GB Sciences (GBLX) 10-Q 14 Feb 14 2014 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Dec. 31, 2013	Feb. 14, 2014
Document and Entity Information:	'	'
Entity Registrant Name	'Signature Exploration & Production Corp.	'
Document Type	'10-Q	'
Document Period End Date	31-Dec-13	'
Amendment Flag	'false	'
Entity Central Index Key	'0001165320	'
Current Fiscal Year End Date	'--03-31	'
Entity Common Stock, Shares Outstanding	'	850,104
Entity Filer Category	'Smaller Reporting Company	'
Entity Current Reporting Status	'Yes	'
Entity Voluntary Filers	'No	'
Entity Well-known Seasoned Issuer	'No	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q3	'

Condensed_Balance_Sheets

Condensed Balance Sheets (USD $)	Dec. 31, 2013	Mar. 31, 2013
Current assets:	'	'
Cash	$51	$2,427
Debt issuance costs	2,932	3,963
Prepaid expenses and other current assets	100	100
Total current assets	3,083	6,490
Property and Equipment:	'	'
Property and Equipment, less accumulated depreciation of $905 and $777	'	128
Total property and equipment	'	128
Total assets	3,083	6,618
Current liabilities:	'	'
Accounts payable	11,412	11,886
Accrued interest	241,219	208,088
Other accrued expenses	68,991	45,751
Convertible notes from shareholders	447,750	442,750
Convertible notes from shareholders, at fair value	177,029	227,521
Derivative liability, at fair value	197,671	260,311
Total current liabilities	1,144,072	1,196,307
Commitments and contingencies	'	'
Stockholders' equity (deficiency):	'	'
Common stock, $0.0001 par value, 250,000,000 shares authorized 850,110 shares issued and outstanding at December 31, 2013 and March 31, 2013	85	85
Additional paid-in capital	4,367,028	4,367,028
Deficit accumulated related to abandoned activities	-1,676,223	-1,676,223
Deficit accumulated during exploration stage	-3,831,879	-3,880,579
Total stockholders' equity (deficiency)	-1,140,989	-1,189,689
Total liabilities and stockholders' equity (deficiency)	$3,083	$6,618

Condensed_Balance_Sheets_Paren

Condensed Balance Sheets (Parenthetical) (USD $)	Dec. 31, 2013	Mar. 31, 2013
Statement Of Financial Position	'	'
Common stock, par or stated value	$0.00	$0.00
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	850,110	850,110
Common Stock, shares outstanding	850,110	850,110
Property and Equipment, accumulated depreciation	$905	$777

Statements_of_Operations_unaud

Statements of Operations (unaudited) (USD $)	3 Months Ended		9 Months Ended		70 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013
Income Statement	'	'	'	'	'
Net revenue	'	'	'	'	'
Cost of revenue	'	'	'	'	'
Gross profit (loss)	'	'	'	'	'
Stock Compensation	'	'	'	'	2,085,078
Loss on oil and gas assets	'	'	'	'	168,189
Investor relations	'	'	'	'	567,814
General and administrative expenses	12,801	5,509	56,271	55,313	593,312
Loss from continuing operations	-12,801	-5,509	-56,271	-55,313	-3,414,393
Other income/(expense)	'	'	'	'	'
Change in fair value of convertible notes	-70,570	57,133	65,335	223,993	271,060
Change in fair value of warrants	-86,955	50,982	78,385	263,266	289,185
Loss on extinguishment of debt	'	'	'	'	-177,941
Loss on loan modification	'	'	'	'	-283,000
Interest expense	-12,722	-12,650	-38,749	-38,482	-516,792
Total other income/(expense)	-170,247	95,465	104,971	448,777	-417,488
Net income/(loss)	($183,048)	$89,956	$48,700	$393,464	($3,831,881)
Weighted average common shares outstanding - basic and diluted	850,110	850,110	850,110	1,005,774	919,232
Net income/( loss) per share - basic and diluted	($0.22)	$0.11	$0.06	$0.39	($4.17)

Condensed_Statements_of_Cash_F

Condensed Statements of Cash Flows (USD $)	9 Months Ended		70 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013
Cash flows from operating activities:	'	'	'
Net income/(loss)	$48,700	$393,464	($3,831,881)
Adjustments to reconcile net loss to net cash used in operating activities:	'	'	'
Depreciation expense	128	225	905
Loss on oil and gas assets	'	'	168,189
Stock compensation	'	'	2,172,350
Loss on loan modification	'	'	283,000
Loss on extinguishment of debt	'	'	177,941
Change in fair value of convertible notes	-65,335	-223,993	-271,060
Change in fair value of warrants	-78,385	-263,266	-289,185
Non-cash interest	5,619	5,413	394,086
Changes in operating assets and liabilities:	'	'	'
Other assets	'	350	5,363
Accounts payable	-475	2,217	-6,118
Accrued expenses	56,372	49,216	168,627
Net cash used in operating activities	-33,376	-36,374	-1,027,783
Cash flows from investing activities:	'	'	'
Investment in oil and gas properties	'	'	-72,189
Purchase of property and equipment	'	'	-906
Net cash used in investing activities	'	'	-73,095
Cash flows from financing activities:	'	'	'
Proceeds from issuance of debt to stockholders	31,000	34,200	1,100,200
Net cash provided by financing activities	31,000	34,200	1,100,200
Net increase (decrease) in cash	-2,376	-2,174	-678
Cash, beginning of year	2,427	2,174	729
Cash, end of year	51	'	51
Supplemental disclosures of cash flow information:	'	'	'
Cash paid during the year for: Interest	'	'	'
Non-cash investing and financing activities:	'	'	'
Stock issued for legal retainer included in other assets	'	'	5,462
Convertible debt issued for oil and gas lease agreements	'	'	96,000
Stock issued to settle convertible debt	'	'	125,250
Stock issued to settle interest expense	'	'	$373

Note_1_Organization_and_Princi

Note 1 - Organization and Principles of Consolidation	9 Months Ended
	Dec. 31, 2013
Notes	'
Note 1 - Organization and Principles of Consolidation	'
	NOTE 1 - ORGANIZATION AND PRINCIPLES OF CONSOLIDATION
	The accompanying unaudited condensed financial statements have been prepared by the Company, pursuant to the rules and regulations of the U. S. Securities and Exchange Commission for Form 10-Q.  Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading.  The unaudited condensed financial statements included herein reflect all adjustments (consisting only of normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of the financial position and operating results for the interim period.  Interim results are not necessarily indicative of the results that may be expected for the year.  The unaudited condensed financial statements should be read in conjunction with the condensed financial statements and notes thereto, together with management’s discussion and analysis of financial condition and results of operation, for the year ended March 31, 2013, contained in the Company’s March 31, 2013 Annual Report on Form 10-K.
	The Company’s condensed financial statements have been prepared assuming the Company will continue as a going concern. The Company has experienced net losses since April 4, 2001 which losses have caused an accumulated deficit of approximately $5,500,000 as of December 31, 2013. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern.
	Management has been able, thus far, to finance the losses through a public offering, private placements and obtaining operating funds from stockholders. The Company is continuing to seek sources of financing.  There are no assurances that the Company will be successful in achieving its goals.
	In view of these conditions, the Company’s ability to continue as a going concern is dependent upon its ability to obtain additional financing or capital sources, to meet its financing requirements, and ultimately to achieve profitable operations. The Company is currently in the process of acquiring and developing crude oil and natural gas leases. Management believes that its current and future plans provide an opportunity to continue as a going concern. The accompanying condensed financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that may be necessary in the event the Company cannot continue as a going concern.

Note_2_Basis_of_Presentation

Note 2 - Basis of Presentation	9 Months Ended
	Dec. 31, 2013
Notes	'
Note 2 - Basis of Presentation	'
	NOTE 2 – BASIS OF PRESENTATION
	Reporting Entity. Signature Exploration and Production Corp. (“Signature” or “the Company”) was incorporated on April 4, 2001 under the laws of the State of Delaware. The Company is authorized to issue 250,000,000 shares of common stock, par value $.0001. As of March 1, 2008, the Company became an exploration stage company engaged in the acquisition and development of crude oil and natural gas leases in the United States. In accordance with U.S. GAAP, we have reported our Statement of Operations and Statement of Cash Flows from the inception as an exploration stage company to the current reporting period of December 31, 2013. The Company’s office is located in Orlando, FL.

Note_3_Summary_of_Significant_

Note 3 - Summary of Significant Accounting Policies	9 Months Ended
	Dec. 31, 2013
Notes	'
Note 3 - Summary of Significant Accounting Policies	'
	NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Exploration Stage Company. The Company is considered to be in the exploration stage.
	Cash and Cash Equivalents. The Company considers all short-term investments with an original maturity of Nine months or less when purchased to be cash equivalents.
	Revenue Recognition. Revenue associated with the production and sales of crude oil, natural gas, natural gas liquids and other natural resources owned by the Company will be recognized when production is sold to a purchaser at a fixed or determinable price when delivery has occurred and title passes from the Company to its customer, and if the collectability of the revenue is probable.
	Use of Estimates.  The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.
	Income Taxes.  The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in financial statements or tax returns. Deferred tax items are reflected at the enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected reverse. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized.   Due to the uncertainty regarding the success of future operations, management has valued the deferred tax asset allowance at 100% of the related deferred tax assets.
	Income/(Loss) per Share. The Company’s basic and diluted income/(loss) per share has been calculated using the weighted average number of common shares outstanding during the period. The Company has 6,558,927 dilutive common stock equivalent shares outstanding as of December 31, 2013.
	Oil and gas properties.
	The Company accounts for its oil and gas activities under the successful efforts method. In accordance with the successful efforts method of accounting for oil and gas properties, costs of productive wells, developmental dry holes and productive leases are capitalized into appropriate groups of properties based on geographical and geological similarities. These capitalized costs are amortized using the unit-of-production method based on estimated proved reserves. Proceeds from sales of properties are credited to property costs, and a gain or loss is recognized when a significant portion of an amortization base is sold or abandoned.
	Exploration costs, such as exploratory geological and geophysical costs, delay rentals and exploration overhead, are charged to expense as incurred. Exploratory drilling costs, including the cost of stratigraphic test wells, are initially capitalized but charged to exploration expense if and when the well is determined to be nonproductive. The determination of an exploratory well’s ability to produce must be made within one year from the completion of drilling activities. The acquisition costs of unproved acreage are initially capitalized and are carried at cost, net of accumulated impairment provisions, until such leases are transferred to proved properties or charged to exploration expense as impairments of unproved properties.
	Recent Accounting Pronouncements
	There were no recently issued accounting pronouncements that will have a material impact on the Company’s financial statements

Note_4_Fair_Value_Measurements

Note 4 - Fair Value Measurements	9 Months Ended
	Dec. 31, 2013
Notes	'
Note 4 - Fair Value Measurements	'
	NOTE 4 – FAIR VALUE MEASUREMENTS
	ASC Topic 820-10 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).  ASC Topic 820-10 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability. The three levels of the fair value hierarchy under ASC Topic 820-10 are described below:
	Level 1. Valuations based on quoted prices in active markets for identical assets or liabilities that an entity has the ability to access.
	Level 2. Valuations based on quoted prices for similar assets or liabilities, quoted prices for identical assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities.
	Level 3. Valuations based on inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 fair value elections are made on an instrument by instrument basis.
	The Company holds certain financial liabilities which are measured at fair value on a recurring basis in accordance with ASC topic 825-10-15.  The elections are made on an instrument by instrument basis.  In valuing the instruments for which a fair value election has been made, Level 3 inputs are generally required.  The Company has elected to implement the fair value option to account for certain convertibles notes and detachable warrants.
	The tables below detail the Company’s assets and liabilities measured at fair value.
		Fair Value Measurements December 31, 2013
		Level 1	Level 2	Level 3	Total
	Convertible notes from stockholders, at fair value	$-	$-	$177,029	$177,029
	Derivative liability	$-	$-	$197,671	$197,671
	Fair Value Measurement March 31, 2012
		Level 1	Level 2	Level 3	Total
	Convertible notes from stockholders, at fair value	$-	$-	$227,521	$227,521
	Derivative liability	$-	$-	$260,311	$260,311
	The following table presents the changes in Level 3 instruments measured on a recurring basis for the period ended December 31, 2013:
		Convertible Notes	Derivative Liability	Total
	Balance,  March 31, 2012	$227,521	$260,311	$487,832
	Realized and unrealized gains (losses); Included in other income (expense)	65,335	78,385	143,720
	Purchases, issuances, and settlements	14,843	15,745	30,588
	Balance, December 31, 2013	$177,029	$197,671	$374,700
	The convertible notes and derivative liability in the preceding tables were measured at fair value, in accordance with ASC Topic 825-10-15, as one instrument and that fair value was allocated to each component.  The Company made the fair value election due to this methodology providing a fairer representation of the economic substance of the transaction within the fair value hierarchy. Due to the lack of relevant and market reflective Level 1 and Level 2 inputs, the Company valued the instruments using Level 3 inputs, which require significant judgment and estimates on behalf of management in developing model assumptions. The factors considered in developing those assumptions included; the Company’s inability to attract investment at terms more favorable to the Company, the lack of success in developing oil properties thus far, the continuing reduction in the net assets of the Company and the Company’s history of default on currently outstanding debt.
	Based on management’s evaluation of the assumptions discussed above, the liabilities were initially recorded in an amount equal to the transaction price, which represented the fair value of the total liability at initial recognition. The model used by the Company is calibrated so that the model value at initial recognition equals the transaction price. On an ongoing basis the fair value model used in valuing the convertible notes and derivative liability utilizes the following inputs; exercise price per warrant, conversion price per share, contract term, volatility, current stock prices and risk free rates. The following assumptions were made in the model: (1) risk free interest rate of 0.13% to 1.75%, (2) remaining contractual life of 1 to 4.12 years, (3) expected stock price volatility of 395% to 798% and (4) expected dividend yield of zero.
	The carrying amounts of cash, accounts payable and accrued expenses approximate their respective fair values because of the short-term maturity of these items. The carrying amount of the Company’s convertible notes from shareholders represents the face value of the notes, which approximated fair value at the time of issuance.

Note_5_Convertible_Notes_and_W

Note 5 - Convertible Notes and Warrants	9 Months Ended
	Dec. 31, 2013
Notes	'
Note 5 - Convertible Notes and Warrants	'
	NOTE 5 – CONVERTIBLE NOTES AND WARRANTS
	Convertible Notes from Shareholders
	The Company has debt outstanding to shareholders, which was issued between 2006 and 2009. The debt was not issued with warrants and some of the debt was not originally issued with a conversion feature. During fiscal years 2009 and 2010, the notes without conversion features were modified to contain a conversion feature, for which the Company recorded a loss on the modification.  Convertible notes from shareholders issued during fiscal year 2010 contained a beneficial conversion feature, with the discount being amortized over the term of the note, see table below.
		Convertible Notes	Accrued Interest
	Balance, beginning of period	$442,750	$208,088
	Amortization of beneficial conversion feature	-	-
	Purchases, issuances, and settlements	5,000	-
	Accrued interest	-	33,131
	Balance, end of period	$447,750	$241,219
	Convertible notes from shareholders accrue interest at a rate of 10 percent per annum. The note holders have the sole option of converting the principal and interest represented by these notes into our common stock at a strike price equal to a $0.10. The note holders will only be allowed to convert shares or portion thereof to the extent that, at the time of the conversion, the conversion will not result in the note holders beneficially owning more than 9.9% of the issued and outstanding common shares of the Company.
	The Company is currently in default on $442,750 of convertible notes from shareholders and $241,156 of related accrued interest.  As of December 31, 2013, no shareholders have made demands for payment of these loans.
	In November 2013, the Company entered into two one year note agreements expiring in one year totaling $5,000 from shareholders that accrue interest at a rate of 10 percent per annum. If any event of default shall occur and be continuing for a period of seven calendar days, the interest rate increases to 12% per annum and convert the notes and accrued interest, or any portion thereof, into shares of common stock at a price per share equal to 75% of the average of the three lowest trading prices occurring at any time during the twenty trading days preceding conversion.
	Convertible Notes from Shareholders at fair value and derivative liability
	The table below provides the details of the convertible notes from shareholders at fair value and the derivative liability at fair value for each issuance of convertible notes with detachable warrants for which a fair value election was made. See Note 4 for a discussion of the fair value election and a reconciliation of the change in the fair value of the notes and derivative liability.
						Derivative
				Notes		Liability (Warrants)
				Fair Value at March 31, 2013	Fair Value at December 31, 2013	Fair Value at March 31, 2013	Fair Value at December 31, 2013
	Month Notes were issued	Face Value on Issuance Date
			Proceeds
	December 2009(2)	$352,942	$300,000	$44,652	$30,987	$108,018	$79,169
	Jan-10	64,706	60,000	4,785	3,430	4,746	2,686
	February 2010 (1)	352,942	300,000	95,706	71,191	64,483	44,649
	Aug-10	58,824	50,000	18,148	13,306	17,382	12,196
	Mar-11	70,590	60,000	20,441	15,117	19,672	13,968
	Aug-11	47,060	40,000	16,157	11,897	15,940	11,375
	Feb-12	11,766	11,000	3,044	2,521	2,837	2,278
	Aug-12	27,030	23,000	15,295	11,095	16,995	12,495
	Nov-12	13,178	11,200	7,295	5,250	8,118	5,926
	Feb-13	4,118	3,500	1,998	1,452	2,120	1,534
	Jun-13	30,588	26,000	-	10,783	-	11,395
		$1,033,744	$884,700	$227,521	$177,029	$260,311	$197,671
	(1)           A portion of the proceeds from this debt, $100,000 was not received until April 2010.
	(2)           $100,000 of this debt was converted to 1,000,000 shares of common stock.
	The notes above were all issued with a 15% original issue discount to the note holders and have a nominal interest rate of 16.63%. The note holders may convert, into shares of common stock, any portion of the notes that are outstanding, whether such portion represents principle or interest at $0.10. All of the convertible debt at fair value has a one year maturity. Therefore, at December 31, 2013 $1,003,156 of the debt is in default, although no shareholders have made demands for payment of these loans.
	Each note was issued with a five year warrant to purchase shares of common stock of the Company.  The warrants expire at various dates from 2014 to 2018. The table below shows the change in the number of warrants outstanding as of December 31, 2013 and March 31, 2012.
		Warrants Outstanding
		Number of Shares	Exercise Price
	Outstanding at March 31, 2012	1,236,477	$1.50-$1.00
	Warrants issued	13,178	$1.00
	Warrants exercised	-	-
	Warrants expired/cancelled	-	-
	Outstanding at December 31, 2013	1,249,655	$1.50-$1.00
	The convertible notes and warrants issued between December 2009 and February 2010 originally contained substantially higher conversion and exercise prices, however, due to the anti-dilution provisions in the agreements, and as a result of the debt and warrants issued in August 2010, all of the previous exercise prices were revised to be $1.00, which was the conversion price contained in the August 2010 note agreement.
	All of the notes and warrants contain an anti-dilution adjustment that state the conversion and exercise price may not be adjusted below $1.00.  In addition, the note holder is only allowed to convert shares or exercise warrants or portions thereof to the extent that at the time of the conversion or exercise, the conversion or exercise will not result in the note holder beneficially owning more than 9.9% of the issued and outstanding common shares of the Company.
	In accordance with ASC topic 815-40, the Company evaluated whether an additional liability should be recorded to reflect the deficiency in authorized shares.  Specifically, the Company considered the guidance in ASC 840-40-35-12, which allows for reclassification of contracts on a systematic, rational and consistently applied basis. Based on this guidance the Company determined that the only potentially convertible shares not currently recorded as a liability relate to the convertible notes from shareholders, in the amount of $442,750. As this debt is already convertible at $1.00 the Company believes this debt would be converted before any other notes and warrant exercises, causing the Company to have enough authorized shares to issue upon the potential conversion of those 442,750 shares. Therefore, no additional liability was recorded at December 31, 2013.

Note_6_Stockholders_Equity_cap

Note 6 - Stockholders' Equity (capital Deficiency)	9 Months Ended
	Dec. 31, 2013
Notes	'
Note 6 - Stockholders' Equity (capital Deficiency)	'
	NOTE 6 – STOCKHOLDERS’ EQUITY (CAPITAL DEFICIENCY)
	Subscription Agreements
	During June 2013, the Company entered into two Convertible Note Agreements ("Notes") for a total of $30,588.  The Company received aggregate proceeds of $26,000 reflecting a 15% original issue discount to the Note holders and a nominal rate of 16.63%.
	The Notes are due in June 2014.  The note holders may convert any portion of the Notes that are outstanding, whether such portion represents principal or interest, into shares of common stock of the Company at a price equal to $1.00. The Notes includes an anti-dilution adjustment that may not be adjusted below $0.10.
	Simultaneously with the issuance of these Notes, the Company issued to the Note holders a 5-year warrant (the "Warrants") to purchase 131,780 shares of common stock of the Company.  The Warrants are exercisable at a price equal to $0.15. The Warrants include an anti-dilution adjustment that may not be adjusted below $0.10.
	The note holders will only be allowed to convert shares or exercise warrants or portion thereof to the extent that, at the time of the conversion or exercise, the conversion or exercise will not result in the note holder beneficially owning more than 9.9% of the issued and outstanding common shares of the Company.

Note_3_Summary_of_Significant_1

Note 3 - Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Dec. 31, 2013
Policies	'
Exploration Stage Company	'
	Exploration Stage Company. The Company is considered to be in the exploration stage.
Cash and Cash Equivalents.	'
	Cash and Cash Equivalents. The Company considers all short-term investments with an original maturity of Nine months or less when purchased to be cash equivalents.
Revenue Recognition	'
	Revenue Recognition. Revenue associated with the production and sales of crude oil, natural gas, natural gas liquids and other natural resources owned by the Company will be recognized when production is sold to a purchaser at a fixed or determinable price when delivery has occurred and title passes from the Company to its customer, and if the collectability of the revenue is probable.
Use of Estimates	'
	Use of Estimates.  The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.
Income Tax	'
	Income Taxes.  The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in financial statements or tax returns. Deferred tax items are reflected at the enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected reverse. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized.   Due to the uncertainty regarding the success of future operations, management has valued the deferred tax asset allowance at 100% of the related deferred tax assets.
Income/(loss) Per Share	'
	Income/(Loss) per Share. The Company’s basic and diluted income/(loss) per share has been calculated using the weighted average number of common shares outstanding during the period. The Company has 6,558,927 dilutive common stock equivalent shares outstanding as of December 31, 2013.
Oil and Gas Properties	'
	Oil and gas properties.
	The Company accounts for its oil and gas activities under the successful efforts method. In accordance with the successful efforts method of accounting for oil and gas properties, costs of productive wells, developmental dry holes and productive leases are capitalized into appropriate groups of properties based on geographical and geological similarities. These capitalized costs are amortized using the unit-of-production method based on estimated proved reserves. Proceeds from sales of properties are credited to property costs, and a gain or loss is recognized when a significant portion of an amortization base is sold or abandoned.
	Exploration costs, such as exploratory geological and geophysical costs, delay rentals and exploration overhead, are charged to expense as incurred. Exploratory drilling costs, including the cost of stratigraphic test wells, are initially capitalized but charged to exploration expense if and when the well is determined to be nonproductive. The determination of an exploratory well’s ability to produce must be made within one year from the completion of drilling activities. The acquisition costs of unproved acreage are initially capitalized and are carried at cost, net of accumulated impairment provisions, until such leases are transferred to proved properties or charged to exploration expense as impairments of unproved properties.
Recent Accounting Pronouncements	'
	Recent Accounting Pronouncements
	There were no recently issued accounting pronouncements that will have a material impact on the Company’s financial statements

Note_4_Fair_Value_Measurements1

Note 4 - Fair Value Measurements: Fair Value, Level 3 Instruments (Tables)	9 Months Ended
	Dec. 31, 2013
Tables/Schedules	'
Fair Value, Level 3 Instruments	'
		Fair Value Measurements December 31, 2013
		Level 1	Level 2	Level 3	Total
	Convertible notes from stockholders, at fair value	$-	$-	$177,029	$177,029
	Derivative liability	$-	$-	$197,671	$197,671
	Fair Value Measurement March 31, 2012
		Level 1	Level 2	Level 3	Total
	Convertible notes from stockholders, at fair value	$-	$-	$227,521	$227,521
	Derivative liability	$-	$-	$260,311	$260,311

Note_4_Fair_Value_Measurements2

Note 4 - Fair Value Measurements: Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation (Tables)	9 Months Ended
	Dec. 31, 2013
Tables/Schedules	'
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation	'
		Convertible Notes	Derivative Liability	Total
	Balance,  March 31, 2012	$227,521	$260,311	$487,832
	Realized and unrealized gains (losses); Included in other income (expense)	65,335	78,385	143,720
	Purchases, issuances, and settlements	14,843	15,745	30,588
	Balance, December 31, 2013	$177,029	$197,671	$374,700

Note_5_Convertible_Notes_and_W1

Note 5 - Convertible Notes and Warrants: Convertible Debt (Tables)	9 Months Ended
	Dec. 31, 2013
Tables/Schedules	'
Convertible Debt	'
		Convertible Notes	Accrued Interest
	Balance, beginning of period	$442,750	$208,088
	Amortization of beneficial conversion feature	-	-
	Purchases, issuances, and settlements	5,000	-
	Accrued interest	-	33,131
	Balance, end of period	$447,750	$241,219

Note_5_Convertible_Notes_and_W2

Note 5 - Convertible Notes and Warrants: Schedule of Derivative Liabilities at Fair Value (Tables)	9 Months Ended
	Dec. 31, 2013
Tables/Schedules	'
Schedule of Derivative Liabilities at Fair Value	'
						Derivative
				Notes		Liability (Warrants)
				Fair Value at March 31, 2013	Fair Value at December 31, 2013	Fair Value at March 31, 2013	Fair Value at December 31, 2013
	Month Notes were issued	Face Value on Issuance Date
			Proceeds
	December 2009(2)	$352,942	$300,000	$44,652	$30,987	$108,018	$79,169
	Jan-10	64,706	60,000	4,785	3,430	4,746	2,686
	February 2010 (1)	352,942	300,000	95,706	71,191	64,483	44,649
	Aug-10	58,824	50,000	18,148	13,306	17,382	12,196
	Mar-11	70,590	60,000	20,441	15,117	19,672	13,968
	Aug-11	47,060	40,000	16,157	11,897	15,940	11,375
	Feb-12	11,766	11,000	3,044	2,521	2,837	2,278
	Aug-12	27,030	23,000	15,295	11,095	16,995	12,495
	Nov-12	13,178	11,200	7,295	5,250	8,118	5,926
	Feb-13	4,118	3,500	1,998	1,452	2,120	1,534
	Jun-13	30,588	26,000	-	10,783	-	11,395
		$1,033,744	$884,700	$227,521	$177,029	$260,311	$197,671

Note_5_Convertible_Notes_and_W3

Note 5 - Convertible Notes and Warrants: Schedule of Other Share-based Compensation, Activity (Tables)	9 Months Ended
	Dec. 31, 2013
Tables/Schedules	'
Schedule of Other Share-based Compensation, Activity	'
		Warrants Outstanding
		Number of Shares	Exercise Price
	Outstanding at March 31, 2012	1,236,477	$1.50-$1.00
	Warrants issued	13,178	$1.00
	Warrants exercised	-	-
	Warrants expired/cancelled	-	-
	Outstanding at December 31, 2013	1,249,655	$1.50-$1.00

Note_1_Organization_and_Princi1

Note 1 - Organization and Principles of Consolidation (Details) (USD $)	Dec. 31, 2013
Details	'
Retained Earnings (Accumulated Deficit)	$5,500,000

Note_2_Basis_of_Presentation_D

Note 2 - Basis of Presentation (Details) (USD $)	Dec. 31, 2013	Mar. 31, 2013
Details	'	'
Common stock, shares authorized	250,000,000	250,000,000
Common stock, par or stated value	$0.00	$0.00

Note_3_Summary_of_Significant_2

Note 3 - Summary of Significant Accounting Policies: Income/(loss) Per Share (Details)	9 Months Ended
	Dec. 31, 2013
Details	'
Common Stock Outstanding, Dilutive	6,558,927

Note_4_Fair_Value_Measurements3

Note 4 - Fair Value Measurements: Fair Value, Level 3 Instruments (Details) (USD $)	Dec. 31, 2013	Mar. 31, 2013	Mar. 31, 2012
Convertible notes from shareholders, at fair value	$177,029	$227,521	$227,521
Derivative liability, at fair value	197,671	260,311	260,311
Fair Value, Inputs, Level 3	'	'	'
Convertible notes from shareholders, at fair value	177,029	'	227,521
Derivative liability, at fair value	$197,671	'	$260,311

Note_4_Fair_Value_Measurements4

Note 4 - Fair Value Measurements: Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation (Details) (USD $)	9 Months Ended	12 Months Ended
	Dec. 31, 2013	Mar. 31, 2012
Balance, December 31, 2013	$374,700	$487,832
Realized and unrealized gains (losses); included in other income (expense)	143,720	'
Purchases, issuances, and settlements	'	30,588
Convertible Notes	'	'
Balance, December 31, 2013	177,029	227,521
Realized and unrealized gains (losses); included in other income (expense)	65,335	'
Purchases, issuances, and settlements	'	14,843
Derivative Liability	'	'
Balance, December 31, 2013	197,671	260,311
Realized and unrealized gains (losses); included in other income (expense)	78,385	'
Purchases, issuances, and settlements	'	$15,745

Note_4_Fair_Value_Measurements5

Note 4 - Fair Value Measurements (Details)	9 Months Ended
	Dec. 31, 2013
Fair Value Assumptions, Expected Dividend Rate	0.00%
Minimum	'
Fair Value Assumptions, Risk Free Interest Rate	0.13%
Fair Value Assumptions, Expected Term	'1 year
Fair Value Assumptions, Expected Volatility Rate	395.00%
Maximum	'
Fair Value Assumptions, Risk Free Interest Rate	1.75%
Fair Value Assumptions, Expected Term	'4 years 1 month 13 days
Fair Value Assumptions, Expected Volatility Rate	798.00%

Note_5_Convertible_Notes_and_W4

Note 5 - Convertible Notes and Warrants: Convertible Debt (Details) (USD $)	9 Months Ended
	Dec. 31, 2013	Mar. 31, 2013
Details	'	'
Convertible notes from shareholders	$447,750	$442,750
Accrued interest	241,219	208,088
Purchases, Issuances, and Settlements	5,000	'
Increase (Decrease) in Interest Payable, Net	$33,131	'

Note_5_Convertible_Notes_and_W5

Note 5 - Convertible Notes and Warrants (Details) (USD $)	9 Months Ended
	Dec. 31, 2013
Debt Instrument, Convertible, Conversion Price	$0.10
Debt Default, Short-term Debt, Amount	$1,003,156
Debt Default, Short-term Debt, Description of Violation or Event of Default	'If any event of default shall occur and be continuing for a period of seven calendar days, the interest rate increases to 12% per annum and convert the notes and accrued interest, or any portion thereof, into shares of common stock at a price per share equal to 75% of the average of the three lowest trading prices occurring at any time during the twenty trading days preceding conversion.
Original Issuance Discount	15.00%
Debt Instrument, Interest Rate, Stated Percentage	16.63%
Minimum	'
Debt Instrument, Convertible, Conversion Price	$1
Dec-09	'
Purchases, issuances, and settlements	352,942	[1]
Debt Conversion, Converted Instrument, Amount	100,000
Debt Conversion, Converted Instrument, Shares Issued	1,000,000
Convertible Notes	'
Debt Instrument, Interest Rate, Effective Percentage	10.00%
Debt Instrument, Convertible, Conversion Price	$0.10
Debt Instrument, Convertible, Terms of Conversion Feature	'The note holders will only be allowed to convert shares or portion thereof to the extent that, at the time of the conversion, the conversion will not result in the note holders beneficially owning more than 9.9% of the issued and outstanding common shares of the Company.
Debt Default, Short-term Debt, Amount	442,750
Purchases, issuances, and settlements	5,000
Accrued Interest	'
Debt Default, Short-term Debt, Amount	241,156
Potentially Convertible Shares	'
Debt Instrument, Convertible, Conversion Price	$1
Debt Conversion, Converted Instrument, Amount	$442,750
Debt Conversion, Converted Instrument, Shares Issued	442,750
[1]	$100,000 of this debt was converted to 1,000,000 shares of common stock.

Note_5_Convertible_Notes_and_W6

Note 5 - Convertible Notes and Warrants: Schedule of Derivative Liabilities at Fair Value (Details) (USD $)

Dec. 31, 2013

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Mar. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec-09

Dec-09

Jan-10

Jan-10

Feb-10

Feb-10

Aug-10

Aug-10

Mar-11

Mar-11

Aug-11

Aug-11

Feb-12

Feb-12

Aug-12

Aug-12

Nov-12

Nov-12

Feb-13

Feb-13

Jun-13

Total

Total

Accrued Interest

Accrued Interest

Accrued Interest

Accrued Interest

Accrued Interest

Accrued Interest

Accrued Interest

Accrued Interest

Accrued Interest

Accrued Interest

Accrued Interest

Accrued Interest

Dec-09

Jan-10

Feb-10

Aug-10

Mar-11

Aug-11

Feb-12

Aug-12

Nov-12

Feb-13

Jun-13

Total

Note Agreements, Amount

$352,942

[1]

'

$64,706

'

$352,942

[2]

'

$58,824

'

$70,590

'

$47,060

'

$11,766

'

$27,030

'

$13,178

'

$4,118

'

$30,588

$1,033,744

'

'

'

'

'

'

'

'

'

'

'

'

'

Proceeds from Loans

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

300,000

[1]

60,000

300,000

[2]

50,000

60,000

40,000

11,000

23,000

11,200

3,500

26,000

884,700

Notes, Fair value

30,987

[1]

44,652

[1]

3,430

4,785

71,191

[2]

95,706

[2]

13,306

18,148

15,117

20,441

11,897

16,157

2,521

3,044

11,095

15,295

5,250

7,295

1,452

1,998

10,783

177,029

227,521

'

'

'

'

'

'

'

'

'

'

'

'

Derivative Liability, Fair Value, Amount Not Offset Against Collateral

$79,169

[1]

$108,018

[1]

$2,686

$4,746

$44,649

[2]

$64,483

[2]

$12,196

$17,382

$13,968

$19,672

$11,375

$15,940

$2,278

$2,837

$12,495

$16,995

$5,926

$8,118

$1,534

$2,120

$11,395

$197,671

$260,311

'

'

'

'

'

'

'

'

'

'

'

'

[1]

$100,000 of this debt was converted to 1,000,000 shares of common stock.

[2]

A portion of the proceeds from this debt, $100,000 was not received until April 2010.

Note_5_Convertible_Notes_and_W7

Note 5 - Convertible Notes and Warrants: Schedule of Other Share-based Compensation, Activity (Details) (USD $)	21 Months Ended
	Dec. 31, 2013	Mar. 31, 2012
Warrants, Outstanding	1,249,655	1,236,477
Warrants, Issued	13,178	'
Warrants, Granted, Weighted Average Exercise Price	$1	'
Warrants, Exercised	0	'
Warrants, Exercised, Weighted Average Exercise Price	$0	'
Warrants, Expired	0	'
Warrants, Expirations, Weighted Average Exercise Price	$0	'
Minimum	'	'
Warrants, Weighted Average Exercise Price	$1.50	1.5
Maximum	'	'
Warrants, Weighted Average Exercise Price	$1	1

Note_6_Stockholders_Equity_cap1

Note 6 - Stockholders' Equity (capital Deficiency) (Details) (USD $)	9 Months Ended
	Dec. 31, 2013
Original Issuance Discount	15.00%
Debt Instrument, Interest Rate, Stated Percentage	16.63%
Debt Instrument, Convertible, Conversion Price	$0.10
Minimum	'
Debt Instrument, Convertible, Conversion Price	$1
Convertible Note Agreements (June 2013)	'
Note Agreements, Amount	$30,588
Proceeds from Issuance of Debt	$26,000
Original Issuance Discount	15.00%
Debt Instrument, Interest Rate, Stated Percentage	16.63%
Debt Instrument, Maturity Date	1-Jun-14
Debt Instrument, Convertible, Conversion Price	$1
Class of Warrant or Right, Outstanding	131,780
Class of Warrant or Right, Exercise Price of Warrants or Rights	$0.15
Debt Instrument, Convertible, Terms of Conversion Feature	'The note holders will only be allowed to convert shares or exercise warrants or portion thereof to the extent that, at the time of the conversion or exercise, the conversion or exercise will not result in the note holder beneficially owning more than 9.9% of the issued and outstanding common shares of the Company.
Convertible Note Agreements (June 2013) | Minimum	'
Debt Instrument, Convertible, Conversion Price	$0.10
Class of Warrant or Right, Exercise Price of Warrants or Rights	$0.10