Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Feb. 27, 2018 | |
Document and Entity Information: | ||
Entity Registrant Name | EASTGATE BIOTECH CORP | |
Entity Central Index Key | 1,099,574 | |
Trading Symbol | etbi | |
Entity Current Reporting Status | No | |
Entity Voluntary Filers | No | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding | 934,305,508 | |
Document Type | 10-Q/A | |
Document Period End Date | Jun. 30, 2016 | |
Amendment Flag | true | |
Amendment Description | We are filing this Amendment No. 1 on Form 10-Q/A to amend and restate in their entirety the following items of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2016 as originally filed with the Securities and Exchange Commission on February 27, 2017 (the “Original Form 10-Q”): (i) Item 1 of Part I “Financial Information,” (ii) Item 2 of Part I, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” (iii) Item 4 of Part I, “Controls and Procedures,” and (iv) Item 6 of Part II, “Exhibits”, and we have also updated the signature page, the certifications of our Chief Executive Officer and President, treasurer and coporate secretaryin Exhibits 31.1, 31.2, 32.1 and 32.2, and our financial statements formatted in Extensible Business Reporting Language (XBRL) in Exhibits 101. No other sections were affected, but for the convenience of the reader, this report on Form 10-Q/A restates in its entirety, as amended, our Original Form 10-Q. This report on Form 10-Q/A is presented as of the filing date of the Original Form 10-Q and does not reflect events occurring after that date, or modify or update disclosures in any way other than as required to reflect the restatement described below. On or about May 3, 2017, the Board of Directors, upon the recommendation of the Company’s management and after discussions with our then current independent registered public accounting firm, Sadler, Gibb & Associates, LLC (“Sadler”), concluded that the quarterly financial statements for the periods ended March 31, 2016, June 30, 2016 and September 30, 2016 (collectively, the “Non-Reliance Periods”) as previously issued should no longer be relied upon (the “Non-Reliance Determination”). The Company made the Non-Reliance Determination because the quarterly financial statements had been filed without Sadler;s review. Our quarterly financial statements have been restated to correct errors in the Original 10-Q. We have made necessary conforming changes in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” resulting from the correction of such errors in the Original 10-Q | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Current | ||
Cash | $ 72,543 | $ 19,241 |
Deposits | 14,595 | |
Sales tax recoverable | 79,681 | |
Total current assets | 72,543 | 113,517 |
Other assets | ||
Property & Equipment, net | 184,402 | |
Total other assets | 184,402 | |
Total assets | 72,543 | 297,919 |
Current liabilities | ||
Accounts payable and accrued liabilities | 285,346 | 361,094 |
Deferred revenue | 94,166 | 23,847 |
Accrued liabilities related party | 1,484,349 | 732,125 |
Deferred rent | 1,430 | 2,064 |
Capital lease obligation | 8,453 | 8,130 |
Accrued interest - related parties | 359,121 | 292,769 |
Notes payable - related parties | 1,468,262 | 1,308,585 |
Total current liabilities | 3,701,127 | 2,728,614 |
Long term liabilities | ||
Capital lease obligation long term | 48,091 | 50,386 |
Total Liabilities | 3,749,218 | 2,779,000 |
Commitments and Contingencies | ||
Stockholders' deficit | ||
Authorized: Preferred stock:50,000,000 shares authorized at $0.00001 par value no shares issued at June 30, 2016 and December 31, 2015 | ||
Common stock: 450,000,000 shares authorized at $0.00001 par value 306,272,175 and 282,872,175 shares issued and outstanding at June 30, 2016 and December 31, 2015 respectively | 3,063 | 2,829 |
Additional paid-in capital | 9,891,010 | 9,137,764 |
Accumulated other comprehensive income | 17,706 | 31,846 |
Deficit accumulated | (13,588,454) | (11,653,520) |
Total stockholders' deficit | (3,676,675) | (2,481,081) |
Total liabilities and stockholders' deficit | $ 72,543 | $ 297,919 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2016 | Dec. 31, 2015 |
Stockholders' deficit | ||
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, par value (in dollars per share) | $ 0.00001 | $ 0.00001 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, shares authorized | 450,000,000 | 450,000,000 |
Common stock, par value (in dollars per share) | $ 0.00001 | $ 0.00001 |
Common stock, issued | 306,272,175 | 282,872,175 |
Common stock, outstanding | 306,272,175 | 282,872,175 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Condensed Consolidated Statements Of Operations And Comprehensive Loss | ||||
REVENUES | $ 58,543 | $ 58,543 | ||
Cost of goods sold | 8,430 | 8,430 | ||
Gross (loss) profit | 50,113 | 50,113 | ||
OPERATING EXPENSES | ||||
Professional fees | 1,669 | 46,783 | 4,305 | 97,203 |
Research & development | 126,873 | 297,858 | 265,514 | 693,978 |
General and administrative | 231,815 | 455,427 | 1,264,035 | 1,509,702 |
Marketing and selling | 69,659 | 50,551 | 139,940 | 319,736 |
Total Operating Expenses | 430,016 | 850,619 | 1,673,794 | 2,620,619 |
LOSS FROM OPERATIONS | (430,016) | (800,506) | (1,673,794) | (2,570,506) |
Other items | ||||
Interest expense | (41,402) | (26,703) | (76,738) | (49,353) |
Losses from Impairment of Assets | (184,402) | |||
Total other items | (41,402) | (26,703) | (261,140) | (49,353) |
LOSS BEFORE INCOME TAXES | (471,418) | (827,209) | (1,934,934) | (2,619,859) |
PROVISION FOR INCOME TAXES | ||||
NET LOSS | $ (471,418) | $ (827,209) | $ (1,934,934) | $ (2,619,859) |
BASIC AND DILUTED LOSS PER SHARE | $ (0.002) | $ (0.01) | $ (0.01) | $ (0.02) |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC AND DILUTED | 306,272,175 | 154,771,152 | 302,286,461 | 132,514,850 |
COMPREHENSIVE LOSS | ||||
Net Loss | $ (471,418) | $ (827,209) | $ (1,934,934) | $ (2,619,859) |
Other Comprehensive Loss - foreign currency translation | 1,484 | (5,224) | (14,140) | (5,312) |
Comprehensive Loss | $ (469,934) | $ (832,433) | $ (1,949,074) | $ (2,625,171) |
Statements of Stockholders' Equ
Statements of Stockholders' Equity (Deficit) - USD ($) | Common Stock | Additional Paid-In Capital | Subscription Payable | Accumulated other comprehensive income | Deficit Accumulated During the Development Stage | Total |
Begnning Balance, Shares at Dec. 31, 2014 | 89,635,234 | |||||
Begnning Balance, Amount at Dec. 31, 2014 | $ 896 | $ 5,957,771 | $ 15,268 | $ (7,372,210) | $ (1,398,275) | |
Shares issued in conversion of accrued compensation, Shares | 117,898,608 | |||||
Shares issued in conversion of accrued compensation, Amount | $ 1,179 | 1,236,151 | ||||
Shares issued for services, Shares | 24,253,333 | |||||
Shares issued for services, Amount | $ 243 | 560,351 | ||||
Stock options and warrants issued, Amount | 488,351 | |||||
Shares issued for Acquisition of Assets/Lease, Shares | 1,500,000 | |||||
Shares issued for Acquisition of Assets/Lease, Amount | $ 15 | 20,985 | ||||
Private placement shares and warrants issued for cash, Shares | 335,000 | |||||
Private placement shares and warrants issued for cash, Amount | $ 3 | 24,997 | ||||
Shares issued for bonus, Shares | 49,250,000 | |||||
Shares issued for bonus, Amount | $ 493 | 849,158 | ||||
Foreign Currency Transaltion adjustments | 16,578 | |||||
Net loss for the Year ended | (4,281,310) | |||||
Ending Balance, Shares at Dec. 31, 2015 | 282,872,175 | |||||
Ending Balance, Amount at Dec. 31, 2015 | $ 2,829 | 9,137,764 | 0 | 31,846 | (11,653,520) | (2,481,081) |
Shares issued in conversion of accrued compensation, Shares | ||||||
Shares issued in conversion of accrued compensation, Amount | ||||||
Shares issued for services, Shares | 23,400,000 | |||||
Shares issued for services, Amount | $ 234 | 753,246 | 753,480 | |||
Stock options and warrants issued, Amount | ||||||
Shares issued for Acquisition of Assets/Lease, Shares | ||||||
Shares issued for Acquisition of Assets/Lease, Amount | ||||||
Foreign Currency Transaltion adjustments | (14,140) | (14,140) | ||||
Net loss for the Year ended | (1,934,934) | (1,934,934) | ||||
Ending Balance, Shares at Jun. 30, 2016 | 306,272,175 | |||||
Ending Balance, Amount at Jun. 30, 2016 | $ 3,063 | $ 9,891,010 | $ 17,706 | $ (13,588,454) | $ (3,676,675) |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss for the period | $ (1,934,934) | $ (2,619,859) |
Adjustments to reconcile net loss to net cash used by operating activities: | ||
Expenses paid on the Company's behalf by a related party | (1,827) | |
Common stock issued for services | 753,480 | 1,077,743 |
Depreciation | 18,564 | |
Losses from Impairment of Assets | 184,402 | |
Stock options issued | 291,427 | |
Changes in operating assets and liabilities: | ||
Accrued interest | 66,352 | 49,353 |
Prepaid asset | 14,595 | (6,597) |
Accounts payable | 2,028 | 49,242 |
Accrued liabilities related party | 745,639 | 725,452 |
Reserve for Recoverable Tax | (9,606) | (24,436) |
Deferred rent | (760) | (820) |
Deferred revenue | 66,950 | 9,831 |
Cash flows used in operating activities | (113,681) | (430,100) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Payment of capital lease obligation | (1,973) | |
Proceeds from notes payable related party | 161,505 | 159,750 |
Payments on notes payable related party | (5,536) | |
Cash overdraft | 6,611 | |
Cash flows provided by financing activities | 159,532 | 160,825 |
NET INCREASE (DECREASE) IN CASH | 45,851 | (269,275) |
Effect of foreign currency translation adjustments | 7,451 | (17,206) |
Cash, beginning of the period | 19,241 | 286,481 |
Cash, end of the period | 72,543 | |
Supplemental disclosures of cash flow information: | ||
Cash paid for income taxes | ||
Cash paid for interest | 6,027 | |
Non Cash Financing activities: | ||
Common stock issued to convert liabilities | $ 761,849 |
CONDENSED FINANCIAL STATEMENTS
CONDENSED FINANCIAL STATEMENTS | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
NOTE 1 - CONDENSED FINANCIAL STATEMENTS | The accompanying financial statements have been prepared by the Eastgate Biotech Corp without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows at June 30, 2016, and for all periods presented herein have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company’s December 31, 2015 audited financial statements. The results of operations for the periods ended June 30, 2016 and 2015 are not necessarily indicative of the operating results for the full years. |
GOING CONCERN
GOING CONCERN | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
NOTE 2 - GOING CONCERN | The accompanying financial statements have been prepared in conformity with generally accepted accounting principles, which contemplate continuation of the Company as a going concern. However, the Company has accumulated deficit of $13,588,454 as of June 30, 2016. The Company currently has limited liquidity, and has not completed its efforts to establish a stabilized source of revenues sufficient to cover operating costs over an extended period of time, raising substantial doubt about its ability to continue as a going concern. Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses The Company intends to position itself so that it may be able to raise additional funds through the capital markets. In light of management’s efforts, there are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
NOTE 3 - SIGNIFICANT ACCOUNTING POLICIES | Principles of Consolidation The consolidated financial statements include the accounts of Eastgate Biotech Corp. and its wholly-owned subsidiary Eastgate Pharmaceuticals Inc. All intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of 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 the statement of cash flows, the Company considers all highly liquid instruments purchased with a maturity of six months or less to be cash equivalents to the extent the funds are not being held for investment purposes. Research and Development Costs The Company expenses research and development costs to operations as incurred. Research and development expenses are comprised of costs incurred in performing research and development activities, including employee-related expenses; laboratory supplies and other direct expenses; third-party contractual costs relating to nonclinical studies and related contract manufacturing expenses, development of manufacturing processes and regulatory registration. Foreign Currency Translation Foreign denominated assets and liabilities of the Company are translated into U.S. dollars at the prevailing exchange rates in effect at the end of the reporting period. Income statement accounts are translated at a weighted average of exchange rates which were in effect during the period. Translation adjustments that arise from translating the foreign subsidiary’s financial statements from local currency to U.S. currency are recorded in the other comprehensive loss component of stockholders’ equity. Recent Accounting Pronouncements In June 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-10, which eliminated certain financial reporting requirements of companies previously identified as “Development Stage Entities” (Topic 915). The amendments in this ASU simplify accounting guidance by removing all incremental financial reporting requirements for development stage entities. The amendments also reduce data maintenance and, for those entities subject to audit, audit costs by eliminating the requirement for development stage entities to present inception-to-date information in the statements of income, cash flows, and shareholder equity. Early application of each of the amendments is permitted for any annual reporting period or interim period for which the entity’s financial statements have not yet been issued (public business entities) or made available for issuance (other entities). Upon adoption, entities will no longer present or disclose any information required by Topic 915. The Company has adopted this standard and will not report inception to date financial information. 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. |
RELATED-PARTY TRANSACTIONS
RELATED-PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
NOTE 4 - RELATED-PARTY TRANSACTIONS | Notes payable – related parties The Company has recorded loans from shareholders, amounts due to shareholders for expenses paid on its behalf by shareholders as Notes payable - related parties on the balance sheet. The amounts comprising Notes payable – related parties bear interest ranging from 5 percent per annum to 10 percent per annum, are unsecured and are due and payable upon demand. During the six months ended June 30, 2016 the CEO and companies owned by the CEO as well as a company owned by a related party shareholder have advanced cash to the Company of $161,505, and have had expenses paid by the Company of $1,827 on their behalf. At June 30, 2016 the Company has not repaid any of related party loans. During the year ended December 31, 2015 the CEO and the current President advanced the company cash of $310,825 and were repaid $5,536 of advances made. In addition during this period they paid $2,337 of expenses on behalf of the company and were reimbursed for $5,432 in expenses they previously paid. This accounts for the increase in notes payable related party for the year ended December 31, 2015 of $302,194. As of June 30, 2016 and December 31, 2015, the Company owed $359,121 and $292,769 of accrued interest to related parties, respectively, resulting from interest expense of $66,322 and $109,954, respectively. |
SALES TAX RECOVERABLE
SALES TAX RECOVERABLE | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
NOTE 5 –SALES TAX RECOVERABLE | Sales tax receivable The Company recovers sales tax paid, for which returns are filed on annual basis but company was able to file the return only in 2017. This is reserved as of June 30, 2016, The Balance of $95,149 was claimed as recoverable compared to the December 31, 2015 balance of $79,681. Sales tax recoverable is a result of sales tax paid on eligible expenses. |
STOCKHOLDERS' DEFICIT
STOCKHOLDERS' DEFICIT | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
NOTE 6 – STOCKHOLDERS DEFICIT | On February 1 st st The following table summarizes the stock options that are issued, outstanding and exercisable Stock Options Issued & Outstanding Exercise Expiration June 30 December 31 Price Date 2016 2015 $ 0.286 February 12, 2020 10,375,000 10,375,000 As of June 30, 2016, the Company had 41,164,901 warrants to purchase common stock. All outstanding warrants have a weighted average price of $0.07 per share and have a weighted average remaining life of 3.06 years. The following table summarizes warrants that are issued, outstanding and exercisable Warrants Issued & Outstanding Exercise Expiration June 30 December 31 Price Date 2016 2015 $ 0.25 March 14, 2019 3,495,000 3,495,000 $ 0.25 March 21, 2019 3,480,000 3,480,000 $ 0.25 June 6, 2019 2,022,300 2,022,300 $ 0.05 October 16, 2019 150,000 150,000 0.04 December 31, 2019 8,125,000 8,125,000 $ 0.04 January 5, 2020 8,146,225 8,146,225 0.04 August 19, 2020 125,000 125,000 0.00001 October 6, 2020 15,621,376 16,171,627 41,164,901 41,715,152 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
NOTE 7 - SUBSEQUENT EVENTS | In accordance with ASC 855 Company management reviewed all material events through the date of this report and determined that there are no material subsequent events to report except as described below: On January 1 st On February 1 st |
SIGNIFICANT ACCOUNTING POLICI14
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
Significant Accounting Policies Policies | |
Principles of Consolidation | The consolidated financial statements include the accounts of Eastgate Biotech Corp. and its wholly-owned subsidiary Eastgate Pharmaceuticals Inc. All intercompany accounts and transactions have been eliminated in consolidation. |
Use of Estimates | The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of 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 the statement of cash flows, the Company considers all highly liquid instruments purchased with a maturity of six months or less to be cash equivalents to the extent the funds are not being held for investment purposes. |
Research and Development Costs | The Company expenses research and development costs to operations as incurred. Research and development expenses are comprised of costs incurred in performing research and development activities, including employee-related expenses; laboratory supplies and other direct expenses; third-party contractual costs relating to nonclinical studies and related contract manufacturing expenses, development of manufacturing processes and regulatory registration. |
Foreign Currency Translation | Foreign denominated assets and liabilities of the Company are translated into U.S. dollars at the prevailing exchange rates in effect at the end of the reporting period. Income statement accounts are translated at a weighted average of exchange rates which were in effect during the period. Translation adjustments that arise from translating the foreign subsidiary’s financial statements from local currency to U.S. currency are recorded in the other comprehensive loss component of stockholders’ equity. |
Recent Accounting Pronouncements | In June 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-10, which eliminated certain financial reporting requirements of companies previously identified as “Development Stage Entities” (Topic 915). The amendments in this ASU simplify accounting guidance by removing all incremental financial reporting requirements for development stage entities. The amendments also reduce data maintenance and, for those entities subject to audit, audit costs by eliminating the requirement for development stage entities to present inception-to-date information in the statements of income, cash flows, and shareholder equity. Early application of each of the amendments is permitted for any annual reporting period or interim period for which the entity’s financial statements have not yet been issued (public business entities) or made available for issuance (other entities). Upon adoption, entities will no longer present or disclose any information required by Topic 915. The Company has adopted this standard and will not report inception to date financial information. 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. |
STOCKHOLDERS' DEFICIT (Tables)
STOCKHOLDERS' DEFICIT (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Summarizes warrants that are issued, outstanding and exercisable | Warrants Issued & Outstanding Exercise Expiration June 30 December 31 Price Date 2016 2015 $ 0.25 March 14, 2019 3,495,000 3,495,000 $ 0.25 March 21, 2019 3,480,000 3,480,000 $ 0.25 June 6, 2019 2,022,300 2,022,300 $ 0.05 October 16, 2019 150,000 150,000 0.04 December 31, 2019 8,125,000 8,125,000 $ 0.04 January 5, 2020 8,146,225 8,146,225 0.04 August 19, 2020 125,000 125,000 0.00001 October 6, 2020 15,621,376 16,171,627 41,164,901 41,715,152 |
Stock Option [Member] | |
Summarizes warrants that are issued, outstanding and exercisable | Stock Options Issued & Outstanding Exercise Expiration June 30 December 31 Price Date 2016 2015 $ 0.286 February 12, 2020 10,375,000 10,375,000 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Going Concern Details Narrative | ||
Accumulated deficit | $ (13,588,454) | $ (11,653,520) |
RELATED-PARTY TRANSACTIONS (Det
RELATED-PARTY TRANSACTIONS (Details Narrative) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | |||
Proceeds from notes payable related party | $ 161,505 | $ 159,750 | |
Expenses paid on the Company's behalf by a related party | 1,827 | ||
Repayment of related party loan | $ 5,536 | ||
Accrued interest to related parties | $ 359,121 | $ 292,769 | |
Minimum [Member] | |||
Related Party Transaction [Line Items] | |||
Annual interest rate | 5.00% | ||
Maximum [Member] | |||
Related Party Transaction [Line Items] | |||
Annual interest rate | 10.00% | ||
Chief Executive Officer [Member] | |||
Related Party Transaction [Line Items] | |||
Accrued interest to related parties | $ 359,121 | 292,769 | |
Chief Executive Officer [Member] | Notes Payable [Member] | |||
Related Party Transaction [Line Items] | |||
Proceeds from notes payable related party | 161,505 | 310,825 | |
Expenses paid on the Company's behalf by a related party | 1,827 | 2,337 | |
Repayment of related party loan | 5,536 | ||
Reimbursment of expense | 5,432 | ||
Interest expense | $ 66,322 | 109,954 | |
Increase in notes payable | $ 302,194 |
SALES TAX RECOVERABLE (Details
SALES TAX RECOVERABLE (Details Narrative) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Sales Tax Recoverable Details Narrative | ||
Sales tax recoverable | $ 95,149 | $ 79,681 |
STOCKHOLDERS' DEFICIT (Details)
STOCKHOLDERS' DEFICIT (Details) - $ / shares | Jun. 30, 2016 | Dec. 31, 2015 |
Warrants Issued & Outstanding | 41,164,901 | 41,715,152 |
Stock Option [Member] | Option Expiration Date February 12, 2020 [Member] | ||
Exercise Price | $ 0.286 | $ 0.286 |
Warrants Issued & Outstanding | 10,375,000 | 10,375,000 |
STOCKHOLDERS' DEFICIT (Details
STOCKHOLDERS' DEFICIT (Details 1) - $ / shares | Dec. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Class of Warrant or Right [Line Items] | |||
Warrants Issued & Outstanding | 41,164,901 | 41,715,152 | |
Warrants Expiration Date 14 March 2019 [Member] | |||
Class of Warrant or Right [Line Items] | |||
Exercise Price | $ 0.25 | $ 0.25 | |
Warrants Issued & Outstanding | 3,495,000 | 3,495,000 | |
Warrants Expiration Date 21 March 2019 [Member] | |||
Class of Warrant or Right [Line Items] | |||
Exercise Price | $ 0.25 | $ 0.25 | |
Warrants Issued & Outstanding | 3,480,000 | 3,480,000 | |
Warrants Expiration Date 6 June 2019 [Member] | |||
Class of Warrant or Right [Line Items] | |||
Exercise Price | $ 0.25 | $ 0.25 | |
Warrants Issued & Outstanding | 2,022,300 | 2,022,300 | |
Warrants Expiration Date 16 October 2019 [Member] | |||
Class of Warrant or Right [Line Items] | |||
Exercise Price | $ 0.05 | $ 0.05 | |
Warrants Issued & Outstanding | 150,000 | 150,000 | |
Warrants Expiration Date 31 December 2019 [Member] | |||
Class of Warrant or Right [Line Items] | |||
Exercise Price | $ 0.04 | $ 0.04 | |
Warrants Issued & Outstanding | 8,125,000 | 8,125,000 | |
Warrants Expiration Date 5 january 2020 [Member] | |||
Class of Warrant or Right [Line Items] | |||
Exercise Price | $ 0.04 | $ 0.04 | |
Warrants Issued & Outstanding | 8,146,225 | 8,146,225 | |
Warrants Expiration Date 19 August 2020 [Member] | |||
Class of Warrant or Right [Line Items] | |||
Exercise Price | $ 0.04 | $ 0.04 | |
Warrants Issued & Outstanding | 125,000 | 125,000 | |
Warrants Expiration Date 6 October 2020 [Member] | |||
Class of Warrant or Right [Line Items] | |||
Exercise Price | $ 0.00001 | $ 0.00001 | |
Warrants Issued & Outstanding | 15,621,376 | 16,171,627 |
STOCKHOLDERS' DEFICIT (Detail21
STOCKHOLDERS' DEFICIT (Details Narrative) - $ / shares | 1 Months Ended | 6 Months Ended | |
Feb. 01, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | |
Stockholders Equity Note [Line Items] | |||
Number of warrants to purchase common stock | 41,164,901 | 41,715,152 | |
Warrants [Member] | |||
Stockholders Equity Note [Line Items] | |||
Number of warrants to purchase common stock | 41,164,901 | ||
Weighted average price per share | $ 0.07 | ||
Weighted average life | 3 years 22 days | ||
Consultants [Member] | |||
Stockholders Equity Note [Line Items] | |||
Shares issued for services rendered (in shares) | 23,400,000 | ||
Price per share | $ 0.0322 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) | Feb. 01, 2017Integershares | Jan. 01, 2017Integershares | Jun. 30, 2016shares | Dec. 31, 2015shares |
Common stock, shares issued for compensation | 306,272,175 | 282,872,175 | ||
Subsequent Event [Member] | Two lawyers [Member] | ||||
Common stock, shares issued for compensation | 1,000,000 | |||
Number of lawyers | Integer | 2 | |||
Subsequent Event [Member] | Consultants [Member] | ||||
Common stock, shares issued for compensation | 8,000,000 | |||
Number of consultants | Integer | 2 |