Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended |
Mar. 31, 2014 | |
Document And Entity Information | ' |
Entity Registrant Name | 'VIKING INVESTMENTS GROUP, INC. |
Entity Central Index Key | '0001102432 |
Document Type | '10-Q |
Document Period End Date | 31-Mar-14 |
Amendment Flag | 'false |
Current Fiscal Year End Date | '--12-31 |
Entity Well-known Seasoned Issuer | 'No |
Entity Voluntary Filer | 'No |
Entity's Reporting Status Current | 'Yes |
Entity Filer Category | 'Smaller Reporting Company |
Entity Common Stock, Shares Outstanding | 19,906,875 |
Document Fiscal Period Focus | 'Q1 |
Document Fiscal Year Focus | '2014 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
ASSETS | ' | ' |
Cash | $1,807 | $12,239 |
Prepaid expenses and deposits | 811 | 9,641 |
Total | 2,618 | 21,880 |
Leasehold improvements | ' | 5,053 |
TOTAL ASSETS | 2,618 | 26,933 |
CURRENT LIABILITIES | ' | ' |
Other payables | 17,531 | 2,865 |
Accrued liabilities | 128,269 | 110,247 |
Amount due to director (Note 3) | 126,216 | 77,715 |
Short-term loan (Note 4) | ' | ' |
Convertible note (Note 7) | 89,108 | 115,246 |
TOTAL LIABILITIES | 361,124 | 306,073 |
STOCKHOLDERS' DEFICIENCY | ' | ' |
Capital Stock (Note 6) Preferred stock, $0.001 par value, 5,000,000 shares authorized, 28,092 shares issued and outstanding as of March 31, 2014 and December 31, 2013 | 28 | 28 |
Common stock, $0.001 par value, 100,000,000 shares Authorized, 19,906,875 shares issued and outstanding as of March 31, 2014, and 18,758,657 shares issued and outstanding as of December 31, 2013 | 19,908 | 18,760 |
Additional Paid-In Capital (Note 7) | 6,235,885 | 6,116,054 |
Deficit | -6,616,200 | -6,415,793 |
Accumulated other comprehensive income | 1,873 | 1,811 |
TOTAL STOCKHOLDERS' DEFICIENCY | -358,506 | -279,140 |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIENCY | $2,618 | $26,933 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
STOCKHOLDERS' EQUITY | ' | ' |
Preferred stock Series, par value | $0.00 | $0.00 |
Preferred stock Series, authorized | 5,000,000 | 5,000,000 |
Preferred stock Series, issued | 28,092 | 28,092 |
Preferred stock Series, outstanding | 28,092 | 28,092 |
Common stock, par value | $0.00 | $0.00 |
Common stock, authorized | 100,000,000 | 100,000,000 |
Common stock, issued | 19,906,875 | 18,758,657 |
Common stock, outstanding | 19,906,875 | 18,758,657 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations and Comprehensive Loss (unaudited) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Consolidated Statements Of Operations And Comprehensive Loss | ' | ' |
Revenue | ' | ' |
Office supplies and services | 9,846 | 15,076 |
Professional fees | 19,842 | 37,236 |
Rent | 12,643 | 4,307 |
Wages | 65,675 | 29,393 |
Total general and administrative expenses | 108,006 | 86,012 |
Loss from operations | -108,006 | -86,012 |
Change in fair value of convertible notes | -94,979 | ' |
Gain on extinguishment of debt | 138 | ' |
Other income | 2,440 | 26 |
Loss from continuing operations | -200,407 | -85,986 |
Foreign currency translation adjustment | 62 | -55 |
Net loss and Comprehensive loss | ($200,407) | ($85,986) |
Loss per common share - Basic and diluted | ($0.01) | ($0.00) |
Weighted average number of common shares outstanding – basic and diluted | 19,001,622 | 24,059,555 |
Consolidated_Statement_Of_Cash
Consolidated Statement Of Cash Flows (unaudited) (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Cash flows from operating activities: | ' | ' | ' | ' |
Net loss | ($200,407) | ($85,986) | ($517,914) | ($430,790) |
Change in fair value of convertible notes | 94,979 | ' | ' | ' |
Gain on extinguishment of debt | -138 | ' | ' | ' |
Amortization | 5,053 | 758 | ' | ' |
Issuance of common shares for expense and service | ' | 30,000 | ' | ' |
Increase (decrease) in other payable | 14,666 | -17,394 | ' | ' |
Increase in accrued liabilities | 18,022 | 5,893 | ' | ' |
Decrease (increase) in other receivables | 8,830 | -4,307 | ' | ' |
Net cash used in operating activities | -58,995 | -71,036 | ' | ' |
Cash flows from investing activities: | ' | ' | ' | ' |
Leasehold improvements | ' | -9,093 | ' | ' |
Net cash used in investing activities | ' | -9,093 | ' | ' |
Cash flows from financing activities: | ' | ' | ' | ' |
Amount due to Director | 48,501 | 395 | ' | ' |
Repayment of Short-term loan | ' | -79,282 | ' | ' |
Net cash provided by (used in) financing activities | 48,501 | -78,887 | ' | ' |
Effect of exchange rate changes on cash | 62 | -55 | ' | ' |
Net increase (decrease) in cash | -10,432 | -159,071 | ' | ' |
Cash, at beginning of year | 12,239 | 159,297 | 159,297 | ' |
Cash, at ending of year | $1,807 | $226 | $12,239 | $159,297 |
Interim_Consolidated_Statement
Interim Consolidated Statements of Stockholders’ Deficit (unaudited) (USD $) | Common Stock | Preferred Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income | Deficit | Total |
Beginning Balance, Amount at Dec. 31, 2011 | $18,554 | ' | $5,428,460 | ' | ($5,467,089) | ($20,075) |
Beginning Balance, Shares at Dec. 31, 2011 | 18,553,778 | ' | ' | ' | ' | ' |
Net Loss | ' | ' | ' | ' | -430,790 | -430,790 |
Foreign currency translation adjustment | ' | ' | ' | 1,613 | ' | 1,613 |
Expenses assumed by stockholders, Shares | 422,778 | ' | ' | ' | ' | ' |
Expenses assumed by stockholders, Amount | 423 | ' | 46,427 | ' | ' | 46,850 |
Issuance for loan collateral, Shares | 879,196 | ' | ' | ' | ' | ' |
Issuance for loan collateral, Amount | 879 | ' | -879 | ' | ' | ' |
Issuance of preferred stock in exchange of the common stock, Shares | -28,092 | 28,092 | ' | ' | ' | ' |
Issuance of preferred stock in exchange of the common stock, Amount | -28 | 28 | ' | ' | ' | ' |
Issuance of new shares to shareholder, Shares | 3,205,960 | ' | ' | ' | ' | ' |
Issuance of new shares to shareholder, Amount | 3,206 | ' | 155,715 | ' | ' | 158,921 |
Issuance of new shares to investor, Shares | 1,649,665 | ' | ' | ' | ' | ' |
Issuance of new shares to investor, Amount | 1,649 | ' | 164,940 | ' | ' | 162,589 |
Ending Balance, Amount at Dec. 31, 2012 | 24,684 | 28 | 5,790,663 | 1,613 | -5,897,879 | -80,891 |
Ending Balance, Shares at Dec. 31, 2012 | 24,683,285 | 28,092 | ' | ' | ' | ' |
Net Loss | ' | ' | ' | ' | -517,914 | -517,914 |
Foreign currency translation adjustment | ' | ' | ' | 198 | ' | 198 |
Issuance of new shares to shareholder, Shares | 2,067,510 | ' | ' | ' | ' | ' |
Issuance of new shares to shareholder, Amount | 2,068 | ' | 266,709 | ' | ' | 268,777 |
Issuance of new shares for legal service, Shares | 200,000 | ' | ' | ' | ' | ' |
Issuance of new shares for legal service, Amount | 200 | ' | 29,800 | ' | ' | 30,000 |
Issuance of new shares - convertible notes, Shares | 159,151 | ' | ' | ' | ' | ' |
Issuance of new shares - convertible notes, Amount | 159 | ' | 20,531 | ' | ' | 20,690 |
Returned loan collateral, Shares | -879,196 | ' | ' | ' | ' | ' |
Returned loan collateral, Amount | -879 | ' | 879 | ' | ' | ' |
Cancellation of shares due to repurchase of CNWD, Shares | -7,472,093 | ' | ' | ' | ' | ' |
Cancellation of shares due to repurchase of CNWD, Amount | -7,472 | ' | 7,472 | ' | ' | ' |
Ending Balance, Amount at Dec. 31, 2013 | 18,760 | 28 | 6,116,054 | 1,811 | -6,415,793 | -279,140 |
Ending Balance, Shares at Dec. 31, 2013 | 18,758,657 | 28,092 | ' | ' | ' | ' |
Net Loss | ' | ' | ' | ' | -200,407 | -200,407 |
Foreign currency translation adjustment | ' | ' | ' | 62 | ' | 62 |
Issuance of new shares - convertible notes, Shares | 1,148,218 | ' | ' | ' | ' | ' |
Issuance of new shares - convertible notes, Amount | 1,148 | ' | 119,831 | 0 | ' | 120,979 |
Ending Balance, Amount at Mar. 31, 2014 | $19,908 | $28 | $6,235,885 | $1,873 | ($6,616,200) | ($358,506) |
Ending Balance, Shares at Mar. 31, 2014 | 19,906,875 | 28,092 | ' | ' | ' | ' |
Nature_of_Business_and_Going_C
Nature of Business and Going Concern | 3 Months Ended |
Mar. 31, 2014 | |
Notes to Financial Statements | ' |
Note 1. Nature of Business and Going Concern | ' |
The Company was incorporated under the laws of the State of Florida on May 3, 1989 as Sparta Ventures Corp. and remained inactive until June 27, 1998. The name of the Company was changed to Thermal Ablation Technologies Corporation on October 8, 1998 and then to Poker.com, Inc. on August 10, 1999. On September 15, 2003, the Company changed its name to Legal Play Entertainment Inc. and on November 8, 2006, the name of the Company was changed to Synthenol Inc. Effective November 3, 2008, the Company merged with and into a wholly-owned subsidiary, SinoCubate, Inc., which remained the surviving entity of the merger. SinoCubate, Inc. was formed in the State of Nevada on September 11, 2008. The merger resulted in a change of name of the Company from Synthenol Inc. to SinoCubate, Inc. and a change in the state of incorporation of the Company from Florida to Nevada. On June 13, 2012, the Company changed its name to Viking Investments Group, Inc., ("Viking Investments" or "the Company") and effective July 16, 2012, the Financial Industry Regulatory Authority (“FINRA”) approved this name change, and the Company’s ticker symbol was changed to “VKIN.” | |
Beginning in November 2008, the Company sought to enter into contractual arrangements with entities that allow the Company to either purchase outright the assets and/or business operations of such entities or to enter into business arrangements, such as joint ventures or similar combinations with such entities to manage and operate such entities. In 2011, the Company began providing incubation and consulting services to emerging market companies. Commencing from the third quarter of the 2012 fiscal year, the Company started to generate revenue and is no longer considered a development stage enterprise. | |
The company established a registered representative office in Shanghai City, People’s Republic China (“PRC”) and through which the Company carries out certain permitted activities. | |
The Company incurred recurring losses and had a net loss of $200,407 and $85,986 for the three months ended March 31, 2014 and March 31, 2013 respectively. As at March 31, 2014, the Company’s cumulative deficit amounted to $6,616,200, and the Company had a cash balance of $1,807 and a working capital deficiency of $358,506. The Company’s ability to continue as a going concern is dependent upon its ability to generate future profitable operations and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management has no formal plan in place to address this concern but considers that the Company will be able to obtain additional funds by equity financing and/or related party advances; however there is no assurance of additional funding being available. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended | |
Mar. 31, 2014 | ||
Notes to Financial Statements | ' | |
Note 2. Summary of Significant Accounting Policies | ' | |
a) | Basis of Presentation | |
The accompanying unaudited financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) for interim financial information, the instructions to SEC Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance sheet and the reported amounts of revenues and expenses for the period. Actual results could differ significantly from those estimates. The accompanying unaudited consolidated financial statements and the following notes should be read in conjunction with the audited consolidated financial statements and the notes thereto in the Company’s Form 10-K for the year ended December 31, 2013. | ||
b) | Basis of Consolidation | |
The financial statements presented herein reflect the consolidated financial results of the Company and its wholly owned subsidiary, Viking Investments Group LLC, a Delaware limited liability company. All significant intercompany transactions and balances have been eliminated upon consolidation. | ||
c) | Use of Estimates | |
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts and timing of revenues and expenses, the reported amounts and classification of assets and liabilities, and disclosure of contingent assets and liabilities. The Company’s actual results could vary materially from management’s estimates and assumptions. Significant areas requiring the use of management estimates relate to the determination of expected tax rates for future income tax recoveries, stock-based compensation and impairment of long-term investment. | ||
d) | Financial Instruments | |
ASC Topic 820-10, “Fair Value Measurements and Disclosures,” requires disclosure of the fair value of financial instruments held by the Company. ASC Topic 820-10, “Financial Instruments,” defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The carrying amounts reported in the balance sheets for other receivables, other payable, accrued liabilities, short term loan and due to director each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. The three levels of valuation hierarchy are defined as follows: | ||
· | Level 1: inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. | |
· | Level 2: inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. | |
· | Level 3: inputs to the valuation methodology are unobservable and significant to the fair value measurement. | |
e) | Cash | |
Cash includes bank deposits and cash on hand. | ||
f) | Loss per Share | |
Basic net loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding during the period. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common shares and, adjusted by any effects of warrants and options outstanding, if dilutive, that may add to the number of common shares during the period. There were no common stock equivalent shares outstanding at March 31, 2014 and 2013 that have been included in the diluted loss per share calculation as the effects would have been anti-dilutive. | ||
g) | Revenue Recognition | |
Revenues from contracts for consulting services with fees based on time and materials are recognized as the services are performed and amounts are earned in accordance with the Securities and Exchange Commission (the “SEC”) Staff Accounting Bulletin (“SAB”) No. 101, “Revenue Recognition in Financial Statements” (“SAB 101”), as amended by SAB No. 104, “Revenue Recognition” (“SAB 104”). The Company considers amounts to be earned once evidence of an arrangement has been obtained, services are delivered, fees are fixed or determinable, and collectability is reasonably assured. In such contracts, the Company’s efforts, measured by time incurred, typically represent the contractual milestones or output measure, which is the contractual earnings pattern. For consulting contracts with fixed fees, the Company recognizes revenues in accordance with contract terms, and when the services are delivered, price is determinable and the revenue is earned or collectable. | ||
h) | Comprehensive Income | |
FASB ASC 220 “Comprehensive Income,” establishes standards for the reporting and display of comprehensive income and its components in the consolidated financial statements. For the three months ended March, 2014 and 2013, comprehensive loss was $ (200,345) and $ (86,041) respectively. | ||
i) | Income Taxes | |
The Company accounts for income taxes under FASB Codification Topic 740-10-25 (“ASC 740-10-25”). Under ASC 740-10-25, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under ASC 740-10-25, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company provides a valuation allowance for deferred tax assets for which it does not consider realization of such assets likely. The Company did not incur any material impact to its financial condition or results of operations due to the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The Company is subject to U.S federal jurisdiction income tax examinations for the tax years 2006 through 2014. In addition, the Company is subject to state and local income tax examinations for the tax years 2006 through 2014. | ||
j) | Stock-Based Compensation | |
The Company may issue stock options to employees and stock options or warrants to non-employees in non-capital raising transactions for services and for financing costs. The Company has adopted ASC Topic 718 (formerly SFAS 123R), “Accounting for Stock-Based Compensation”, which establishes a fair value method of accounting for stock-based compensation plans. In accordance with guidance now incorporated in ASC Topic 718, the cost of stock options and warrants issued to employees and non-employees is measured on the grant date based on the fair value. The fair value is determined using the Black-Scholes option pricing model. The resulting amount is charged to expense on the straight-line basis over the period in which the Company expects to receive the benefit, which is generally the vesting period. | ||
The fair value of stock warrants was determined at the date of grant using the Black-Scholes option pricing model. The Black-Scholes option model requires management to make various estimates and assumptions, including expected term, expected volatility, risk-free rate, and dividend yield. The expected term represents the period of time that stock-based compensation awards granted are expected to be outstanding and is estimated based on considerations including the vesting period, contractual term and anticipated employee exercise patterns. Expected volatility is based on the historical volatility of the Company’s stock. The risk-free rate is based on the U.S. Treasury yield curve in relation to the contractual life of stock-based compensation instrument. The dividend yield assumption is based on historical patterns and future expectations for the Company dividends. | ||
k) | Leasehold Improvements | |
Leasehold improvements are recorded at cost less accumulated amortization and accumulated impairment losses. Costs include expenditures that are directly attributable to the acquisition of the asset. Amortization is recognized in the statement of operations over the estimated useful lives of the related assets using the following annual rate and method: | ||
Leasehold Improvements | Straight line over period of lease | |
l) | Long-term Investment | |
Management determines the appropriate classification of investment securities at the time of purchase. Securities are classified held-to-maturity when the Company has both the positive intent and ability to hold the securities to maturity. Held-to-maturity securities are stated at amortized cost. Securities that are bought and held principally for the purpose of selling in the near term are classified as trading securities and reported at fair value, with unrealized gains and losses included in earnings. Securities not classified as held-to-maturity or trading are classified as available-for-sale. Available-for-sale securities are stated at fair value, with the impairment losses, net of income taxes, charged to net income in the period in which it occurs. | ||
The fair value of securities is based on quoted market prices. If a quoted market price is not available, fair value is estimated using quoted market prices for similar securities. A decline in the market value of any available-for-sale or held-for-maturity security below cost that is deemed to be other-then-temporary results in a reduction in carrying amount to fair value. | ||
Impairments that are considered other-than-temporary are recognized as a loss in the consolidated statements of operations. The Company considers various factors in reviewing impairments, including the length of time and extent to which fair value has been less than the Company’s cost basis, the financial condition and near-term prospects of the issuer, and the Company’s intent and ability to hold the investments for a period of time sufficient to allow for any anticipated recovery in market value. | ||
As at March 31, 2014 and 2013, the Company had no trading and held-to-maturity securities. The Company’s long-term investment in the China Wood Shares was written off as of December 31, 2011, and repurchased by Viking Nevis on August 15, 2013. See Note 3 for more information regarding the China Wood Shares. | ||
m) | Foreign Currency Exchange | |
An entity's functional currency is the currency of the primary economic environment in which it operates, normally that is the currency of the environment in which the entity primarily generates and expends cash. Management's judgment is essential to determine the functional currency by assessing various indicators, such as cash flows, sales price and market, expenses, financing and inter-company transactions and arrangements. Functional currency of the parent company is U.S. Dollar. The reporting currency of the Company is U.S. Dollar, and the functional currency of its PRC operation is RMB. PRC is the primary economic environment in which the Representative Office operates. The reporting currency of these consolidated financial statements is the U.S. Dollar. | ||
For financial reporting purposes, the financial statements of the Company's Representative Office which is prepared using the RMB are translated into the Company's reporting currency, the U.S. dollar. Assets and liabilities are translated using the exchange rate at each balance sheet date. Revenue and expenses are translated using average rates prevailing during each reporting period, and shareholders' equity is translated at historical exchange rates. Adjustments resulting from the translation are recorded as a separate component of accumulated other comprehensive income in stockholders' equity. | ||
n) | Convertible Notes Payable | |
The Company accounts for conversion options embedded in convertible notes in accordance with ASC 815. ASC 815 generally requires companies to bifurcate conversion options embedded in convertible notes from their host instruments and to account for them as free standing derivative financial instruments. | ||
The Company has evaluated the terms and conditions of the convertible note under the guidance of ASC 815. The conversion feature did not meet the definition of “indexed to a company’s own stock” provided for in ASC 815 due to the down round protection feature. Therefore, the conversion feature requires bifurcation and liability classification. Additionally, the default put requires bifurcation because it is indexed to risks that are not associated with credit or interest risk. As a result, the compound embedded derivative comprises of (i) the embedded conversion feature and (i) the default put. Rather than bifurcating and recording the compound embedded derivative as a derivative liability, the Company elected to initially and subsequently measure the convertible note in its entirety at fair value, with changes in fair value recognized in earnings in accordance with ASC 815-15-25-4. | ||
o) | Recently Accounting Pronouncements | |
The Financial Accounting Standards Board and other entities issued new or modifications to, or interpretations of, existing accounting guidance during 2014. Management has carefully considered the new pronouncements that altered generally accepted accounting principles and does not believe that any other new or modified principles will have a material impact on the Company’s reported financial position or operations in the near term. |
Related_Party_Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2014 | |
Notes to Financial Statements | ' |
Note 3. Related Party Transactions | ' |
On April 3, 2009, the Company entered into an agreement with Viking Investments Group, LLC, a Delaware limited liability company (“Viking Delaware”) owned by Viking Investments Group, LLC, a company controlled and managed by the Company’s Chairman, Chief Executive Officer and President, Tom Simeo, incorporated under the laws of The Federation of St. Kitts and Nevis, (“Viking Nevis”), providing that effective August 15, 2008, Viking Delaware would pay for any services performed on behalf of the Company by third parties until such time that Viking Delaware (or Viking Nevis) is no longer the majority shareholder of the Company. On August 2, 2011, effective as of April 1, 2011, Viking Delaware agreed to advance and pay all third party costs for the Company as needed, but the Company had an obligation to reimburse Viking Delaware at a later stage upon demand from Viking Delaware. As of August 29, 2011, Viking Delaware’s rights and obligations were transferred to Viking Nevis. | |
On June 29, 2011, and on August 29, 2011, Viking Investments, LLC, a company controlled and managed by the Company’s Chairman, Chief Executive Officer and President, Tom Simeo, incorporated under the laws of The Federation of St. Kitts and Nevis, (“Viking Nevis”) sold 100,000 and 466,813 shares respectively of China Wood, Inc., publicly listed in the United States with the ticker “CNWD”, (the “China Wood Shares”) owned by Viking Nevis, in exchange for 1,912,000 and 12,569,420 newly issued restricted shares of common stock of the Company respectively. By August 29, 2011, Viking Nevis completed the sale of the China Wood Shares by having delivered a total of 566,813 shares of common stock in China Wood, Inc. to the Company. The China Wood Shares were registered in a Form S-1 Registration Statement declared effective by the SEC on April 7, 2011. The China Wood Shares were subject to a “Leak-Out Provision” whereby only a certain amount of shares could be sold per month up and until the first anniversary of the effective day of the aforementioned registration statement (April 7, 2012). | |
These investments were fully impaired as of December 31, 2011, and were repurchased by Viking Nevis on April 15, 2013. | |
On November 16, 2012, Viking Nevis purchased 3,205,960 restricted shares of common stock of the Company for an aggregate purchase price of $158,921. The purchase price has been paid, and the shares were issued on December 27, 2012. | |
As at March 31, 2014, the net amount due to the Company’s CEO and Director, Mr. Simeo, is $126,216 (December 31, 2013: $77,715). The balance is non-interest bearing, has no fix term of repayment and is payable on demand. |
Short_term_Loan
Short - term Loan | 3 Months Ended |
Mar. 31, 2014 | |
Notes to Financial Statements | ' |
Note 4. Short-term Loan | ' |
On March 22, 2012, the Company entered into a six-month loan agreement with a third party for the amount of $79,282 (RMB500,000 equivalents) with collateral of 879,196 common shares of the company provided to the third party. The loan was repayable on September 20, 2012. The due date of the loan was extended and was settled on January 10, 2013, and the collateral was returned to the Company accordingly. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Notes to Financial Statements | ' | ||||||||
Note 5. Supplemental Cash Flow Information | ' | ||||||||
Three months ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Non-Cash transactions: | |||||||||
Common shares issued for expenses and services | - | 30,000 | |||||||
Conversion of convertible note | 46,000 | - |
Capital_Stock_and_Additional_P
Capital Stock and Additional Paid-in Capital | 3 Months Ended |
Mar. 31, 2014 | |
Notes to Financial Statements | ' |
Note 6. Capital Stock and Additional Paid-in Capital | ' |
On February 20, 2014, a convertible note holder elected to convert $25,000 principal amount of the convertible note dated May 21, 2013, into 615,764 shares of the Company’s common stock at a fair value of $0.11 per share in accordance with the convertible note agreement. See Note 7. These shares were issued on March 5, 2014. | |
On March 12, 2014, a convertible note holder elected to convert $21,000 principal amount of the convertible note dated May 21, 2013, into 532,454 shares of the Company’s common stock at a fair value of $0.10 per share in accordance with the convertible note agreement. See Note 7. These shares were issued on March 20, 2014. |
Convertible_Note
Convertible Note | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Notes to Financial Statements | ' | ||||
Note 7. Convertible Note | ' | ||||
(a) | May 21, 2013 Convertible Note | ||||
On May 21, 2013, the Company issued a $58,000 8% convertible note with a term expiring on February 28, 2014 (the “Maturity Date”). The principal amount of the note and interest is payable on the maturity date. The note is convertible into common stock beginning 180 days after the issuance date, at the holder’s option, at a 42% discount to the average of the five lowest closing bid prices of the common stock during the ten trading day period prior to conversion. In the event the Company prepays the note in full, the Company is required to pay off all principal, interest and any other amounts owing multiplied by (i) 110% if prepaid during the period commencing on the closing date through 30 days thereafter, (ii) 115% if prepaid 31 days following the closing through 60 days following the closing, (iii) 120% if prepaid 61 days following the closing through 90 days following the closing, (iv) 125% if prepaid 91 days following the closing through 120 days following the closing, (v) 130% if prepaid 121 days following the closing through the 150 days following the closing, (vi) 135% if prepaid 151 days following the closing through the 180 days following the closing, and (vii) the Company shall have no right of prepayment after the expiration of 180 days following the closing. The terms of the convertible note provide for certain redemption features which include features indexed to equity risks. In the event of default, the amount of principal and interest not paid when due bear interest at the rate of 22% per annum and the note becomes immediately due and payable. | |||||
The Company has evaluated the terms and conditions of the convertible note under the guidance of ASC 815. The conversion feature did not meet the definition of “indexed to a company’s own stock” provided for in ASC 815 due to the down round protection feature. Therefore, the conversion feature requires bifurcation and liability classification. Additionally, the default put requires bifurcation because it is indexed to risks that are not associated with credit or interest risk. As a result, the compound embedded derivative comprises of (i) the embedded conversion feature and (i) the default put. Rather than bifurcating and recording the compound embedded derivative as a derivative liability, the Company elected to initially and subsequently measure the convertible note in its entirety at fair value, with changes in fair value recognized in earnings in accordance with ASC 815-15-25-4. | |||||
The following table reflects the allocation of the purchase on the inception date: | |||||
Convertible Note, Face Value | $ | 58,000 | |||
Convertible promissory note, Fair Value | 106,522 | ||||
Day-one derivative loss | (48,522 | ) | |||
On December 5, 2013, the note holder elected to convert $12,000 principal amount of the convertible note dated May 21, 2013 into 159,151 shares of the Company’s common stock at a fair value of $0.13 per share in accordance with the agreement. These shares were issued on December 17, 2013. A gain of $422 was recorded on the extinguishment of the debt. | |||||
On February 20, 2014, a convertible note holder elected to convert $25,000 principal amount of the convertible note dated May 21, 2013, into 615,764 shares of the Company’s common stock at a fair value of $0.11 per share in accordance with the convertible note agreement. These shares were issued on March 5, 2014. A gain of $138 was recorded on the extinguishment of the debt. | |||||
On March 12, 2014, a convertible note holder elected to convert $21,000 principal amount of the convertible note dated May 21, 2013, into 532,454 shares of the Company’s common stock at a fair value of $0.10 per share in accordance with the convertible note agreement. These shares were issued on March 20, 2014. | |||||
On March 31, 2014, the convertible note was fully converted. A loss of $47,940 associated with the changes in the fair value of convertible note was recorded for the three month period ended March 31, 2014. | |||||
(b) | October 23, 2013 Convertible Note | ||||
On October 28, 2013, the Company issued a $16,000 8% convertible note with a term expiring on July 30, 2014 (the “Maturity Date”). The principal amount of the note and interest is payable on the maturity date. The note is convertible into common stock beginning 180 days after the issuance date, at the holder’s option, at a 60% discount to the average of the three lowest closing bid prices of the common stock during the ten trading day period prior to conversion. The terms of the convertible note provide for certain redemption features which include features indexed to equity risks. In the event of default, the amount of principal and interest not paid when due bear interest at the rate of 22% per annum and the note becomes immediately due and payable. | |||||
The Company has evaluated the terms and conditions of the convertible note under the guidance of ASC 815. The conversion feature did not meet the definition of “indexed to a company’s own stock” provided for in ASC 815 due to the down round protection feature. Therefore, the conversion feature requires bifurcation and liability classification. Additionally, the default put requires bifurcation because it is indexed to risks that are not associated with credit or interest risk. As a result, the compound embedded derivative comprises of (i) the embedded conversion feature and (i) the default put. Rather than bifurcating and recording the compound embedded derivative as a derivative liability, the Company elected to initially and subsequently measure the convertible note in its entirety at fair value, with changes in fair value recognized in earnings in accordance with ASC 815-15-25-4. | |||||
The following table reflects the allocation of the purchase on the inception date: | |||||
Convertible Note, Face Value | $ | 16,000 | |||
Convertible promissory note, Fair Value | 44,410 | ||||
Day-one derivative loss | (28,410 | ) | |||
On March 31, 2014, the convertible note has a fair value of $89,108. A loss of $47,039 associated with the changes in the fair value of convertible note was recorded for the three month period ended March 31, 2014. |
Risk_Management
Risk Management | 3 Months Ended | |
Mar. 31, 2014 | ||
Notes to Financial Statements | ' | |
Note 8. Risk Management | ' | |
The Company is exposed to financial risks due to the nature of its business and the financial assets it holds. A summary of the Company’s risk exposures as it relates to financial instruments are reflected below: | ||
(a) | Market risk | |
Market risk is the risk that the fair value from a financial instrument will fluctuate because of changes in market prices. The Company will be exposed to potential losses if the price of the long-term investment it hold decreases. | ||
(b) | Liquidity risk | |
The Company manages liquidity risk by maintaining sufficient cash balances to meet operation expense requirement in additional to expenses assumed by majority shareholders. | ||
(c) | Credit Risk | |
Credit risk also arises from cash and deposits with banks and financial institutions. To minimize the credit risk the Company places these instruments with a high credit quality financial institution. |
Change_of_Control
Change of Control | 3 Months Ended |
Mar. 31, 2014 | |
Notes to Financial Statements | ' |
Note 9. Change of Control | ' |
On March 13, 2014, Tom Simeo (the “Seller”), the Chief Executive Officer and a director of the Company, entered into a stock purchase agreement with MHR Enterprises LLC (the “Buyer”), for the sale of 28,092 shares (the “Shares”) of the Company’s Series C Preferred Stock (the “Preferred Stock”) to the Buyer. Such shares have been delivered to escrow and will be released from escrow to the Buyer after (a) the Company has filed its Annual Report on Form 10-K for the year ending December 31, 2013, (b) the Buyer has received satisfactory evidence that Company liabilities have been satisfied, and (c) the Seller has received payment for the Shares. As each share of the Preferred Stock has 2,000 votes, the delivery of the Shares to the Buyer will constitute a change of control of the Company. | |
As of the filing of this report (May 15, 2014), the transaction has not closed and closing is anticipated to occur on or about May 15, 2014. |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2014 | |
Notes to Financial Statements | ' |
Note 10. Subsequent Events | ' |
Convertible Promissory Note | |
On April 8, 2014, the Company entered into a convertible promissory note agreement with a third party investor for a principal amount of $53,000 with 8% interest rate expiring on January 14, 2015 (the “Maturity Date”). The principal amount of the note and interest is payable on the maturity date. The note is convertible into common stock beginning 180 days after the issuance date, at the holder’s option, at a 42% discount to the average of the five lowest closing bid prices of the common stock during the twelve trading day period prior to conversion. The terms of the convertible note provide for certain redemption features which include features indexed to equity risks. In the event of default, the amount of principal and interest not paid when due bear interest at the rate of 22% per annum and the note becomes immediately due and payable. As of the date of the filing of this report (May 15, 2014), the investor has not yet funded the note. | |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended | |
Mar. 31, 2014 | ||
Summary Of Significant Accounting Policies Policies | ' | |
Basis of Presentation | ' | |
The accompanying unaudited financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) for interim financial information, the instructions to SEC Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance sheet and the reported amounts of revenues and expenses for the period. Actual results could differ significantly from those estimates. The accompanying unaudited consolidated financial statements and the following notes should be read in conjunction with the audited consolidated financial statements and the notes thereto in the Company’s Form 10-K for the year ended December 31, 2013. | ||
Basis of Consolidation | ' | |
The financial statements presented herein reflect the consolidated financial results of the Company and its wholly owned subsidiary, Viking Investments Group LLC, a Delaware limited liability company. All significant intercompany transactions and balances have been eliminated upon consolidation. | ||
Use of Estimates | ' | |
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts and timing of revenues and expenses, the reported amounts and classification of assets and liabilities, and disclosure of contingent assets and liabilities. The Company’s actual results could vary materially from management’s estimates and assumptions. Significant areas requiring the use of management estimates relate to the determination of expected tax rates for future income tax recoveries, stock-based compensation and impairment of long-term investment. | ||
Financial Instruments | ' | |
ASC Topic 820-10, “Fair Value Measurements and Disclosures,” requires disclosure of the fair value of financial instruments held by the Company. ASC Topic 820-10, “Financial Instruments,” defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The carrying amounts reported in the balance sheets for other receivables, other payable, accrued liabilities, short term loan and due to director each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. The three levels of valuation hierarchy are defined as follows: | ||
· | Level 1: inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. | |
· | Level 2: inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. | |
· | Level 3: inputs to the valuation methodology are unobservable and significant to the fair value measurement. | |
Cash | ' | |
Cash includes bank deposits and cash on hand. | ||
Loss per Share | ' | |
Basic net loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding during the period. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common shares and, adjusted by any effects of warrants and options outstanding, if dilutive, that may add to the number of common shares during the period. There were no common stock equivalent shares outstanding at March 31, 2014 and 2013 that have been included in the diluted loss per share calculation as the effects would have been anti-dilutive. | ||
Revenue Recognition | ' | |
Revenues from contracts for consulting services with fees based on time and materials are recognized as the services are performed and amounts are earned in accordance with the Securities and Exchange Commission (the “SEC”) Staff Accounting Bulletin (“SAB”) No. 101, “Revenue Recognition in Financial Statements” (“SAB 101”), as amended by SAB No. 104, “Revenue Recognition” (“SAB 104”). The Company considers amounts to be earned once evidence of an arrangement has been obtained, services are delivered, fees are fixed or determinable, and collectability is reasonably assured. In such contracts, the Company’s efforts, measured by time incurred, typically represent the contractual milestones or output measure, which is the contractual earnings pattern. For consulting contracts with fixed fees, the Company recognizes revenues in accordance with contract terms, and when the services are delivered, price is determinable and the revenue is earned or collectable. | ||
Comprehensive Income | ' | |
FASB ASC 220 “Comprehensive Income,” establishes standards for the reporting and display of comprehensive income and its components in the consolidated financial statements. For the three months ended March, 2014 and 2013, comprehensive loss was $ (200,345) and $ (86,041) respectively. | ||
Income Taxes | ' | |
The Company accounts for income taxes under FASB Codification Topic 740-10-25 (“ASC 740-10-25”). Under ASC 740-10-25, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under ASC 740-10-25, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company provides a valuation allowance for deferred tax assets for which it does not consider realization of such assets likely. The Company did not incur any material impact to its financial condition or results of operations due to the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The Company is subject to U.S federal jurisdiction income tax examinations for the tax years 2006 through 2014. In addition, the Company is subject to state and local income tax examinations for the tax years 2006 through 2014. | ||
Stock-Based Compensation | ' | |
The Company may issue stock options to employees and stock options or warrants to non-employees in non-capital raising transactions for services and for financing costs. The Company has adopted ASC Topic 718 (formerly SFAS 123R), “Accounting for Stock-Based Compensation”, which establishes a fair value method of accounting for stock-based compensation plans. In accordance with guidance now incorporated in ASC Topic 718, the cost of stock options and warrants issued to employees and non-employees is measured on the grant date based on the fair value. The fair value is determined using the Black-Scholes option pricing model. The resulting amount is charged to expense on the straight-line basis over the period in which the Company expects to receive the benefit, which is generally the vesting period. | ||
The fair value of stock warrants was determined at the date of grant using the Black-Scholes option pricing model. The Black-Scholes option model requires management to make various estimates and assumptions, including expected term, expected volatility, risk-free rate, and dividend yield. The expected term represents the period of time that stock-based compensation awards granted are expected to be outstanding and is estimated based on considerations including the vesting period, contractual term and anticipated employee exercise patterns. Expected volatility is based on the historical volatility of the Company’s stock. The risk-free rate is based on the U.S. Treasury yield curve in relation to the contractual life of stock-based compensation instrument. The dividend yield assumption is based on historical patterns and future expectations for the Company dividends. | ||
Leasehold Improvements | ' | |
Leasehold improvements are recorded at cost less accumulated amortization and accumulated impairment losses. Costs include expenditures that are directly attributable to the acquisition of the asset. Amortization is recognized in the statement of operations over the estimated useful lives of the related assets using the following annual rate and method: | ||
Leasehold Improvements | Straight line over period of lease | |
Long-term Investment | ' | |
Management determines the appropriate classification of investment securities at the time of purchase. Securities are classified held-to-maturity when the Company has both the positive intent and ability to hold the securities to maturity. Held-to-maturity securities are stated at amortized cost. Securities that are bought and held principally for the purpose of selling in the near term are classified as trading securities and reported at fair value, with unrealized gains and losses included in earnings. Securities not classified as held-to-maturity or trading are classified as available-for-sale. Available-for-sale securities are stated at fair value, with the impairment losses, net of income taxes, charged to net income in the period in which it occurs. | ||
The fair value of securities is based on quoted market prices. If a quoted market price is not available, fair value is estimated using quoted market prices for similar securities. A decline in the market value of any available-for-sale or held-for-maturity security below cost that is deemed to be other-then-temporary results in a reduction in carrying amount to fair value. | ||
Impairments that are considered other-than-temporary are recognized as a loss in the consolidated statements of operations. The Company considers various factors in reviewing impairments, including the length of time and extent to which fair value has been less than the Company’s cost basis, the financial condition and near-term prospects of the issuer, and the Company’s intent and ability to hold the investments for a period of time sufficient to allow for any anticipated recovery in market value. | ||
As at March 31, 2014 and 2013, the Company had no trading and held-to-maturity securities. The Company’s long-term investment in the China Wood Shares was written off as of December 31, 2011, and repurchased by Viking Nevis on August 15, 2013. See Note 3 for more information regarding the China Wood Shares. | ||
Foreign Currency Exchange | ' | |
An entity's functional currency is the currency of the primary economic environment in which it operates, normally that is the currency of the environment in which the entity primarily generates and expends cash. Management's judgment is essential to determine the functional currency by assessing various indicators, such as cash flows, sales price and market, expenses, financing and inter-company transactions and arrangements. Functional currency of the parent company is U.S. Dollar. The reporting currency of the Company is U.S. Dollar, and the functional currency of its PRC operation is RMB. PRC is the primary economic environment in which the Representative Office operates. The reporting currency of these consolidated financial statements is the U.S. Dollar. | ||
For financial reporting purposes, the financial statements of the Company's Representative Office which is prepared using the RMB are translated into the Company's reporting currency, the U.S. dollar. Assets and liabilities are translated using the exchange rate at each balance sheet date. Revenue and expenses are translated using average rates prevailing during each reporting period, and shareholders' equity is translated at historical exchange rates. Adjustments resulting from the translation are recorded as a separate component of accumulated other comprehensive income in stockholders' equity. | ||
Convertible Notes Payable | ' | |
The Company accounts for conversion options embedded in convertible notes in accordance with ASC 815. ASC 815 generally requires companies to bifurcate conversion options embedded in convertible notes from their host instruments and to account for them as free standing derivative financial instruments. | ||
The Company has evaluated the terms and conditions of the convertible note under the guidance of ASC 815. The conversion feature did not meet the definition of “indexed to a company’s own stock” provided for in ASC 815 due to the down round protection feature. Therefore, the conversion feature requires bifurcation and liability classification. Additionally, the default put requires bifurcation because it is indexed to risks that are not associated with credit or interest risk. As a result, the compound embedded derivative comprises of (i) the embedded conversion feature and (i) the default put. Rather than bifurcating and recording the compound embedded derivative as a derivative liability, the Company elected to initially and subsequently measure the convertible note in its entirety at fair value, with changes in fair value recognized in earnings in accordance with ASC 815-15-25-4. | ||
Recent Accounting Pronouncements | ' | |
The Financial Accounting Standards Board and other entities issued new or modifications to, or interpretations of, existing accounting guidance during 2014. Management has carefully considered the new pronouncements that altered generally accepted accounting principles and does not believe that any other new or modified principles will have a material impact on the Company’s reported financial position or operations in the near term. |
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Supplemental Cash Flow Information Tables | ' | ||||||||
Supplemental Cash Flow Information | ' | ||||||||
Three months ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Non-Cash transactions: | |||||||||
Common shares issued for expenses and services | - | 30,000 | |||||||
Conversion of convertible note | 46,000 | - | |||||||
Convertible_Note_Tables
Convertible Note (Tables) | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
May 21, 2013 Convertible Note [Member] | ' | ||||
Allocation of Purchase of Convertible Notes | ' | ||||
The following table reflects the allocation of the purchase on the inception date: | |||||
Convertible Note, Face Value | $ | 58,000 | |||
Convertible promissory note, Fair Value | 106,522 | ||||
Day-one derivative loss | (48,522 | ) | |||
October 23, 2013 Convertible Note [Member] | ' | ||||
Allocation of Purchase of Convertible Notes | ' | ||||
The following table reflects the allocation of the purchase on the inception date: | |||||
Convertible Note, Face Value | $ | 16,000 | |||
Convertible promissory note, Fair Value | 44,410 | ||||
Day-one derivative loss | (28,410 | ) |
Nature_of_Business_and_Going_C1
Nature of Business and Going Concern (Details Narrative) (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Nature Of Business And Going Concern Details Narrative | ' | ' | ' | ' |
Net Loss | $200,407 | $85,986 | $517,914 | $430,790 |
Cash balance | ' | 1,807 | ' | ' |
Working capital deficiency | ' | 358,506 | ' | ' |
Cumulative deficit | $6,616,200 | $6,616,200 | $6,415,793 | ' |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details Narrative) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Summary Of Significant Accounting Policies Details Narrative | ' | ' | ' |
Comprehensive loss | $200,407 | $85,986 | ($86,041) |
Related_Party_Transactions_Det
Related Party Transactions (Details Narrative) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Related Party Transactions Details Narrative | ' | ' |
Due to related party | $126,216 | $77,715 |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Non-Cash transactions: | ' | ' |
Common shares issued for expenses and services | ' | $30,000 |
Conversion of convertible note | $46,000 | ' |
Convertible_Note_Details
Convertible Note (Details) (USD $) | Mar. 31, 2014 |
May 21, 2013 Convertible Note [Member] | ' |
Convertible Note, Face Value | $58,000 |
Convertible promissory note, Fair Value | 106,522 |
Day-one derivative loss | -48,522 |
October 23, 2013 Convertible Note [Member] | ' |
Convertible Note, Face Value | 16,000 |
Convertible promissory note, Fair Value | 44,410 |
Day-one derivative loss | ($28,410) |
Convertible_Note_Details_Narra
Convertible Note (Details Narrative) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
May 21, 2013 Convertible Note [Member] | ' |
Remaining principal amount of convertible note | $46,000 |
Fair value of convertible note | 89,108 |
Changes in fair value of convertible note recorded | 47,940 |
October 23, 2013 Convertible Note [Member] | ' |
Changes in fair value of convertible note recorded | $47,039 |