIVATIVE LIABILITY | |
On July 31, 2012 and October 23, 2012, the Company issued convertible promissory notes in the amounts of $42,500 and $22,500, respectively. The loans becomes convertible 180 days after date of the note into shares of the Company’s common stock at a rate of 55% multiplied by the market price, which is the average of the lowest three (3) trading prices for the common stock during the ten (10) trading day period ending on the latest complete trading day prior to the conversion date. | |
In accordance with AC 815, the Company has bifurcated the conversion feature of the note and recorded a derivative liability. | |
The Company uses the Black-Scholes option pricing model to value the derivative liability. Included in the model are the following assumptions: stock price at valuation date of $0.02, exercise price of $0.011 - $0.0083, dividend yield of zero, years to maturity of 0.21 – 0.26, a risk free rate of 0.04% - 0.05%, and annualized volatility of 240% - 252%. The Company recognized a derivative expense of $11,646 upon recording of the derivative liabilities. The notes were fully discounted and the $65,000 discount was amortized as of June 30, 2013. | |
ASC 815 requires Company management to assess the fair market value of certain derivatives at each reporting period and recognize any change in the fair market value as another income or expense item. The Company’s only asset or liability measured at fair value on a recurring basis is its derivative liability associated with the above convertible debt. During the year ended June 30, 213, the Company recorded a derivative liability of $81,022 in relation to the two aforementioned promissory notes. As of June 30, 2013, both promissory notes were completely converted into shares of common stock and the Company wrote off $76,646 of the derivative liability to additional paid in capital. | |
Capital_Stock_Transactions
Capital Stock Transactions | 3 Months Ended |
Sep. 30, 2013 | |
Notes | ' |
Capital Stock Transactions | ' |
NOTE 9 – CAPITAL STOCK TRANSACTIONS | |
Preferred stock | |
The authorized preferred stock is 10,000,000 shares with a par value of $0.001. As of June 30, 2013, the Company has no shares of preferred stock issued or outstanding. | |
Common stock | |
The authorized common stock is 200,000,000 shares with a par value of $0.001. As of June 30, 2013 and 2012, 75,401,892 and 50,518,470 shares were issued and outstanding, respectively. | |
During the year ended June 30, 2012, the Company issued 456,131 shares of common stock with 456,131 attached warrants for $45,613. The warrants were exercisable for a one year period at an exercise price of $0.15 and expired unexercised. The Company valued these warrants using the Black-Scholes valuation model using the assumptions detailed in Note 10 and attributed a total of $26,007 of the total $45,613 proceeds to the warrants based on their relative fair value. | |
During the year ended June 30, 2013, the Company issued 1,625,000 shares of common stock for cash proceeds of $32,500. | |
During the year ended June 30, 2013, the Company issued 7,000,000 shares of common stock for services valued at $110,750. The Company recorded $72,299 to deferred compensation and is amortizing that amount over the term of the service contracts. | |
During the year ended June 30, 2013 the company issued 9,605,302 shares of common stock for conversion of $65,000, of debt and $2,600 of accrued interest. | |
Additionally, the Company converted a shareholder loan to common stock during the year ended June 30, 2013. The loan of $12,418 was converted into 1,653,120 common shares. The stock was issued at a price below market value so a loss on the conversion of $20,644 was recorded. | |
During the year ended June 30, 2013, the Company issued 5,000,000 shares of common stock valued at $75,000 for the purchase of intangible assets. | |
During the period ended September 30, 2013 the company issued 10,232,551 shares of common stock for conversion of $52,500, of debt and $1,500 of accrued interest. | |
During the period ended September 30, 2013 the company issued 777,778 shares of common stock in relation to the exercising of 1,000,000 options, the value of the conversion was $5000. | |
During the period ended September 30, 2013 the company cancelled 41,131 shares of common stock when it found that those shares had been issued in duplicate and therefore in error. |
Stock_Options_and_Warrants
Stock Options and Warrants | 3 Months Ended | |||
Sep. 30, 2013 | ||||
Notes | ' | |||
Stock Options and Warrants | ' | |||
NOTE 10 – STOCK OPTIONS AND WARRANTS | ||||
The estimated value of the compensatory common stock purchase warrants granted to non-employees in exchange for services and financing expenses is determined using the Black-Scholes evaluation model. | ||||
During the year ended June 30, 2013, the Company issued 3,000,000 options for services performed by consultants. These options have a one year life and an exercise price of $0.10 and were valued at a total of $32,545. The Company calculated a relative fair value for these options based on a volatility of 238%, a risk-free interest rate of .17% and a stock price on the date of issuance of $0.02. | ||||
During the year ended June 30, 2012, the Company issued 456,131 warrants in conjunction with common stock sold for cash. These warrants have a one year life and an exercise price of $0.15. The Company calculated a relative fair value for these warrants based on a volatility of 300% to 330%, a risk-free interest rate of .37% and a stock price on the date of issuance of $0.08 to $0.20. | ||||
Changes in stock options during the years ended June 30, 2011 through 2013 are as follows: | ||||
Number of Options | Weighted Average Exercise Price | Value if Exercised | ||
Outstanding, June 30, 2011 | 1,000,000 | $ 0.20 | $ 200,000 | |
Granted | - | - | - | |
Exercised | - | - | - | |
Cancelled | - | - | - | |
Outstanding, June 30, 2012 | 1,000,000 | 0.2 | 200,000 | |
Granted | 3,000,000 | 0.1 | 300,000 | |
Exercised | - | - | - | |
Cancelled | - | - | - | |
Expired | -4,000,000 | - | - | |
Outstanding, June 30, 2013 | - | $ - | $ - | |
Changes in stock purchase warrants during the years ended June 30, 2011 through 2013 are as follows: | ||||
Number of Warrants | Weighted Average Exercise Price | Value if Exercised | ||
Outstanding, June 30, 2011 | 24,019,613 | $ 0.11 | $ 2,551,961 | |
Granted | 456,131 | 0.15 | 68,420 | |
Exercised | - | - | - | |
Cancelled | - | - | - | |
Outstanding, June 30, 2012 | 24,475,744 | 0.011 | 2,620,381 | |
Granted | - | - | - | |
Exercised | - | - | - | |
Cancelled | - | - | - | |
Expired | -24,475,744 | - | - | |
Outstanding, June 30, 2013 | - | $ - | $ - | |
There were not any stock purchase warrants outstanding at September 30, 2013. |
Commitments
Commitments | 3 Months Ended |
Sep. 30, 2013 | |
Notes | ' |
Commitments | ' |
NOTE 11 – COMMITMENTS | |
On June 7, 2013, the Company entered into a consulting agreement for twelve months of services for a total of $52,000. The agreement calls for the following: months one and two: $10,000 per month; months three and four: $4,000 per month; and months five through twelve: $3,000 per month. The consultant terminated this agreement on July 7, 2013 and no remaining payments will be made. | |
On March 30, 2012, the Company issued 855,462 shares of its common stock to its legal counsel for $85,546 of services rendered. The settlement agreement provides that the Company will pay the difference between the liability settled in shares and the net proceeds from the sale of the shares if the net proceeds is less than the liability settled. As of June 30, 2012, the Company had a contingent liability of approximately $0.09 per share or $76,992 to its legal counsel. As of June 30, 2013, the Company’s legal counsel sold the shares for approximately $15,223 which was applied to the outstanding balance owed by the Company. As a result, the contingent liability ceased and the Company recognized a loss on settlement of debt and recorded accounts payable of $70,323 during the year ended June 30, 2013. | |
On July 22, 2013 the Company entered into software acquisition agreement. The Company agreed to purchase the software for 7,500,000 shares of the Company’s common stock. Pursuant to the agreement the Company also agreed to issue 1,000,000 shares of the Company’s common stock for advisory services. This transaction has not been settled as of the period end. | |
Income_Taxes
Income Taxes | 3 Months Ended | ||
Sep. 30, 2013 | |||
Notes | ' | ||
Income Taxes | ' | ||
NOTE 12 – INCOME TAXES | |||
For the period ended September 30, 2013, Myriad has incurred a net loss of approximately $96,563 and, therefore, has no tax liability. The net deferred tax asset generated by the loss carry-forward has been fully reserved. The cumulative net operating loss carry-forward is approximately $12,444,386 at September 30, 2013, and will expire beginning in the year 2028. | |||
The provision for Federal income tax consists of the following for the periods ended September 30, 2013 and 2012: | |||
30-Sep-13 | 30-Jun-13 | ||
Federal income tax benefit attributable to: | |||
Current operations | $ 32,831 | $ 84,497 | |
Less: valuation allowance | -32,831 | -84,497 | |
Net provision for Federal income taxes | $ 0 | $ 0 | |
The cumulative tax effect at the expected rate of 34% of significant items comprising our net deferred tax amount is as follows as of September 30, 2013 and June 30, 2013: | |||
30-Sep-13 | 30-Jun-13 | ||
Deferred tax asset attributable to: | |||
Net operating loss carryover | $ 4,231,091 | $ 4,198,260 | |
Valuation allowance | -4,231,091 | -4,198,260 | |
Net deferred tax asset | $ 0 | $ 0 | |
Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards of approximately $12,444,386 for Federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur, net operating loss carry forwards may be limited as to use in future years. | |||
Foreign_Currency_Translation
Foreign Currency Translation | 3 Months Ended |
Sep. 30, 2013 | |
Notes | ' |
Foreign Currency Translation | ' |
NOTE 13 – FOREIGN CURRENCY TRANSLATION | |
Due to the fact that the Company’s functional currency is the U.S. Dollar and its reporting currency is the U.S. dollar, the Company must recognize the effects of variations in foreign currency exchange rates as gains and losses as a component of other comprehensive income (loss), pursuant to ASC 830 “Foreign Currency Translation.” To calculate this other comprehensive income and loss, the Company utilizes the “current method,” whereby assets and liabilities carried in Canadian dollars are translated into U.S. dollars at the exchange rate at the balance sheet date. | |
During the years ended September 30, 2013 and June 30, 2013, the Company recognized other comprehensive gains of $3,620 and $11,754, respectively. |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Sep. 30, 2013 | |
Notes | ' |
Subsequent Events | ' |
NOTE 14 – SUBSEQUENT EVENTS | |
On October 15, 2013 the Company converted $13,500 of convertible debt into 4,090,909 shares of common stock at the applicable conversion price of $0.0033 per share in accordance with a Conversion Note dated March 19, 2013. | |
Effective November 14, 2013 the Company’s authorized number of common stock increased from 200,000,000 to 500,000,000 as the result of an approved amendment filed with the state of incorporation. In relation to this transaction 2,000,000 common shares with special voting rights were issued to a current shareholder | |
In accordance with ASC 855-10, the Company has analyzed its operations subsequent to September 30, 2013 through the date these financial statements were issued and has determined that it does not have any material subsequent events to disclose in these financial statements other than the events described above. |
Note_Payable_Policies
Note Payable (Policies) | 3 Months Ended |
Sep. 30, 2013 | |
Policies | ' |
Note Payable | ' |
NOTE 8 – NOTE PAYABLE | |
On September 19, 2012, the Company entered into a note payable agreement with one of its vendors as part of a purchase agreement to acquire all rights to a social media software application from the vendor with an effective date of October 1, 2012. The promissory note in the amount of CAD $175,000 bears no interest and is due on October 1, 2014. The Company’s obligation to repay the note in full is conditional upon the Company generating a minimum of $500,000 in sales of the social media software application on or before the due date of October 1, 2014. If the Company does not generate the minimum required sales, the note shall be re-paid on a pro rata basis provided a minimum of $250,000 in sales is generated on or before the due date. The denomination specified in the agreement is CAD, therefore, the Company will translate the CAD into its base currency of USD each period and will record any changes to other comprehensive income. | |
As of September 30, 2013 and June 30, 2013, the outstanding note payable balance was $169,715 and $166,250, respectively. | |