Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Mar. 31, 2015 | Jun. 25, 2015 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2015 | |
Entity Registrant Name | Sibling Group Holdings, Inc. | |
Entity Central Index Key | 1,099,728 | |
Current Fiscal Year End Date | --06-30 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 202,509,293 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Mar. 31, 2015 | Jun. 30, 2014 |
Current assets | ||
Cash | $ 1,948,237 | $ 27,250 |
Accounts receivable | 39,742 | $ 77,356 |
Due from Affiliates | 22,999 | |
Prepaid expenses | 235,295 | $ 202,363 |
Total current assets | 2,246,273 | $ 306,969 |
Fixed Assets, net | 3,943 | |
Investment in Measurement Planet | 5,000 | |
Intangible assets, net | 1,430,242 | $ 1,225,461 |
Total assets | 3,685,458 | 1,532,430 |
Current liabilities | ||
Accounts payable | 1,821,976 | 1,127,649 |
Accrued liabilities | 180,789 | 231,322 |
Deferred revenue | $ 640,264 | 634,643 |
Line of credit | 100,000 | |
Short-term notes payable | $ 137,500 | $ 37,500 |
Due to related party | 98,135 | |
Due to shareholders | 36,900 | |
Total current liabilities | $ 2,915,564 | $ 2,131,114 |
Commitments and contingencies (Note 9) | ||
Stockholders' deficit | ||
Preferred stock, $0.0001 par value; 500,000 shares issued and outstanding | $ 962,000 | |
Additional paid-in capital | 13,700,566 | $ 8,016,481 |
Accumulated deficit | (13,904,831) | (8,619,317) |
Total stockholders' deficit | 769,894 | (598,684) |
Total liabilities and stockholders' deficit | $ 3,685,458 | $ 1,532,430 |
Convertible series common stock, $0.0001 par value; 10,000,000 shares authorized; none issued or outstanding [Member] | ||
Stockholders' deficit | ||
Common stock | ||
Common stock, $0.0001 par value; 500,000,000 shares authorized; 121,590,441 and 41,518,251 issued and outstanding at March 31, 2015 and June 30, 2014, respectively [Member] | ||
Stockholders' deficit | ||
Common stock | $ 12,159 | $ 4,152 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2015 | Jun. 30, 2014 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 500,000 | 0 |
Preferred stock, shares outstanding | 500,000 | 0 |
Convertible Series Common Stock [Member] | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 0 | 0 |
Common stock, shares outstanding | 0 | 0 |
Common Stock [Member] | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 121,590,441 | 41,518,251 |
Common stock, shares outstanding | 121,590,441 | 41,518,251 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | |
Condensed Consolidated Statements of Operations [Abstract] | ||||
Revenues | $ 601,363 | $ 1,701,497 | ||
Cost of goods sold | 846,846 | 1,255,950 | ||
Gross profit (loss) | (245,483) | 445,547 | ||
Operating expenses | ||||
General and administrative | 463,991 | $ 140,472 | 2,340,895 | $ 145,075 |
Professional fees | 245,889 | 458,329 | 1,130,461 | 1,234,966 |
Total operating expenses | 709,880 | 598,801 | 3,471,356 | 1,380,041 |
Loss from operations | (955,363) | (598,801) | (3,025,809) | $ (1,380,041) |
Other income (expense) | ||||
Other income (expense) | 60,414 | (199,023) | ||
Interest income (expense) | (107,029) | $ (13,448) | (202,212) | $ (15,848) |
Impairment of Urban Planet assets acquired | (1,722,408) | (1,722,408) | ||
Gain (loss) on debt settlement | 15,109 | (136,062) | ||
Total other income (expense) | (1,753,914) | $ (13,448) | (2,259,705) | $ (15,848) |
Net loss | $ (2,709,277) | $ (612,249) | $ (5,285,514) | $ (1,395,889) |
Net loss per share | $ (0.04) | $ (0.02) | $ (0.09) | $ (0.05) |
Weighted average shares outstanding, basic and diluted | 75,180,353 | 35,369,071 | 55,714,103 | 27,410,445 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows - USD ($) | 9 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Cash flows from operating activities | ||
Net loss | $ (5,285,514) | $ (1,395,889) |
Adjustments to reconcile net loss to net cash (used in) operating activities | ||
Common stock issued for directors/board committee fees | 97,200 | $ 458,700 |
Common stock issued for financing | 31,145 | |
Common stock issued for services | 967,087 | $ 789,865 |
Common stock issued for compensation | $ 604,800 | |
Common stock issued for rent | $ 15,000 | |
Impairment of Urban Planet intangibles | $ 1,722,408 | |
Beneficial conversion feature rights | 85,259 | |
Amortization of intangibles and debt discount | 397,410 | |
Changes in operating assets and liabilities | ||
Accounts receivable | 91,061 | |
Due from affiliates | 1,069 | |
Accounts payable | 434,572 | $ 22,253 |
Accrued liabilities | (189,510) | $ 37,209 |
Deferred revenue | (25,721) | |
Prepaid expenses | (31,070) | $ (6,244) |
Net cash (used in) operating activities | (1,099,804) | $ (79,106) |
Cash flows from investing activities | ||
Cash acquired from UPM acquisition | 29,756 | |
Net cash provided by investing activities | 29,756 | |
Cash flows from financing activities | ||
Sale of common stock, net | 2,881,000 | $ 50,000 |
Due to related party | 98,135 | $ 25,633 |
Due to shareholders | 36,900 | |
Proceeds of notes payable | 250,000 | |
Repayment of convertible note | (275,000) | |
Proceeds of short term notes payable | 100,000 | |
Repayment of line of credit | (100,000) | |
Net cash provided by (used in) financing activities | 2,991,035 | $ 75,633 |
Net change in cash | 1,920,987 | (3,473) |
Cash, beginning of period | 27,250 | 4,642 |
Cash, end of period | 1,948,237 | $ 1,169 |
Supplemental disclosure of cash flow information | ||
Cash paid for interest | $ 98,411 | |
Cash paid for income taxes | ||
Supplemental disclosure of non-cash operating and financing activities | ||
Common stock issued for settlement of note payable | $ 35,000 | |
Common stock issued for settlement of accounts payable | $ 15,499 | 82,587 |
Common stock issued for settlement of accrued interest payable | 13,500 | |
Common stock issued for prepaid expenses | 1,725 | |
Common stock issued for settlement of related party payable | 84,908 | |
Common stock issued for purchase of intangible asset | $ 64,000 |
Condensed Consolidated Stateme6
Condensed Consolidated Statement of Stockholders' Deficit - 9 months ended Mar. 31, 2015 - USD ($) | Total | Preferred Stock [Member]Series A [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] |
Balance at Jun. 30, 2014 | $ (598,684) | $ 4,152 | $ 8,016,481 | $ (8,619,317) | |
Balance, shares at Jun. 30, 2014 | 41,518,251 | ||||
Issuance of common stock for services | 967,087 | $ 915 | 966,172 | ||
Issuance of common stock for services, shares | 9,148,531 | ||||
Issuance of common stock for Directors'/Board Committee fees | 97,200 | $ 90 | 97,110 | ||
Issuance of common stock for Directors'/Board Committee fees, shares | 900,000 | ||||
Issuances of common stock for compensation | 604,800 | $ 420 | 604,380 | ||
Issuances of common stock for compensation, shares | 4,200,000 | ||||
Issuance of common stock for accounts payable | 15,500 | $ 12 | 15,488 | ||
Issuance of common stock for accounts payable, shares | 120,043 | ||||
Issuance of common stock for financing and fees | 31,145 | $ 20 | 31,125 | ||
Issuance of common stock for financing and fees, shares | 203,616 | ||||
Issuances of common stock for cash | 100,000 | $ 143 | 99,857 | ||
Issuances of common stock for cash, shares | 1,428,571 | ||||
Issuances of common stock for cash | 2,781,000 | $ 5,357 | 2,775,643 | ||
Issuances of common stock for cash, shares | 53,571,429 | ||||
Issuance of equity for Urban Planet acquisition | 1,972,100 | $ 962,000 | $ 1,050 | 1,009,050 | |
Issuance of equity for Urban Planet acquisition, shares | 500,000 | 10,500,000 | |||
Beneficial conversion feature on debt raise | 85,259 | 85,259 | |||
Net loss, period ended March 31, 2015 | (5,285,514) | (5,285,514) | |||
Balance at Mar. 31, 2015 | $ 769,894 | $ 962,000 | $ 12,159 | $ 13,700,566 | $ (13,904,831) |
Balance, shares at Mar. 31, 2015 | 500,000 | 121,590,441 |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 9 Months Ended |
Mar. 31, 2015 | |
Nature of Operations and Basis of Presentation [Abstract] | |
Nature of Operations and Basis of Presentation | Note 1 Organization Sibling Group Holdings, Inc. (SIBE or the Company) was incorporated under the laws of the State of Texas on December 28, 1988, as "Houston Produce Corporation". On June 24, 1997, the Company changed its name to "Net Masters Consultants, Inc." On November 27, 2002, the Company changed its name to "Sona Development Corporation" in an effort to restructure the business image to attract prospective business opportunities. The Company name changed on May 14, 2007 to "Sibling Entertainment Group Holdings, Inc." and on August 15, 2012, the Company name was changed to "Sibling Group Holdings, Inc." BlendedSchools.Net As of May 30, 2014, the Company completed the acquisition of the assets of BlendedSchools.Net (Blended Schools) for a purchase price of $ 550,000 446,187 103,813 Blended Schools provides online curriculum with 192 Urban Planet Media & Entertainment, Corp. On January 28, 2015, the Company entered into a share exchange agreement (the Share Exchange Agreement) with Urban Planet Media & Entertainment, Corp. (Urban Planet) and its shareholders pursuant to which the Company issued 10,500,000 0.0001 500,000 Each share of preferred stock issued to the former Urban Planet shareholders is convertible by the holder (1) at any time after 24 months after the original issue date or (2) at any time after delivery of notice by the Company of the occurrence of certain conversion events set forth in the certificate of designation establishing the preferred stock into that number of shares of common stock determined by dividing the stated value of such shares of preferred stock, which is $10.00 per preferred share, by the conversion price. The conversion price of the preferred stock is $ 0.50 Urban Planet is a mobile media company providing content and solutions in the education, healthcare and literary markets. Shenzhen City Qianhai Xinshi Education Management Co., Ltd. During the quarter ended March 31, 2015, the Company received a strategic investment from Shenzhen City Qianhai Xinshi Education Management Co., Ltd., a company based and operating in the People's Republic of China (Shenzhen). The strategic investment was provided to accelerate the Company's growth and expansion into critical strategic markets around the world, including China. Effective on February 27, 2015, the Company entered into a Securities Purchase Agreement (the Securities Purchase Agreement) with Shenzhen and certain accredited and institutional investors (together with Shenzhen, the Investors). Pursuant to the Securities Purchase Agreement, the Investors purchased an aggregate of 53,571,429 3,250,000 469,000 7,142,857 500,000 one five 0.07 one one five 0.50 five 187,500,001 On April 6, 2015, Shenzhen exercised the A Warrants in full and a portion of the B Warrants resulting in an additional 72,857,143 5,526,966 42,857,143 0.07 30,000,000 0.0842322 five As a result of the exercise of the B Warrants and pursuant to the terms of the B Warrants, the Company issued Shenzhen Additional Warrants to purchase an aggregate of 15,000,000 five 0.0842322 Following the exercise of the Warrants, Shenzhen holds 115,714,286 57.14 Pursuant to the terms of the remaining Warrants, Shenzhen has the potential to purchase up to an additional 34,285,714 150,000,000 15,000,000 0.0842322 1,263,483 19,285,714 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Mar. 31, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2 - Summary of Significant Accounting Policies (a) Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany transactions and balances have been eliminated. During 2014, the Company changed its fiscal financial reporting year end from December 31 to be June 30, which represents the operating year ends of its current business. (b) Going Concern The financial statements have been prepared on the basis of a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has limited revenues, has a working capital deficit of $ 669,292 and incurred a loss of $ 5,285,514 for the recent nine months ended March 31, 2015. However, in accordance with the Financial Accounting Standards Board (FASB) 2,881,000 5,285,514 (c) Use of Estimates The preparation of financial statements in conformity with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts of assets and liabilities, derivative liabilities, debt discounts, valuation of intangibles acquired in our acquisition, impairment of intangibles 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. (d) Allowance for Doubtful Accounts Accounts receivables are recorded at their estimated collectible amounts. Management evaluates the collectability of its receivables periodically, largely based on the historical trends with the customer as well as current financial information available. If it is deemed appropriate an allowance is recorded as an expense in the current period. As of March 31, 2015 and June 30, 2014, the Company recorded $ 3,926 0 (e) Intangibles Assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. If such assets are considered impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. During the quarter ended March 31, 2015, the Company recorded an impairment charge of $ 1,722,408 (f) Capitalized Software Costs The Company develops software for internal use. Software development costs incurred during the application development stage are capitalized in accordance with FASB Accounting Standards Codification (ASC), ASC 350, Intangibles Goodwill and Other. The Company amortizes these costs over the estimated useful life of the software, which is generally three years. Capitalized software development costs are stated at cost less accumulated amortization. The Company did not capitalize any internally developed software or content costs during either nine month period ended March 31, 2015 or 2014. (g) Investments The Company holds a minority interest investment that is accounted for as a cost method investment. (h) Revenue Recognition The Company typically will receive in full or a large prepayment on account for the use of its Blended School courses for the successive K-12 school year commencing on July 1, as well as smaller prepayments for its Urban Planet Writing Planet contracts. Revenues are amortized ratably over the contract term with the customer, typically over twelve months. Deferred revenues represents customer prepayments on account for the subscribed software and course content. (i) Income Taxes The Company utilizes FASB ASC 740, Accounting for Income Taxes, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred income taxes are recognized for the estimated tax consequences in future years of differences between the tax bases of assets and liabilities, and their financial reporting amounts at each period end based on enacted tax laws and statutory tax rates applicable to the period in which the differences are expected to affect taxable income. The Company's recent equity raises and possibly past restructuring events have resulted in the occurrence of a triggering event as defined in Section 382 of the Internal Revenue Code of 1986, as amended, which could limit the use of the Company's net operating loss carryforwards. The Company has yet to undertake a study to quantify any limitations on the use of its net operating loss carryforwards. (j) Financial Instruments In accordance with the requirements of FASB ASC 820, Financial Instruments, Disclosures about Fair Value of Financial Instruments, the Company has determined the estimated fair value of financial instruments using available market information and appropriate valuation methodologies. The carrying values of cash, accounts payable, and amounts due to related parties approximate fair values due to the short-term maturity of the instruments. Certain assets and liabilities that are measured at fair value on a recurring basis are measured in accordance with FASB ASC Topic 820-10-05. Fair Value Measurements (Topic 820-10-05). Topic 820-10-05 defines fair value, establishes a framework for measuring fair value and expands the disclosure requirements regarding fair value measurements for financial assets and liabilities as well as for non-financial assets and liabilities that are recognized or disclosed at fair value on a recurring basis in the financial statements. Topic 820-10-05 requires fair value measurement be classified and disclosed in one of the following three categories: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2: Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). Items subject to the Level 3 unobservable inputs is the $ 5,000 (k) Stock-Based Compensation The Company accounts for stock-based compensation in accordance with FASB ASC 718, Compensation Stock Compensation (ASC 718). Under the provisions of ASC 718, stock-based compensation cost is estimated at the grant date based on the award's fair value as calculated by the Black-Scholes-Merton (BSM) option-pricing model and/or market price of conversion shares, and is recognized as expense over the requisite service period. The BSM model requires various highly judgmental assumptions including volatility and expected option life. If any of the assumptions used in the BSM model change significantly, stock-based compensation expense may differ materially in the future from that recorded in the current period. In addition, the Company is required to estimate the expected forfeiture rate and only recognize expense for those shares expected to vest. The Company estimates the forfeiture rate based on historical experience. Further, if the extent of the Company's actual forfeiture rate is different from the estimate, then the stock-based compensation expense is adjusted accordingly. The Company accounts for equity instruments issued in exchange for the receipt of goods or services from other than employees in accordance with FASB ASC 505-50 Equity Based Payments to Non-Employees (ASC 505-50). Costs are measured at the estimated fair market value of the consideration received, or the estimated fair value of the equity instruments issued, whichever is more reliably measurable. The value of equity instruments issued for consideration other than employee services is determined on the earliest of a performance commitment or completion of performance by the provider of goods or services as defined by ASC 505-50. (l) Loss per Share The Company computes loss per share in accordance with FASB ASC 260, Earnings Per Share (ASC 260), which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. ASC 260 requires companies that have multiple classes of equity securities to use the two-class of if converted method in computing earnings per share. The Company computes loss per share using the two-class method. The two-class method of computing earnings per share is an earnings allocation formula that determines earnings per share for common stock and any participating securities according to dividends declared (whether paid or unpaid) and participation rights in undistributed earnings. Under the two-class method, earnings per common share are computed by dividing the sum of distributed earnings to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding for the period. In applying the two-class method, undistributed earnings are allocated to both common shares and participating securities based on the weighted average shares outstanding during the period. The Company has excluded all common equivalent shares outstanding for warrants to purchase common stock from the calculation of diluted net loss per share because all such securities are antidilutive for the periods presented. As of March 31, 2015 and 2014 there were common stock equivalents outstanding of 100,428,572 0 (m) Recent Accounting Pronouncements In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements Going Concern (Subtopic 205-40) Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern. substantial doubt, In June 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (ASU 2014-09) . In June 2014, the FASB issued ASU No. 2014-12, Compensation Stock Compensation (Topic 718); Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period (ASU 2014-12) . Entities may apply the amendments in ASU 2014-12 either (1) prospectively to all awards granted or modified after the effective date or (2) retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. If retrospective transition is adopted, the cumulative effect of applying ASU 2014-12 as of the beginning of the earliest annual period presented in the financial statements should be recognized as an adjustment to the opening retained earnings balance at that date. Additionally, if retrospective transition is adopted, an entity may use hindsight in measuring and recognizing the compensation cost. ASU 2014-12 is not expected to have a material impact on our results of operations, cash flows or financial condition. All other new accounting pronouncements issued but not yet effective or adopted have been deemed to be not relevant to the Company and, accordingly, are not expected to have a material impact once adopted. |
Acquisition Activity
Acquisition Activity | 9 Months Ended |
Mar. 31, 2015 | |
Acquisition Activity [Abstract] | |
Acquisition Activity | Note 3 Acquisition Activity The Company completed the acquisition of two internet properties, ClassChatter.com and ClassChatterLive.com, as of May 31, 2013, (both referred to as ClassChatter). Both had been developed by an individual with a background in STEM and Blended Learning educational technology. The websites are expected to become the base modules for a full, end-to-end solution for e-learning through the addition of applications that use the classroom membership such as grade books, behavior monitoring, class interaction and course interaction. The total consideration paid to the seller was the issuance of 319,905 58,000 During the period ended September 30, 2013, we completed the acquisition of the assets and operations of PLC Consultants, LLC (PLC Consultants), a business focused on special education training and certification, primarily for education professionals in the K-12 area. The Company issued 300,000 24,000 On February 1, 2014, the Company completed the purchase of the assets of DWSaba Consulting, LLC (DWSaba Consulting) for 800,000 0.05 40,000 As of May 30, 2014, the Company completed the acquisition of the assets of Blended Schools for a purchase price of $ 550,000 446,187 103,813 192 The identified assets and liabilities acquired in the Blended Schools acquisition as of May 30, 2014 are as follows: Fair Value of Assets Acquired: Accounts Receivable $ 121,810 Prepaid Expenses 24,946 Software and content 1,187,534 Liabilities Assumed: Accounts Payable (284,891 ) Bank Line of Credit (100,000 ) Deferred Revenue customer prepayments (784,291 ) Other Accrued Liabilities (61,295 ) Cash Paid to Seller post closing $ 103,813 Cash Paid to Seller post closing $ 103,813 Liabilities Assumed 446,187 Total Purchase Price $ 550,000 On January 28, 2015, the Company entered into the Share Exchange Agreement with Urban Planet and its shareholders pursuant to which the Company issued up to 10,500,000 500,000 The identified assets and liabilities acquired for the issuance of equity in the Urban Planet acquisition as of January 28, 2015 are as follows: Fair Value of Assets Acquired: Cash $ 29,756 Accounts Receivable 53,447 Prepaid Expenses 1,862 Other Current Assets 24,068 Fixed Assets 3,967 Software and content 577,167 Other Assets 5,000 Liabilities Assumed: Accounts Payable (259,755 ) Deferred Revenue (31,342 ) Other Accrued Liabilities (154,478 ) Net Value $ 249,692 Each share of preferred stock issued to the former Urban Planet shareholders is convertible by the holder (i) at any time after 24 months after the original issue date or (ii) at any time after delivery of notice by the Company of the occurrence of certain conversion events set forth in the certificate of designation establishing the preferred stock into that number of shares of common stock determined by dividing the stated value of such shares of preferred stock, which is $10.00 per preferred share, by the conversion price. 0.50 Urban Planet is a mobile media company providing content and solutions in the education, healthcare and literary markets. The Company has written down the value of the investment in Urban Planet using industry information from an independent third-party appraiser to two times revenue reported by Urban Planet for calendar year 2014, or 249,692 1,722,408 filed as part of this quarterly report on Form 10-Q. The Company implemented certain cost-savings initiatives in an effort to offset the write-down, including a reduction in personnel and termination of the Company's office lease in North Carolina, resulting in annualized savings of 329,104 Nine months Ended 2015 2014 Revenues $ 2,019,676 $ 576,837 Net Loss $ (5,666,133 ) $ (1,865,200 ) |
Intangible Assets
Intangible Assets | 9 Months Ended |
Mar. 31, 2015 | |
Intangible Assets [Abstract] | |
Intangible Assets | Note 4 Intangible Assets Intangible assets are comprised of software and content from the following acquisitions: March 31, 2015 June 30, 2014 ClassChatter $ 58,000 $ 58,000 PLC Consultants 24,000 24,000 DWSaba Consulting 40,000 40,000 Blended Schools 1,187,534 1,187,534 Urban Planet 577,167 0 Total 1,886,701 1,309,534 Less accumulated amortization (456,459 ) (84,073 ) Net $ 1,430,242 $ 1,225,461 one five 333 225,145 |
Accrued Liabilities
Accrued Liabilities | 9 Months Ended |
Mar. 31, 2015 | |
Accrued Liabilities [Abstract] | |
Accrued Liabilities | Note 5 Accrued Liabilities Accrued liabilities consist of the following: March 31, 2015 June 30, 2014 Accrued benefits & payroll taxes $ 2,577 $ 26,659 Accrued compensation 126,433 68,080 Accrued interest 30,679 22,641 Accrued miscellaneous 21,100 67,581 Accrued professional fees 0 38,361 Liabilities to be settled in stock 0 8,000 $ 180,789 $ 231,322 |
Short-Term Notes Payable, Due t
Short-Term Notes Payable, Due to Shareholders and Due to Related Party | 9 Months Ended |
Mar. 31, 2015 | |
Short-Term Notes Payable, Due to Shareholders and Due to Related Party [Abstract] | |
Short-Term Notes Payable, Due to Shareholders and Due to Related Party | Note 6 - Short-Term Notes Payable, Due to Shareholders and Due to Related Party Short term notes payable, due to shareholders and due to related party consists of the following: March 31, 2015 June 30, 2014 Short term note (a) $ 107,500 $ 7,500 Due to shareholders and related party (b) 135,035 Outstanding debenture in default (c) 30,000 30,000 Total short term notes payable due to shareholder and due to related party $ 272,535 $ 37,500 ( At March 31, 2015 and June 30, 2014 the Company had a note payable balance of $ 107,500 and 7,500 4.5 % to 12 %. At March 31, 2015 and June 30, 2014 these notes had accrued interest in the amount of $ 1,349 and $ 516 , respectively. (b) On November 26, 2014, the Company issued a promissory note payable to a related party, Dave Saba, in the amount of $ 10,000 1.25 500 Advances and loans from shareholders total $ 36,900 57,542 Due to related party consists of amounts due to Measurement Planet, an Urban Planet joint venture, in the amount of $ 30,593 (c) On December 30, 2010, the Company entered into conversion agreements with all but one of the holders of the Series AA debentures previously issued by the Company and held on that date. Pursuant to the conversion agreements, the holders accepted a total of 1,039,985 shares of convertible series common stock and 100 43 of the holders of the debentures had, have, or might have against SIBE. Following this transaction, the Company now has a debenture balance of $ 30,000 and accrued interest of $ 25,500 and $ 22,125 as of March 31, 2015 and June 30, 2014, respectively, which is in default. |
Convertible Notes Payable
Convertible Notes Payable | 9 Months Ended |
Mar. 31, 2015 | |
Convertible Notes Payable [Abstract] | |
Convertible Notes Payable | Note 7 Convertible Notes Payable On December 5, 2014, the Company issued an 8 275,000 351,133 275,000 68,750 8 7,383 85,259 |
Capital Stock
Capital Stock | 9 Months Ended |
Mar. 31, 2015 | |
Capital Stock [Abstract] | |
Capital Stock | Note 8 - Capital Stock On December 30, 2010, the Board of Directors approved a new series of common stock to effect the settlement of the Company's Series AA debentures and related debt. As a result, the 100,000,000 10,000,000 90,000,000 In 2012 510,000,000 500,000,000 10,000,000 151.127 100 1 14,827,161 On January 29, 2015, the Board of Directors approved a series of 500,000 0.0001 10.00 Common Stock During the nine months ended March 31, 2015, the Company issued the following shares of Common Stock: The Company issued 1,613,056 .12 .18 210,400 The Company issued 900,000 .144 129,600 The Company issued 4,200,000 .144 604,800 The Company issued 8,333 .12 1,000 The Company issued 2,478,333 .125 .20 387,087 The Company issued 125,000 .149 18,645 The Company issued 111,710 .1298 14,500 The Company issued 5,057,143 .07 .096 369,600 The Company sold 53,571,429 53,571,429 99,000,001 .07 3,250,000 no 469,000 The Company sold 1,428,571 1,428,571 1,428,571 0.10 .07 100,000 no The Company issued 78,616 shares of common stock pursuant to an advisory fee agreement in connection with a private placement financing agreement. The stock issued was fair valued at $ .159 12,500 The Company issued 10,500,000 .0962 1,010,100 Preferred Stock The Company issued 500,000 24 10.00 0.50 .0962 20 962,000 Warrants The Company's outstanding warrant schedule consists of the following: Outstanding Warrants Holder Number of Date Exercise Exercise Price per Share Holder 1 1,428,571 2/27/2015 5 $ 0.10 Holder 2 - B Warrant 12,857,143 2/27/2015 5 5-day volume weighted average price Holder 2 - Additional Warrant 21,428,572 2/27/2015 5 5-day volume weighted average price Holder 3 - A Warrant 10,714,286 2/27/2015 5 $ 0.07 Holder 3 - B Warrant 10,714,286 2/27/2015 5 5-day volume weighted average price Holder 3 - Additional Warrant 5,357,143 2/27/2015 5 5-day volume weighted average price Holder 3 - Fee Warrant 31,242,857 2/27/2015 5 $ 0.07 Holder 3 - Fee B Warrant 4,457,143 2/27/2015 5 5-day volume weighted average price Holder 3 - Fee Additional Warrant 2,228,571 2/27/2015 5 5-day volume weighted average price Total Outstanding Warrants 100,428,572 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | Note 9 Commitments and Contingencies On October 17, 2014 one 300,000 On November 1, 2014 eight June 30, 2015 70,000 6,000 On November 7, 2014 three January 31, 2015 100,000 On December 10, 2014 one 100,000 On December 17, 2014 one 1,250,000 December 30, 2014 one 1,600,000 10,000 On January 29, 2015 six July 31, 2015 600,000 21,000 On March 16, 2015 two 10,000 On March 23, 2015 four July 31, 2015 1,650 4,875 On March 30, 2015 one 14,000 15,000 The Company June 30, 2015 The Company The Company's August 31, 2015 Rent expense for the nine months ended March 31, 2015 and June 30, 2014 was $ 19,056 18,000 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 10 Subsequent Events The Company issued a total of 72,857,143 5,526,966 42,857,143 .07 30,000,000 0.0842322 Effective April 6, 2015, the Company issued a total of 6,061,707 0.07 0.0842322 460,084 The Company had reserved 2,000,000 May 26, 2015 0.0962 192,400 Effective as of May 12, 2015, Brian OliverSmith was removed from the Board of Directors of the Company. On May 13, 2015, the Company informed Mr. OliverSmith of the intent to terminate his employment as the Company's Chief Executive Officer to be effective as of July 12, 2015 in accordance with the terms of his employment agreement. On June 18, 2015, the Company and Mr. OliverSmith entered into a Severance and Mutual Release Agreement (the Severance Agreement) pursuant to which Mr. OliverSmith resigned as Chief Executive Officer effective as of June 22, 2015. The Severance Agreement provides that in connection with Mr. OliverSmith's resignation, the Company will pay to Mr. OliverSmith a cash payment equal to $ 225,000 |
Summary of Significant Accoun17
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Mar. 31, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of Presentation | (a) Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany transactions and balances have been eliminated. During 2014, the Company changed its fiscal financial reporting year end from December 31 to be June 30, which represents the operating year ends of its current business. |
Going Concern | (b) Going Concern The financial statements have been prepared on the basis of a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has limited revenues, has a working capital deficit of $ 669,292 and incurred a loss of $ 5,285,514 for the recent nine months ended March 31, 2015. However, in accordance with the Financial Accounting Standards Board (FASB) 2,881,000 5,285,514 |
Use of Estimates | (c) Use of Estimates The preparation of financial statements in conformity with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts of assets and liabilities, derivative liabilities, debt discounts, valuation of intangibles acquired in our acquisition, impairment of intangibles 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. |
Allowance for Doubtful Accounts | (d) Allowance for Doubtful Accounts Accounts receivables are recorded at their estimated collectible amounts. Management evaluates the collectability of its receivables periodically, largely based on the historical trends with the customer as well as current financial information available. If it is deemed appropriate an allowance is recorded as an expense in the current period. As of March 31, 2015 and June 30, 2014, the Company recorded $ 3,926 0 |
Intangibles | (e) Intangibles Assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. If such assets are considered impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. During the quarter ended March 31, 2015, the Company recorded an impairment charge of $ 1,722,408 |
Capitalized Software Costs | (f) Capitalized Software Costs The Company develops software for internal use. Software development costs incurred during the application development stage are capitalized in accordance with FASB Accounting Standards Codification (ASC), ASC 350, Intangibles Goodwill and Other. The Company amortizes these costs over the estimated useful life of the software, which is generally three years. Capitalized software development costs are stated at cost less accumulated amortization. The Company did not capitalize any internally developed software or content costs during either nine month period ended March 31, 2015 or 2014. |
Investments | (g) Investments The Company holds a minority interest investment that is accounted for as a cost method investment. |
Revenue Recognition | (h) Revenue Recognition The Company typically will receive in full or a large prepayment on account for the use of its Blended School courses for the successive K-12 school year commencing on July 1, as well as smaller prepayments for its Urban Planet Writing Planet contracts. Revenues are amortized ratably over the contract term with the customer, typically over twelve months. Deferred revenues represents customer prepayments on account for the subscribed software and course content. |
Income Taxes | (i) Income Taxes The Company utilizes FASB ASC 740, Accounting for Income Taxes, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred income taxes are recognized for the estimated tax consequences in future years of differences between the tax bases of assets and liabilities, and their financial reporting amounts at each period end based on enacted tax laws and statutory tax rates applicable to the period in which the differences are expected to affect taxable income. The Company's recent equity raises and possibly past restructuring events have resulted in the occurrence of a triggering event as defined in Section 382 of the Internal Revenue Code of 1986, as amended, which could limit the use of the Company's net operating loss carryforwards. The Company has yet to undertake a study to quantify any limitations on the use of its net operating loss carryforwards. |
Financial Instruments | (j) Financial Instruments In accordance with the requirements of FASB ASC 820, Financial Instruments, Disclosures about Fair Value of Financial Instruments, the Company has determined the estimated fair value of financial instruments using available market information and appropriate valuation methodologies. The carrying values of cash, accounts payable, and amounts due to related parties approximate fair values due to the short-term maturity of the instruments. Certain assets and liabilities that are measured at fair value on a recurring basis are measured in accordance with FASB ASC Topic 820-10-05. Fair Value Measurements (Topic 820-10-05). Topic 820-10-05 defines fair value, establishes a framework for measuring fair value and expands the disclosure requirements regarding fair value measurements for financial assets and liabilities as well as for non-financial assets and liabilities that are recognized or disclosed at fair value on a recurring basis in the financial statements. Topic 820-10-05 requires fair value measurement be classified and disclosed in one of the following three categories: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2: Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). Items subject to the Level 3 unobservable inputs is the $ 5,000 |
Stock-Based Compensation | (k) Stock-Based Compensation The Company accounts for stock-based compensation in accordance with FASB ASC 718, Compensation Stock Compensation (ASC 718). Under the provisions of ASC 718, stock-based compensation cost is estimated at the grant date based on the award's fair value as calculated by the Black-Scholes-Merton (BSM) option-pricing model and/or market price of conversion shares, and is recognized as expense over the requisite service period. The BSM model requires various highly judgmental assumptions including volatility and expected option life. If any of the assumptions used in the BSM model change significantly, stock-based compensation expense may differ materially in the future from that recorded in the current period. In addition, the Company is required to estimate the expected forfeiture rate and only recognize expense for those shares expected to vest. The Company estimates the forfeiture rate based on historical experience. Further, if the extent of the Company's actual forfeiture rate is different from the estimate, then the stock-based compensation expense is adjusted accordingly. The Company accounts for equity instruments issued in exchange for the receipt of goods or services from other than employees in accordance with FASB ASC 505-50 Equity Based Payments to Non-Employees (ASC 505-50). Costs are measured at the estimated fair market value of the consideration received, or the estimated fair value of the equity instruments issued, whichever is more reliably measurable. The value of equity instruments issued for consideration other than employee services is determined on the earliest of a performance commitment or completion of performance by the provider of goods or services as defined by ASC 505-50. |
Loss per Share | (l) Loss per Share The Company computes loss per share in accordance with FASB ASC 260, Earnings Per Share (ASC 260), which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. ASC 260 requires companies that have multiple classes of equity securities to use the two-class of if converted method in computing earnings per share. The Company computes loss per share using the two-class method. The two-class method of computing earnings per share is an earnings allocation formula that determines earnings per share for common stock and any participating securities according to dividends declared (whether paid or unpaid) and participation rights in undistributed earnings. Under the two-class method, earnings per common share are computed by dividing the sum of distributed earnings to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding for the period. In applying the two-class method, undistributed earnings are allocated to both common shares and participating securities based on the weighted average shares outstanding during the period. The Company has excluded all common equivalent shares outstanding for warrants to purchase common stock from the calculation of diluted net loss per share because all such securities are antidilutive for the periods presented. As of March 31, 2015 and 2014 there were common stock equivalents outstanding of 100,428,572 0 |
Recent Accounting Pronouncements | (m) Recent Accounting Pronouncements In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements Going Concern (Subtopic 205-40) Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern. substantial doubt, In June 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (ASU 2014-09) . In June 2014, the FASB issued ASU No. 2014-12, Compensation Stock Compensation (Topic 718); Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period (ASU 2014-12) . Entities may apply the amendments in ASU 2014-12 either (1) prospectively to all awards granted or modified after the effective date or (2) retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. If retrospective transition is adopted, the cumulative effect of applying ASU 2014-12 as of the beginning of the earliest annual period presented in the financial statements should be recognized as an adjustment to the opening retained earnings balance at that date. Additionally, if retrospective transition is adopted, an entity may use hindsight in measuring and recognizing the compensation cost. ASU 2014-12 is not expected to have a material impact on our results of operations, cash flows or financial condition. All other new accounting pronouncements issued but not yet effective or adopted have been deemed to be not relevant to the Company and, accordingly, are not expected to have a material impact once adopted. |
Acquisition Activity (Tables)
Acquisition Activity (Tables) | 9 Months Ended |
Mar. 31, 2015 | |
Business Acquisition [Line Items] | |
Schedule of Consolidated Unaudited Pro-forma Results Of Operations as if Urban Planet and Blended Schools | Nine months Ended 2015 2014 Revenues $ 2,019,676 $ 576,837 Net Loss $ (5,666,133 ) $ (1,865,200 ) |
Blended Schools [Member] | |
Business Acquisition [Line Items] | |
Schedule of the Identified Assets and Liabilities Acquired in Acquisitions | Fair Value of Assets Acquired: Accounts Receivable $ 121,810 Prepaid Expenses 24,946 Software and content 1,187,534 Liabilities Assumed: Accounts Payable (284,891 ) Bank Line of Credit (100,000 ) Deferred Revenue customer prepayments (784,291 ) Other Accrued Liabilities (61,295 ) Cash Paid to Seller post closing $ 103,813 Cash Paid to Seller post closing $ 103,813 Liabilities Assumed 446,187 Total Purchase Price $ 550,000 |
Urban Planet [Member] | |
Business Acquisition [Line Items] | |
Schedule of the Identified Assets and Liabilities Acquired in Acquisitions | Fair Value of Assets Acquired: Cash $ 29,756 Accounts Receivable 53,447 Prepaid Expenses 1,862 Other Current Assets 24,068 Fixed Assets 3,967 Software and content 577,167 Other Assets 5,000 Liabilities Assumed: Accounts Payable (259,755 ) Deferred Revenue (31,342 ) Other Accrued Liabilities (154,478 ) Net Value $ 249,692 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended |
Mar. 31, 2015 | |
Intangible Assets [Abstract] | |
Schedule of Intangible Assets Comprised of Software and Content From the Acquisitions | March 31, 2015 June 30, 2014 ClassChatter $ 58,000 $ 58,000 PLC Consultants 24,000 24,000 DWSaba Consulting 40,000 40,000 Blended Schools 1,187,534 1,187,534 Urban Planet 577,167 0 Total 1,886,701 1,309,534 Less accumulated amortization (456,459 ) (84,073 ) Net $ 1,430,242 $ 1,225,461 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 9 Months Ended |
Mar. 31, 2015 | |
Accrued Liabilities [Abstract] | |
Schedule of Accrued Liabilities | March 31, 2015 June 30, 2014 Accrued benefits & payroll taxes $ 2,577 $ 26,659 Accrued compensation 126,433 68,080 Accrued interest 30,679 22,641 Accrued miscellaneous 21,100 67,581 Accrued professional fees 0 38,361 Liabilities to be settled in stock 0 8,000 $ 180,789 $ 231,322 |
Short-Term Notes Payable, Due21
Short-Term Notes Payable, Due to Shareholders and Due to Related Party (Tables) | 9 Months Ended |
Mar. 31, 2015 | |
Short-Term Notes Payable, Due to Shareholders and Due to Related Party [Abstract] | |
Schedule of Short-Term Notes Payable | March 31, 2015 June 30, 2014 Short term note (a) $ 107,500 $ 7,500 Due to shareholders and related party (b) 135,035 Outstanding debenture in default (c) 30,000 30,000 Total short term notes payable due to shareholder and due to related party $ 272,535 $ 37,500 |
Capital Stock (Schedule of Outs
Capital Stock (Schedule of Outstanding Warrants) (Tables) | 9 Months Ended |
Mar. 31, 2015 | |
Capital Stock [Abstract] | |
Schedule of Outstanding Warrants | Outstanding Warrants Holder Number of Date Exercise Exercise Price per Share Holder 1 1,428,571 2/27/2015 5 $ 0.10 Holder 2 - B Warrant 12,857,143 2/27/2015 5 5-day volume weighted average price Holder 2 - Additional Warrant 21,428,572 2/27/2015 5 5-day volume weighted average price Holder 3 - A Warrant 10,714,286 2/27/2015 5 $ 0.07 Holder 3 - B Warrant 10,714,286 2/27/2015 5 5-day volume weighted average price Holder 3 - Additional Warrant 5,357,143 2/27/2015 5 5-day volume weighted average price Holder 3 - Fee Warrant 31,242,857 2/27/2015 5 $ 0.07 Holder 3 - Fee B Warrant 4,457,143 2/27/2015 5 5-day volume weighted average price Holder 3 - Fee Additional Warrant 2,228,571 2/27/2015 5 5-day volume weighted average price Total Outstanding Warrants 100,428,572 |
Nature of Operations and Basi23
Nature of Operations and Basis of Presentation (Details) | Apr. 06, 2015USD ($)$ / sharesshares | Feb. 28, 2015USD ($)$ / sharesshares | Jan. 28, 2015$ / sharesshares | May. 31, 2014USD ($) | Mar. 31, 2015USD ($)$ / sharesshares | Jun. 25, 2015USD ($)shares | May. 26, 2015$ / shares |
Organization, Consolidation, and Presentation of Financial Statements [Line Items] | |||||||
Issuance of common stock for financing and fees | $ | $ 31,145 | ||||||
Common Stock [Member] | |||||||
Organization, Consolidation, and Presentation of Financial Statements [Line Items] | |||||||
Issuance of common stock for financing and fees | $ | $ 20 | ||||||
Issuance of common stock for financing and fees, shares | 203,616 | ||||||
Preferred Stock [Member] | Series A Preferred Stock [Member] | |||||||
Organization, Consolidation, and Presentation of Financial Statements [Line Items] | |||||||
Share price | $ / shares | $ 0.0962 | ||||||
Shenzhen City Qianhai Xinshi Education Management Co., Ltd. [Member] | |||||||
Organization, Consolidation, and Presentation of Financial Statements [Line Items] | |||||||
Aggregate units issued | 53,571,429 | ||||||
Aggregate cash raise | $ | $ 3,250,000 | ||||||
Cost of capital raise | $ | 469,000 | ||||||
Issuance of common stock for financing and fees | $ | $ 500,000 | ||||||
Issuance of common stock for financing and fees, shares | 7,142,857 | ||||||
Exercise Price per Share | $ / shares | $ 0.07 | ||||||
Number of common stock called by each warrant | 0.50 | ||||||
Number of common stock called by warrants | 187,500,001 | ||||||
Shenzhen City Qianhai Xinshi Education Management Co., Ltd. [Member] | Subsequent Event [Member] | |||||||
Organization, Consolidation, and Presentation of Financial Statements [Line Items] | |||||||
Additional shares issued, exercise of warrants | 72,857,143 | ||||||
Value of additional shares issued, exercise of warrants | $ | $ 5,526,966 | ||||||
Total common stock owned | 115,714,286 | ||||||
Percentage of common stock owned | 57.14% | ||||||
Potential to purchase an additional number of common stock | 34,285,714 | ||||||
Potential maximum number of shares owned | 150,000,000 | ||||||
Gross proceeds that would be received upon exercise of warrants | $ | $ 1,263,483 | ||||||
Remaining number of shares price uncertain | 19,285,714 | ||||||
Shenzhen City Qianhai Xinshi Education Management Co., Ltd. [Member] | A Warrant [Member] | Subsequent Event [Member] | |||||||
Organization, Consolidation, and Presentation of Financial Statements [Line Items] | |||||||
Exercise Price per Share | $ / shares | $ 0.07 | ||||||
Additional shares issued, exercise of warrants | 42,857,143 | ||||||
Shenzhen City Qianhai Xinshi Education Management Co., Ltd. [Member] | B Warrant [Member] | Subsequent Event [Member] | |||||||
Organization, Consolidation, and Presentation of Financial Statements [Line Items] | |||||||
Exercise Price per Share | $ / shares | $ 0.0842322 | ||||||
Additional shares issued, exercise of warrants | 30,000,000 | ||||||
Shenzhen City Qianhai Xinshi Education Management Co., Ltd. [Member] | Additional Warrant [Member] | Subsequent Event [Member] | |||||||
Organization, Consolidation, and Presentation of Financial Statements [Line Items] | |||||||
Exercise Price per Share | $ / shares | $ 0.0842322 | ||||||
Number of common stock called by warrants | 15,000,000 | ||||||
Blended Schools [Member] | |||||||
Organization, Consolidation, and Presentation of Financial Statements [Line Items] | |||||||
Purchase price | $ | $ 550,000 | ||||||
Debt assumed | $ | 446,187 | ||||||
Payments in cash | $ | $ 103,813 | ||||||
Number of master courses for the K-12 marketplace provided by acquiree | 192 | ||||||
Urban Planet [Member] | Subsequent Event [Member] | |||||||
Organization, Consolidation, and Presentation of Financial Statements [Line Items] | |||||||
Share price | $ / shares | $ 0.0962 | ||||||
Urban Planet [Member] | Common Stock [Member] | |||||||
Organization, Consolidation, and Presentation of Financial Statements [Line Items] | |||||||
Stock issued for acquisition | 10,500,000 | ||||||
Common stock, par value | $ / shares | $ 0.0001 | ||||||
Urban Planet [Member] | Preferred Stock [Member] | Series A Preferred Stock [Member] | |||||||
Organization, Consolidation, and Presentation of Financial Statements [Line Items] | |||||||
Stock issued for acquisition | 500,000 | ||||||
Share price | $ / shares | $ 0.50 |
Summary of Significant Accoun24
Summary of Significant Accounting Policies (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2014 | |
Going Concern | |||||
Working capital deficit | $ 669,292 | $ 669,292 | |||
Loss incurred | 2,709,277 | $ 612,249 | 5,285,514 | $ 1,395,889 | |
Allowance for Doubtful Accounts | |||||
Allowance for doubtful accounts | 3,926 | 3,926 | $ 0 | ||
Intangibles | |||||
Impairment of intangibles | 1,722,408 | $ 1,722,408 | |||
Revenue Recognition | |||||
Revenues amortization period | 12 months | ||||
Loss per Share | |||||
Antidilutive securities | 100,428,572 | 0 | |||
Financial instruments | |||||
Level 3 unobservable inputs, minority investment | $ 5,000 | $ 5,000 |
Acquisition Activity (Narrative
Acquisition Activity (Narrative) (Details) - Range [Domain] | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||
Jan. 28, 2015USD ($)$ / sharesshares | May. 31, 2014USD ($) | Feb. 28, 2014USD ($)$ / sharesshares | Sep. 30, 2013USD ($)shares | May. 31, 2013USD ($)shares | Mar. 31, 2015USD ($)$ / shares | Mar. 31, 2014USD ($) | Mar. 31, 2015USD ($)$ / shares | Mar. 31, 2014USD ($) | |
Business Acquisition [Line Items] | |||||||||
Impairment of Urban Planet intangibles | $ 1,722,408 | $ 1,722,408 | |||||||
Preferred Stock [Member] | Series A Preferred Stock [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Share price | $ / shares | $ 0.0962 | $ 0.0962 | |||||||
ClassChatter.com & ClassChatterLive.com [Member] | Common Stock [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Stock issued for acquisition | shares | 319,905 | ||||||||
Value of stock issued in acquisition | $ 58,000 | ||||||||
PLC Consultants [Member] | Common Stock [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Stock issued for acquisition | shares | 300,000 | ||||||||
Value of stock issued in acquisition | $ 24,000 | ||||||||
DWSaba Consulting, LLC [Member] | Common Stock [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Stock issued for acquisition | shares | 800,000 | ||||||||
Share price | $ / shares | $ 0.05 | ||||||||
Value of stock issued in acquisition | $ 40,000 | ||||||||
Blended Schools [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Number of master courses for the K-12 marketplace provided by acquiree | 192 | ||||||||
Purchase price | $ 550,000 | ||||||||
Debt assumed | 446,187 | ||||||||
Payments in cash | $ 103,813 | ||||||||
Urban Planet [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Net Value | $ 249,692 | ||||||||
Impairment of Urban Planet intangibles | $ 1,722,408 | ||||||||
Annual savings from expense reduction | $ 329,104 | ||||||||
Urban Planet [Member] | Common Stock [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Stock issued for acquisition | shares | 10,500,000 | ||||||||
Common stock, par value | $ / shares | $ 0.0001 | ||||||||
Urban Planet [Member] | Preferred Stock [Member] | Series A Preferred Stock [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Stock issued for acquisition | shares | 500,000 | ||||||||
Share price | $ / shares | $ 0.50 | ||||||||
Terms of conversion | Each share of preferred stock issued to the former Urban Planet shareholders is convertible by the holder (i) at any time after 24 months after the original issue date or (ii) at any time after delivery of notice by the Company of the occurrence of certain conversion events set forth in the certificate of designation establishing the preferred stock into that number of shares of common stock determined by dividing the stated value of such shares of preferred stock, which is $10.00 per preferred share, by the conversion price. |
Acquisition Activity (Schedule
Acquisition Activity (Schedule of Identified Assets and Liabilities Acquired in Blended Schools Acquisition) (Details) - May. 31, 2014 - Blended Schools [Member] - USD ($) | Total |
Fair Value of Assets Acquired: | |
Accounts Receivable | $ 121,810 |
Prepaid Expenses | 24,946 |
Software and content | 1,187,534 |
Liabilities Assumed: | |
Accounts Payable | (284,891) |
Bank Line of Credit | (100,000) |
Deferred Revenue - customer prepayments | (784,291) |
Other Accrued Liabilities | (61,295) |
Cash Paid to Seller - post closing | 103,813 |
Cash Paid to Seller - post closing | 103,813 |
Liabilities Assumed | 446,187 |
Total purchase price | $ 550,000 |
Acquisition Activity (Schedul27
Acquisition Activity (Schedule of Identified Assets and Liabilities Acquired in Urban Planet Acquisition) (Details) - Urban Planet [Member] | Jan. 28, 2015USD ($) |
Fair Value of Assets Acquired: | |
Cash | $ 29,756 |
Accounts Receivable | 53,447 |
Prepaid Expenses | 1,862 |
Other Current Assets | 24,068 |
Fixed Assets | 3,967 |
Software and content | 577,167 |
Other Assets | 5,000 |
Liabilities Assumed: | |
Accounts Payable | (259,755) |
Deferred Revenue | (31,342) |
Other Accrued Liabilities | (154,478) |
Net Value | $ 249,692 |
Acquisition Activity (Schedul28
Acquisition Activity (Schedule Consolidated Unaudited Pro-forma Operations) (Details) - USD ($) | 9 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Consolidated Unaudited Pro-forma Operations | ||
Revenues | $ 2,019,676 | $ 576,837 |
Net Loss | $ (5,666,133) | $ (1,865,200) |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) | 9 Months Ended | |
Mar. 31, 2015 | Jun. 30, 2014 | |
Intangible Assets [Abstract] | ||
Urban Planet's 333 Words, which has not been released to the market | $ 225,145 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Net | 1,430,242 | $ 1,225,461 |
Software and content [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Total | 1,886,701 | 1,309,534 |
Intangible assets, Less accumulated amortization | (456,459) | (84,073) |
Intangible assets, Net | $ 1,430,242 | 1,225,461 |
Software and content [Member] | Minimum [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, useful life | 1 year | |
Software and content [Member] | Maximum [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, useful life | 5 years | |
Software and content [Member] | Class Chatter [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Total | $ 58,000 | 58,000 |
Software and content [Member] | Plc Consultants [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Total | 24,000 | 24,000 |
Software and content [Member] | DWSaba Consulting [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Total | 40,000 | 40,000 |
Software and content [Member] | Blended Schools [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Total | 1,187,534 | 1,187,534 |
Software and content [Member] | Urban Planet [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Total | $ 577,167 | $ 0 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) | Mar. 31, 2015 | Jun. 30, 2014 |
Accrued Liabilities [Abstract] | ||
Accrued benefits & payroll taxes | $ 2,577 | $ 26,659 |
Accrued compensation | 126,433 | 68,080 |
Accrued interest | 30,679 | 22,641 |
Accrued miscellaneous | 21,100 | 67,581 |
Accrued professional fees | 0 | 38,361 |
Liabilities to be settled in stock | 0 | 8,000 |
Accrued liabilities | $ 180,789 | $ 231,322 |
Short-Term Notes Payable, Due31
Short-Term Notes Payable, Due to Shareholders and Due to Related Party (Schedule of Short-Term Notes Payable, Due to Shareholders and Due to Related Party) (Details) - USD ($) | Mar. 31, 2015 | Jun. 30, 2014 | |
Short-term Debt [Line Items] | |||
Total short term notes payable due to shareholder and due to related party | $ 272,535 | $ 37,500 | |
Short term note [Member] | |||
Short-term Debt [Line Items] | |||
Total short term notes payable due to shareholder and due to related party | [1] | 107,500 | $ 7,500 |
Due to shareholders and related party [Member] | |||
Short-term Debt [Line Items] | |||
Total short term notes payable due to shareholder and due to related party | [2] | 135,035 | |
Outstanding debenture in default [Member] | |||
Short-term Debt [Line Items] | |||
Total short term notes payable due to shareholder and due to related party | [3] | $ 30,000 | $ 30,000 |
[1] | At March 31, 2015 and June 30, 2014 the Company had a note payable balance of $107,500 and 7,500 respectively. This represents short term notes with annual interest rates ranging from 4.5% to 12%. At March 31, 2015 and June 30, 2014 these notes had accrued interest in the amount of $1,349 and $516, respectively. | ||
[2] | On November 26, 2014, the Company issued a promissory note payable to a related party, Dave Saba, in the amount of $10,000. The note is payable on June 1, 2015, with an interest rate of 1.25% per month. At March 31, 2015, the note had accrued interest in the amount of $500. Advances and loans from shareholders total $36,900 for the Company and $57,542 for Urban Planet. Due to related party consists of amounts due to Measurement Planet, an Urban Planet joint venture, in the amount of $30,593. | ||
[3] | On December 30, 2010, the Company entered into conversion agreements with all but one of the holders of the Series AA debentures previously issued by the Company and held on that date. Pursuant to the conversion agreements, the holders accepted a total of 1,039,985 shares of convertible series common stock and 100% of the membership interests of a new, wholly-owned subsidiary of the Company, Debt Resolution, LLC (DR LLC) in full settlement of their debentures, underlying warrants and accrued interest as of that date. The conversion agreements released all claims that 43 of the holders of the debentures had, have, or might have against SIBE. Following this transaction, the Company now has a debenture balance of $30,000 and accrued interest of $25,500 and $22,125 as of March 31, 2015 and June 30, 2014, respectively, which is in default. |
Short-Term Notes Payable, Due32
Short-Term Notes Payable, Due to Shareholders and Due to Related Party (Narrative) (Details) - USD ($) | 1 Months Ended | |||
Dec. 30, 2010 | Mar. 31, 2015 | Jun. 30, 2014 | ||
Short-term Debt [Line Items] | ||||
Short-term notes payable | $ 272,535 | $ 37,500 | ||
Due to shareholders | 36,900 | |||
Due to related party | 98,135 | |||
Urban Planet [Member] | ||||
Short-term Debt [Line Items] | ||||
Due to related party | 57,542 | |||
Measurement Planet [Member] | ||||
Short-term Debt [Line Items] | ||||
Due to related party | 30,593 | |||
Short term note [Member] | ||||
Short-term Debt [Line Items] | ||||
Short-term notes payable | [1] | 107,500 | $ 7,500 | |
Accrued interest | $ 1,349 | $ 516 | ||
Short term note [Member] | Maximum [Member] | ||||
Short-term Debt [Line Items] | ||||
Annual rate | 12.00% | |||
Short term note [Member] | Minimum [Member] | ||||
Short-term Debt [Line Items] | ||||
Annual rate | 4.50% | |||
Due to shareholders and related party [Member] | ||||
Short-term Debt [Line Items] | ||||
Short-term notes payable | [2] | $ 135,035 | ||
Due to shareholders and related party [Member] | Dave Saba [Member] | ||||
Short-term Debt [Line Items] | ||||
Annual rate | 1.25% | |||
Accrued interest | $ 500 | |||
Due to related party | 10,000 | |||
Outstanding debenture in default [Member] | ||||
Short-term Debt [Line Items] | ||||
Shares issued for debt conversion | 1,039,985 | |||
Short-term notes payable | [3] | 30,000 | $ 30,000 | |
Accrued interest | $ 25,500 | $ 22,125 | ||
Outstanding debenture in default [Member] | Debt Resolution, LLC (DR LLC) [Member] | ||||
Short-term Debt [Line Items] | ||||
Percentage of membership interest received | 100.00% | |||
Number of holders of debentures | 43 | |||
[1] | At March 31, 2015 and June 30, 2014 the Company had a note payable balance of $107,500 and 7,500 respectively. This represents short term notes with annual interest rates ranging from 4.5% to 12%. At March 31, 2015 and June 30, 2014 these notes had accrued interest in the amount of $1,349 and $516, respectively. | |||
[2] | On November 26, 2014, the Company issued a promissory note payable to a related party, Dave Saba, in the amount of $10,000. The note is payable on June 1, 2015, with an interest rate of 1.25% per month. At March 31, 2015, the note had accrued interest in the amount of $500. Advances and loans from shareholders total $36,900 for the Company and $57,542 for Urban Planet. Due to related party consists of amounts due to Measurement Planet, an Urban Planet joint venture, in the amount of $30,593. | |||
[3] | On December 30, 2010, the Company entered into conversion agreements with all but one of the holders of the Series AA debentures previously issued by the Company and held on that date. Pursuant to the conversion agreements, the holders accepted a total of 1,039,985 shares of convertible series common stock and 100% of the membership interests of a new, wholly-owned subsidiary of the Company, Debt Resolution, LLC (DR LLC) in full settlement of their debentures, underlying warrants and accrued interest as of that date. The conversion agreements released all claims that 43 of the holders of the debentures had, have, or might have against SIBE. Following this transaction, the Company now has a debenture balance of $30,000 and accrued interest of $25,500 and $22,125 as of March 31, 2015 and June 30, 2014, respectively, which is in default. |
Convertible Notes Payable (Deta
Convertible Notes Payable (Details) - Range [Domain] - USD ($) | 9 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Debt Instrument [Line Items] | ||
Beneficial conversion feature rights | $ 85,259 | |
Convertible Promissory Note [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, issuance date | Dec. 5, 2014 | |
Debt instrument, principal amount | $ 275,000 | |
Beneficial conversion feature rights | $ 85,259 | |
Debt instrument, interest rate | 8.00% | |
Total prepayment | $ 351,133 | |
Debt prepayment penalty | 68,750 | |
Debt instrument, accrued interest | $ 7,383 |
Capital Stock (Details)
Capital Stock (Details) | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jan. 31, 2015$ / sharesshares | Mar. 31, 2015$ / sharesshares | Dec. 31, 2012shares | Jun. 30, 2014$ / sharesshares | Dec. 30, 2010shares | |
Stockholders Equity Note [Line Items] | |||||
Capital stock, shares authorized, total | 510,000,000 | ||||
Common stock, shares authorized | 500,000,000 | 100,000,000 | |||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 | ||
Increase of shares of common stock as a result of the conversion of series common stock | 14,827,161 | ||||
Preferred stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | |||
Common Stock [Member] | |||||
Stockholders Equity Note [Line Items] | |||||
Stock split ratio | 100 | ||||
Stock issued during period for acquisition, shares | 10,500,000 | ||||
Convertible Series Common Stock [Member] | |||||
Stockholders Equity Note [Line Items] | |||||
Common stock, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 | ||
Stock split ratio | 151.127 | ||||
Series A Preferred Stock [Member] | Preferred Stock [Member] | |||||
Stockholders Equity Note [Line Items] | |||||
Stock issued during period for acquisition, shares | 500,000 | 500,000 | |||
Preferred stock, par value | $ / shares | $ 0.0001 | ||||
Non Series Common Stock [Member] | |||||
Stockholders Equity Note [Line Items] | |||||
Common stock, shares authorized | 90,000,000 |
Capital Stock (Common Stock) (D
Capital Stock (Common Stock) (Details) - Mar. 31, 2015 - USD ($) | Total |
Stockholders Equity Note [Line Items] | |
Issuance of common stock for services | $ 967,087 |
Issuance of common stock for Directors'/Board Committee fees | 97,200 |
Value of shares issued as compensation | 604,800 |
Issuance of equity for Urban Planet acquisition | $ 1,972,100 |
Common Stock [Member] | |
Stockholders Equity Note [Line Items] | |
Issuance of common stock for services, shares | 9,148,531 |
Issuance of common stock for services | $ 915 |
Issuance of common stock for Directors'/Board Committee fees, shares | 900,000 |
Issuance of common stock for Directors'/Board Committee fees | $ 90 |
Shares issued as compensation | 4,200,000 |
Value of shares issued as compensation | $ 420 |
Stock issued during period for acquisition, shares | 10,500,000 |
Issuance of equity for Urban Planet acquisition | $ 1,050 |
Stock Issuance Transaction One [Member] | |
Stockholders Equity Note [Line Items] | |
Issuance of common stock for services, shares | 1,613,056 |
Issuance of common stock for services | $ 210,400 |
Stock Issuance Transaction One [Member] | Minimum [Member] | |
Stockholders Equity Note [Line Items] | |
Share price | $ 0.12 |
Stock Issuance Transaction One [Member] | Maximum [Member] | |
Stockholders Equity Note [Line Items] | |
Share price | $ 0.18 |
Stock Issuance Transaction Two [Member] | |
Stockholders Equity Note [Line Items] | |
Issuance of common stock for Directors'/Board Committee fees, shares | 900,000 |
Issuance of common stock for Directors'/Board Committee fees | $ 129,600 |
Share price | $ 0.144 |
Stock Issuance Transaction Three [Member] | |
Stockholders Equity Note [Line Items] | |
Shares issued as compensation | 4,200,000 |
Value of shares issued as compensation | $ 604,800 |
Share price | $ 0.144 |
Stock Issuance Transaction Four [Member] | |
Stockholders Equity Note [Line Items] | |
Issuance of common stock, issuance for satisfaction of debts, shares | 8,333 |
Issuance of common stock, issuance for satisfaction of debts | $ 1,000 |
Share price | $ 0.12 |
Stock Issuance Transaction Five [Member] | |
Stockholders Equity Note [Line Items] | |
Issuance of common stock for services, shares | 2,478,333 |
Issuance of common stock for services | $ 387,087 |
Stock Issuance Transaction Five [Member] | Minimum [Member] | |
Stockholders Equity Note [Line Items] | |
Share price | $ 0.125 |
Stock Issuance Transaction Five [Member] | Maximum [Member] | |
Stockholders Equity Note [Line Items] | |
Share price | $ 0.20 |
Stock Issuance Transaction Six [Member] | |
Stockholders Equity Note [Line Items] | |
Common stock issued for the private placement financing, shares | 125,000 |
Common stock issued for the private placement financing | $ 18,645 |
Share price | $ 0.149 |
Stock Issuance Transaction Seven [Member] | |
Stockholders Equity Note [Line Items] | |
Issuance of common stock, issuance for satisfaction of debts, shares | 111,710 |
Issuance of common stock, issuance for satisfaction of debts | $ 14,500 |
Share price | $ 0.1298 |
Stock Issuance Transaction Eight [Member] | |
Stockholders Equity Note [Line Items] | |
Issuance of common stock for services, shares | 5,057,143 |
Issuance of common stock for services | $ 369,600 |
Stock Issuance Transaction Eight [Member] | Minimum [Member] | |
Stockholders Equity Note [Line Items] | |
Share price | $ 0.07 |
Stock Issuance Transaction Eight [Member] | Maximum [Member] | |
Stockholders Equity Note [Line Items] | |
Share price | $ 0.096 |
Stock Issuance Transaction Nine [Member] | |
Stockholders Equity Note [Line Items] | |
Units sold during the period | 53,571,429 |
Proceeds from sale of units | $ 3,250,000 |
Cost of capital raise | $ 469,000 |
Share price | $ 0.07 |
Stock Issuance Transaction Nine [Member] | Common Stock [Member] | |
Stockholders Equity Note [Line Items] | |
Units sold during the period | 53,571,429 |
Stock Issuance Transaction Nine [Member] | Warrant [Member] | |
Stockholders Equity Note [Line Items] | |
Units sold during the period | 99,000,001 |
Stock Issuance Transaction Ten [Member] | |
Stockholders Equity Note [Line Items] | |
Units sold during the period | 1,428,571 |
Proceeds from sale of units | $ 100,000 |
Warrants exercise price | $ 0.10 |
Share price | $ 0.07 |
Stock Issuance Transaction Eleven [Member] | |
Stockholders Equity Note [Line Items] | |
Issuance of common stock for services, shares | 78,616 |
Issuance of common stock for services | $ 12,500 |
Share price | $ 0.159 |
Stock Issuance Transaction Twelve [Member] | |
Stockholders Equity Note [Line Items] | |
Stock issued during period for acquisition, shares | 10,500,000 |
Issuance of equity for Urban Planet acquisition | $ 1,010,100 |
Share price | $ 0.0962 |
Capital Stock (Preferred Stock)
Capital Stock (Preferred Stock) (Details) - USD ($) | 1 Months Ended | 9 Months Ended | |
Jan. 31, 2015 | Mar. 31, 2015 | Jun. 30, 2014 | |
Issuance of equity for Urban Planet acquisition | $ 1,972,100 | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 | |
Series A Preferred Stock [Member] | Preferred Stock [Member] | |||
Issuance of equity for Urban Planet acquisition | $ 962,000 | ||
Issuance of equity for Urban Planet acquisition, shares | 500,000 | 500,000 | |
Shares issued upon conversion of preferred stock | 20 | ||
Share price | $ 0.0962 | ||
Conversion price | $ 0.50 | ||
Preferred stock, stated value | $ 10 | ||
Preferred stock, par value | $ 0.0001 |
Capital Stock (Schedule of Ou37
Capital Stock (Schedule of Outstanding Warrants) (Details) - Mar. 31, 2015 - $ / shares | Total |
Class of Warrant or Right [Line Items] | |
Number of Shares Outstanding | 100,428,572 |
Holder 1 [Member] | |
Class of Warrant or Right [Line Items] | |
Number of Shares Outstanding | 1,428,571 |
Date Issued | Feb. 27, 2015 |
Exercise Term | 5 years |
Exercise Price per Share | $ 0.10 |
Holder 2 [Member] | B Warrant [Member] | |
Class of Warrant or Right [Line Items] | |
Number of Shares Outstanding | 12,857,143 |
Date Issued | Feb. 27, 2015 |
Exercise Term | 5 years |
Exercise Price per Share, description | 5-day volume weighted average price |
Holder 2 [Member] | Additional Warrant [Member] | |
Class of Warrant or Right [Line Items] | |
Number of Shares Outstanding | 21,428,572 |
Date Issued | Feb. 27, 2015 |
Exercise Term | 5 years |
Exercise Price per Share, description | 5-day volume weighted average price |
Holder 3 [Member] | A Warrant [Member] | |
Class of Warrant or Right [Line Items] | |
Number of Shares Outstanding | 10,714,286 |
Date Issued | Feb. 27, 2015 |
Exercise Term | 5 years |
Exercise Price per Share | $ 0.07 |
Holder 3 [Member] | B Warrant [Member] | |
Class of Warrant or Right [Line Items] | |
Number of Shares Outstanding | 10,714,286 |
Date Issued | Feb. 27, 2015 |
Exercise Term | 5 years |
Exercise Price per Share, description | 5-day volume weighted average price |
Holder 3 [Member] | Additional Warrant [Member] | |
Class of Warrant or Right [Line Items] | |
Number of Shares Outstanding | 5,357,143 |
Date Issued | Feb. 27, 2015 |
Exercise Term | 5 years |
Exercise Price per Share, description | 5-day volume weighted average price |
Holder 3 [Member] | Fee Warrant [Member] | |
Class of Warrant or Right [Line Items] | |
Number of Shares Outstanding | 31,242,857 |
Date Issued | Feb. 27, 2015 |
Exercise Term | 5 years |
Exercise Price per Share | $ 0.07 |
Holder 3 [Member] | Fee B Warrant [Member] | |
Class of Warrant or Right [Line Items] | |
Number of Shares Outstanding | 4,457,143 |
Date Issued | Feb. 27, 2015 |
Exercise Term | 5 years |
Exercise Price per Share, description | 5-day volume weighted average price |
Holder 3 [Member] | Fee Additional Warrant [Member] | |
Class of Warrant or Right [Line Items] | |
Number of Shares Outstanding | 2,228,571 |
Date Issued | Feb. 27, 2015 |
Exercise Term | 5 years |
Exercise Price per Share, description | 5-day volume weighted average price |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) | 9 Months Ended | |
Mar. 31, 2015 | Jun. 30, 2014 | |
Commitments and Contingencies [Abstract] | ||
Rent, end date | Aug. 31, 2015 | |
Rent expense | $ 19,056 | $ 18,000 |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||
Amount paid for consulting agreement | $ 6,000 | |
Consulting Agreement One [Member] | ||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||
Consulting agreement, start date | Oct. 17, 2014 | |
Consulting agreement, term | 1 year | |
Shares issued in lieu of consulting agreement | 300,000 | |
Consulting Agreement Two [Member] | ||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||
Consulting agreement, start date | Nov. 1, 2014 | |
Consulting agreement, term | 8 months | |
Consulting agreement, end date | Jun. 30, 2015 | |
Shares issued in lieu of consulting agreement | 70,000 | |
Consulting Agreement Three [Member] | ||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||
Consulting agreement, start date | Nov. 7, 2014 | |
Consulting agreement, term | 3 months | |
Consulting agreement, end date | Jan. 31, 2015 | |
Shares issued in lieu of consulting agreement | 100,000 | |
Consulting Agreement Four [Member] | ||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||
Consulting agreement, start date | Dec. 10, 2014 | |
Consulting agreement, term | 1 year | |
Shares issued in lieu of consulting agreement | 100,000 | |
Consulting Agreement Five [Member] | ||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||
Consulting agreement, start date | Dec. 17, 2014 | |
Consulting agreement, term | 1 year | |
Shares issued in lieu of consulting agreement | 1,250,000 | |
Consulting Agreement Six [Member] | ||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||
Consulting agreement, start date | Dec. 30, 2014 | |
Consulting agreement, term | 1 year | |
Shares issued in lieu of consulting agreement | 1,600,000 | |
Consulting agreement, monthly amount commited | $ 10,000 | |
Consulting Agreement Seven [Member] | ||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||
Consulting agreement, start date | Jan. 29, 2015 | |
Consulting agreement, term | 6 months | |
Consulting agreement, end date | Jul. 31, 2015 | |
Shares issued in lieu of consulting agreement | 600,000 | |
Amount paid for consulting agreement | $ 21,000 | |
Consulting Agreement Eight [Member] | ||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||
Consulting agreement, start date | Mar. 16, 2015 | |
Consulting agreement, term | 2 months | |
Consulting agreement, monthly amount commited | $ 10,000 | |
Consulting Agreement Nine [Member] | ||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||
Consulting agreement, start date | Mar. 23, 2015 | |
Consulting agreement, term | 4 months | |
Consulting agreement, end date | Jul. 31, 2015 | |
Consulting Agreement Nine [Member] | Minimum [Member] | ||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||
Consulting agreement, monthly amount commited | $ 1,650 | |
Consulting Agreement Nine [Member] | Maximum [Member] | ||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||
Consulting agreement, monthly amount commited | $ 4,875 | |
Consulting Agreement Ten [Member] | ||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||
Consulting agreement, start date | Mar. 30, 2015 | |
Consulting agreement, term | 1 year | |
Consulting agreement, end date | Jun. 30, 2015 | |
Consulting Agreement Ten [Member] | Minimum [Member] | ||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||
Consulting agreement, monthly amount commited | $ 14,000 | |
Consulting Agreement Ten [Member] | Maximum [Member] | ||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||
Consulting agreement, monthly amount commited | $ 15,000 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | Jun. 22, 2015 | May. 26, 2015 | Apr. 06, 2015 | Mar. 31, 2015 | Feb. 28, 2015 |
Subsequent Event [Line Items] | |||||
Issuance of common stock for services | $ 967,087 | ||||
Issuances of common stock for compensation | $ 604,800 | ||||
Shenzhen City Qianhai Xinshi Education Management Co., Ltd. [Member] | |||||
Subsequent Event [Line Items] | |||||
Exercise Price per Share | $ 0.07 | ||||
Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Severance cost to be paid by cash | $ 225,000 | ||||
Subsequent Event [Member] | Urban Planet [Member] | |||||
Subsequent Event [Line Items] | |||||
Issuances of common stock for compensation, shares | 2,000,000 | ||||
Issuances of common stock for compensation | $ 192,400 | ||||
Share price | $ 0.0962 | ||||
Subsequent Event [Member] | Shenzhen City Qianhai Xinshi Education Management Co., Ltd. [Member] | |||||
Subsequent Event [Line Items] | |||||
Additional shares issued, exercise of warrants | 72,857,143 | ||||
Value of additional shares issued, exercise of warrants | $ 5,526,966 | ||||
Subsequent Event [Member] | Shenzhen City Qianhai Xinshi Education Management Co., Ltd. [Member] | A Warrant [Member] | |||||
Subsequent Event [Line Items] | |||||
Additional shares issued, exercise of warrants | 42,857,143 | ||||
Exercise Price per Share | $ 0.07 | ||||
Subsequent Event [Member] | Shenzhen City Qianhai Xinshi Education Management Co., Ltd. [Member] | B Warrant [Member] | |||||
Subsequent Event [Line Items] | |||||
Additional shares issued, exercise of warrants | 30,000,000 | ||||
Exercise Price per Share | $ 0.0842322 | ||||
Subsequent Event [Member] | V3 Capital Partners, LLC [Member] | |||||
Subsequent Event [Line Items] | |||||
Issuance of common stock for services, shares | 6,061,707 | ||||
Issuance of common stock for services | $ 460,084 | ||||
Subsequent Event [Member] | V3 Capital Partners, LLC [Member] | Minimum [Member] | |||||
Subsequent Event [Line Items] | |||||
Share price | $ 0.07 | ||||
Subsequent Event [Member] | V3 Capital Partners, LLC [Member] | Maximum [Member] | |||||
Subsequent Event [Line Items] | |||||
Share price | $ 0.0842322 |