Cannagistics (CNGT) 10-Q 16 Mar 15 2015 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Jan. 31, 2015	Mar. 16, 2015
Document And Entity Information [Abstract]
Entity Registrant Name	FIGO Ventures, Inc.
Entity Central Index Key	1304741
Amendment Flag	FALSE
Current Fiscal Year End Date	-24
Document Type	10-Q
Document Period End Date	31-Jan-15
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2015
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		61,345,880

Balance_Sheets_Unaudited

Balance Sheets (Unaudited) (USD $)	Jan. 31, 2015	Jul. 31, 2014
Assets
Mineral properties	$50,000	$50,000
Total Assets	50,000	50,000
Current Liabilities
Accounts payable and accrued liabilities	132,567	83,012
Promissory notes	16,450	16,450
Convertible notes, net of discount, current maturities	305,181	289,140
Loan payable to related party	38,669	3,039
Total Current Liabilities	492,867	391,641
Long Term Liabilities
Convertible promissory notes, net of discount and current maturities		16,200
Total Liabilities	492,867	407,841
Commitments and Contingencies
Stockholders' Deficit
Preferred stock, par value $.001; 10,000,000 shares authorized; none issued and outstanding
Common stock, par value $.001; 250,000,000 and 90,000,000 shares authorized; 61,345,880 and 53,370,880 shares issued and outstanding at January 31, 2015 and July 31, 2014, respectively	61,546	53,571
Additional paid in capital	415,029	416,236
Deficit accumulated during exploration stage	-874,442	-782,648
Treasury stock - 200,000 shares at cost	-45,000	-45,000
Total Stockholders' Deficit	-442,867	-357,841
Total Liabilities and Stockholders' Deficit	$50,000	$50,000

Balance_Sheets_unaudited_Paren

Balance Sheets (unaudited) (Parenthetical) (USD $)	Jan. 31, 2015	Jul. 31, 2014
Statement of Financial Position [Abstract]
Preferred stock, par value	$0.00	$0.00
Preferred stock, authorized shares	10,000,000	10,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value	$0.00	$0.00
Common stock, shares authorized	250,000,000	90,000,000
Common stock, shares issued	61,345,880	61,345,880
Common Stock, Shares, Outstanding	53,370,880	53,370,880
Treasury Stock, at cost	200,000	200,000

Statements_of_Operations_Unaud

Statements of Operations (Unaudited) (USD $)	3 Months Ended		6 Months Ended
	Jan. 31, 2015	Jan. 31, 2014	Jan. 31, 2015	Jan. 31, 2014
Income Statement [Abstract]
General and administrative expenses	$26,968	$8,000	$82,447	$8,000
Loss from operations	-26,968	-8,000	-82,447	-8,000
Other expense
Interest expense	-4,604	-6,757	-9,247	-6,757
Net loss	($31,572)	($14,757)	($91,794)	($14,757)
Net loss per share - basic and diluted	$0	$0	$0	$0
Weighted average common shares outstanding	61,345,880	23,507,837	60,386,044	13,593,831

Statements_of_Cash_Flows_Unaud

Statements of Cash Flows (Unaudited) (USD $)	6 Months Ended
	Jan. 31, 2015	Jan. 31, 2014
Cash Flows From Operating Activities:
Net loss	($91,794)	($14,757)
Adjustments to reconcile net loss to net cash used in operating activities
Amortization of debt discount	6,609	5,395
Changes in:
Accounts payable and accrued liabilities	85,185	1,362
Net Cash Used In Operating Activities		-8,000
Cash Flows From Financing Activities:
Proceeds from convertible promissory notes		45,000
Proceeds from promissory notes		8,000
Net Cash Provided by Financing Activities		53,000
Purchase of 200,000 shares of treasury stock		-45,000
Net Cash Used In Financing Activities		-45,000
Net change in cash
Cash at beginning of period
Cash at end of period
Supplemental disclosures of cash flow information:
Cash paid for interest
Cash paid for taxes
Supplemental disclosures of non-cash investing and financing activities:
Shares issued upon conversion of debt	7,975
Principal reductions due to conversion	17,944
Increase in debt discount due to beneficial conversion feature		45,000
Shares issued for mineral property lease assumption		$50,000

Statements_of_Cash_Flows_Unaud1

Statements of Cash Flows (Unaudited) (Parenthetical)	6 Months Ended
	Jan. 31, 2015
Statement of Cash Flows [Abstract]
Treasury stock purchased, shares	200,000

Statement_of_Changes_In_Shareh

Statement of Changes In Shareholders' Deficit (USD $)	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Treasury Stock
Beginning balance at Jul. 31, 2014	($357,841)	$53,571	$416,236	($782,648)	($45,000)
Balance (in shares) at Jul. 31, 2014		53,370,880
Conversion of debt	6,768	7,975	-1,207
Conversion of debt (in shares)		7,975,000
Net loss, six months ended January 31, 2015	-91,794			-91,794
Ending Balance at Jan. 31, 2015	($442,867)	$61,546	$415,029	($874,442)	($45,000)
Balance (in shares) at Jan. 31, 2015		61,345,880

Organization_and_Basis_of_Acco

Organization and Basis of Accounting	6 Months Ended
	Jan. 31, 2015
Organization and Basis of Presentation [Abstract]
ORGANIZATION AND BASIS OF ACCOUNTING	NOTE 1 – ORGANIZATION AND BASIS OF ACCOUNTING
	FIGO Ventures, Inc. (Formerly AAA Energy, Inc., ‘the Company’) was incorporated under the laws of the State of Nevada on May 26, 2004. The Company is an Exploration Stage Company with its current business plan to acquire and explore mineral properties with development potential primarily in Columbia, South America. It currently has no operations, is in the exploration stage and has acquired only on mineral property in a lease assumption acquired through this issuance of common shares.
	Basis of Presentation
	The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in The United States of America and the rules and regulations of the Securities and Exchange Commission for interim financial information.  Accordingly, they do not include all the information necessary for a comprehensive presentation of financial position and results of operations.
	It is management's opinion, however, that all material adjustments (consisting of normal and recurring adjustments) have been made which are necessary for a fair financial statements presentation.  The results for the interim period are not necessarily indicative of the results to be expected for the year.  For a more complete discussion of significant accounting policies and certain other information, please refer to the annual audited financial statements for the year ended December 31, 2013 included in our annual report on form 10K for the year ended July 31, 2014 filed on October 29, 2014.
	Use of estimates
	The preparation of financial statements in conformity with accounting principles generally accepted in the United States ("GAAP") 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.
	Significant estimates include, but are not limited to the estimated useful lives of equipment for purposes of depreciation and the valuation of common shares issued for services, equipment and the liquidation of liabilities.
	Net Loss per Common Share
	Basic earnings per share (“EPS”) is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding during the period, excluding the effects of any potentially dilutive securities. Diluted EPS gives effect to all dilutive potential of shares of common stock outstanding during the period including stock options or warrants, using the treasury stock method (by using the average stock price for the period to determine the number of shares assumed to be purchased from the exercise of stock options or warrants), and convertible debt or convertible preferred stock, using the if-converted method.
	Since Figo Ventures reflected a net loss for the six months ended January 31, 2015, the effect of considering any common stock equivalents, if exercisable, would have been anti-dilutive. A separate computation of diluted loss per share is not presented.
	Recent Accounting Pronouncements
	Figo Ventures has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

Going_Concern

Going Concern	6 Months Ended
	Jan. 31, 2015
Going Concern [Abstract]
GOING CONCERN	NOTE 2 – GOING CONCERN
	These financial statements have been prepared in accordance with generally accepted accounting principles applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. As of January 31, 2015, Figo Ventures has an accumulated deficit of $ 874,442. Our ability to continue as a going concern is contingent upon the successful completion of additional financing arrangements and our ability to achieve and maintain profitable operations. While we are expanding our best efforts to achieve the above plans, there is no assurance that any such activity will generate funds that will be available for operations. These conditions raise substantial doubt about our ability to continue as a going concern. These financial statements do not include any adjustments that might arise from this uncertainty.

Promissory_Notes

Promissory Notes	6 Months Ended
	Jan. 31, 2015
Promissory Notes [Abstract]
Debt Disclosure [Text Block]	NOTE 3 – PROMISSORY NOTES
	Promissory notes payable as of January 31, 2015 and July 31, 2014 consisted of the following:
	Description	January 31,		July 31,
		2015		2014
	Note payable dated January 15, 2014, matured January 15, 2015 bearing interest at 12% per annum.	$	3,000	$	3,000
	Note payable dated February 14, 2014 maturing February 14, 2015, bearing interest at 12% per annum.		3,750		3,750
	Note payable dated April 1, 2014 maturing April 1, 2015, bearing interest at 12% per annum.		4,700		4,700
	Note payable dated January 30, 2014, matured January 30, 2015, bearing interest at 12% per annum.		5,000		5,000
	Total	$	16,450	$	16,450

Convertible_Debt

Convertible Debt	6 Months Ended
	Jan. 31, 2015
Convertible Debt [Abstract]
CONVERTIBLE DEBT	NOTE 4 – CONVERTIBLE DEBT
	Convertible debt as of January 31, 2015 and July 31, 2014 consisted of the following:
	Description	January 31,			July 31,
		2015			2014
	Convertible note agreement dated January 11, 2007, of up to $1,000,000 Bearing interest at 10% per annum, originally scheduled to mature on January 11, 2009. Convertible by Lender at its sole option into units in the capital stock such that for each $0.40 of principal outstanding at the time of conversion may be converted into one unit consisting of one common share and one non-transferable share purchase warrant exercisable for a period of up to two years from the date of conversion. Each warrant shall entitle the Lender to purchase an additional common share of the Company at $0.60 during the term of the warrants. The beneficial conversion remaining balance applicable to this note at January 31, 2015 and July 31, 2014 was zero.	$	289,140		$	289,140
	Convertible note agreements (3) dated November 1, 2013, totaling $45,000. Maturing on November 30, 2015 bearing interest at 12% per annum. Principal and accrued interest is convertible at $.00225 per share. The beneficial conversion feature was recorded as a discount to the debt o and is being amortized over the term of the notes.		27,056			45,000
	Less: unamortized discount		(11,015	)		(28,800	)
	Convertible notes, net of discount		305,181			305,340
	Less: current maturities		(305,181	)		289,140
	Long term maturities	$	-		$	16,200

Loan_Payable_to_Related_Party

Loan Payable to Related Party	6 Months Ended
	Jan. 31, 2015
Related Party Transactions [Abstract]
LOAN PAYABLE TO RELATED PARTY	NOTE 4 – LOAN PAYABLE TO RELATED PARTY
	A shareholder of the Company has paid certain expenses of the Company. These amounts are reflected as a loan payable to related party. The shareholder advanced $38,669 and $3,039 as of January 31, 2105 and July 31, 2014, respectively.

Stockholders_Equity

Stockholders' Equity	6 Months Ended
	Jan. 31, 2015
Stockholders' Equity [Abstract]
STOCKHOLDERS' EQUITY	NOTE 3 – SHAREHOLDERS’ EQUITY
	On August 19, 2014, a convertible note holder exercised their option to convert $5,625 in principal into the common stock of the Company at a conversion price of $0.00225 per share, resulting in the issuance of 2,500,000 shares of the Company’s common stock.
	On August 22, 2014, two convertible note holders each exercised their option to convert $5,625 in principal into the common stock of the Company at a conversion price of $0.00225 per share, resulting in the issuance of 5,000,000 shares of the Company’s common stock.
	On September 24, 2014, a convertible note holder exercised their option to convert $1,068.75 in principal into the common stock of the Company at a conversion price of $0.00225 per share, resulting in the issuance of 475,000 shares of the Company’s common stock.

Subsequent_Events

Subsequent Events	6 Months Ended
	Jan. 31, 2015
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 7 – SUBSEQUENT EVENTS
	In accordance with ASC 855, Subsequent Events, Figo Ventures has evaluated subsequent events through March _, 2015, the date of issuance of the audited financial statements and has determined it does not have any material subsequent events to disclose.

Organization_and_Basis_of_Acco1

Organization and Basis of Accounting (Policies)	6 Months Ended
	Jan. 31, 2015
Organization and Basis of Presentation [Abstract]
Basis of presentation	Basis of Presentation
	The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in The United States of America and the rules and regulations of the Securities and Exchange Commission for interim financial information.  Accordingly, they do not include all the information necessary for a comprehensive presentation of financial position and results of operations.
	It is management's opinion, however, that all material adjustments (consisting of normal and recurring adjustments) have been made which are necessary for a fair financial statements presentation.  The results for the interim period are not necessarily indicative of the results to be expected for the year.  For a more complete discussion of significant accounting policies and certain other information, please refer to the annual audited financial statements for the year ended December 31, 2013 included in our annual report on form 10K for the year ended July 31, 2014 filed on October 29, 2014.
Use of estimates	Use of estimates
	The preparation of financial statements in conformity with accounting principles generally accepted in the United States ("GAAP") 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.
	Significant estimates include, but are not limited to the estimated useful lives of equipment for purposes of depreciation and the valuation of common shares issued for services, equipment and the liquidation of liabilities.
Net Loss per Common Share	Net Loss per Common Share
	Basic earnings per share (“EPS”) is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding during the period, excluding the effects of any potentially dilutive securities. Diluted EPS gives effect to all dilutive potential of shares of common stock outstanding during the period including stock options or warrants, using the treasury stock method (by using the average stock price for the period to determine the number of shares assumed to be purchased from the exercise of stock options or warrants), and convertible debt or convertible preferred stock, using the if-converted method.
	Since Figo Ventures reflected a net loss for the six months ended January 31, 2015, the effect of considering any common stock equivalents, if exercisable, would have been anti-dilutive. A separate computation of diluted loss per share is not presented.
Recent Accounting Pronouncements	Recent Accounting Pronouncements
	Figo Ventures has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

Promissory_Notes_Tables

Promissory Notes (Tables)	6 Months Ended
	Jan. 31, 2015
Promissory Notes [Abstract]
Schedule of Promissory Notes	Description	January 31,		July 31,
		2015		2014
	Note payable dated January 15, 2014, matured January 15, 2015 bearing interest at 12% per annum.	$	3,000	$	3,000
	Note payable dated February 14, 2014 maturing February 14, 2015, bearing interest at 12% per annum.		3,750		3,750
	Note payable dated April 1, 2014 maturing April 1, 2015, bearing interest at 12% per annum.		4,700		4,700
	Note payable dated January 30, 2014, matured January 30, 2015, bearing interest at 12% per annum.		5,000		5,000
	Total	$	16,450	$	16,450

Convertible_Debt_Tables

Convertible Debt (Tables)	6 Months Ended
	Jan. 31, 2015
Convertible Debt [Abstract]
Summary of Convertible Debt	Description	January 31,			July 31,
		2015			2014
	Convertible note agreement dated January 11, 2007, of up to $1,000,000 Bearing interest at 10% per annum, originally scheduled to mature on January 11, 2009. Convertible by Lender at its sole option into units in the capital stock such that for each $0.40 of principal outstanding at the time of conversion may be converted into one unit consisting of one common share and one non-transferable share purchase warrant exercisable for a period of up to two years from the date of conversion. Each warrant shall entitle the Lender to purchase an additional common share of the Company at $0.60 during the term of the warrants. The beneficial conversion remaining balance applicable to this note at January 31, 2015 and July 31, 2014 was zero.	$	289,140		$	289,140
	Convertible note agreements (3) dated November 1, 2013, totaling $45,000. Maturing on November 30, 2015 bearing interest at 12% per annum. Principal and accrued interest is convertible at $.00225 per share. The beneficial conversion feature was recorded as a discount to the debt o and is being amortized over the term of the notes.		27,056			45,000
	Less: unamortized discount		(11,015	)		(28,800	)
	Convertible notes, net of discount		305,181			305,340
	Less: current maturities		(305,181	)		289,140
	Long term maturities	$	-		$	16,200

Going_Concern_Details

Going Concern (Details) (USD $)	Jan. 31, 2015	Jul. 31, 2014
Going Concern (Textual)
Accumulated deficit	$874,442	$782,648

Promissory_Notes_Details

Promissory Notes (Details) (USD $)	Jan. 31, 2015	Jul. 31, 2014
Short-term Debt [Line Items]
Notes Payable, Current	$16,450	$16,450
Note payable dated January 15, 2014, matured January 15, 2015 [Membe]
Short-term Debt [Line Items]
Notes Payable, Current	3,000	3,000
Note payable dated February 14, 2014 maturing February 14, 2015 [Member]
Short-term Debt [Line Items]
Notes Payable, Current	3,750	3,750
Note payable dated April 1, 2014 maturing April 1, 2015 [Member]
Short-term Debt [Line Items]
Notes Payable, Current	4,700	4,700
Note payable dated January 30, 2014, matured January 30, 2015 [Member]
Short-term Debt [Line Items]
Notes Payable, Current	$5,000	$5,000

Promissory_Notes_Details_Textu

Promissory Notes (Details Textual)	6 Months Ended
	Jan. 31, 2015
Note payable dated January 15, 2014, matured January 15, 2015 [Membe]
Short-term Debt [Line Items]
Notes payable, Issuance Date	15-Jan-14
Notes payable, Maturity date	15-Jan-15
Notes payable, Stated rate of interest	12.00%
Note payable dated February 14, 2014 maturing February 14, 2015 [Member]
Short-term Debt [Line Items]
Notes payable, Issuance Date	14-Feb-14
Notes payable, Maturity date	14-Feb-15
Notes payable, Stated rate of interest	12.00%
Note payable dated April 1, 2014 maturing April 1, 2015 [Member]
Short-term Debt [Line Items]
Notes payable, Issuance Date	1-Apr-14
Notes payable, Maturity date	1-Apr-15
Notes payable, Stated rate of interest	12.00%
Note payable dated January 30, 2014, matured January 30, 2015 [Member]
Short-term Debt [Line Items]
Notes payable, Issuance Date	30-Jan-14
Notes payable, Maturity date	30-Jan-15
Notes payable, Stated rate of interest	12.00%

Convertible_Debt_Details

Convertible Debt (Details) (USD $)	Jan. 31, 2015	Jul. 31, 2014
Convertible notes payable [Abstract]
Less: unamortized discount	($11,015)	($28,800)
Convertible notes, net of discount	305,181	305,340
Convertible Notes Payable, Current	305,181	289,140
Long term maturities		16,200
Convertible note agreement dated January 11, 2007 [Member]
Convertible notes payable [Abstract]
Convertible notes	289,140	289,140
Convertible note agreements dated November 1, 2013 [Member]
Convertible notes payable [Abstract]
Convertible notes	$27,056	$45,000

Convertible_Debt_Details_Textu

Convertible Debt (Details Textual) (USD $)	6 Months Ended
	Jan. 31, 2015	Sep. 24, 2014	Aug. 22, 2014	Aug. 19, 2014
Convertible Notes Payable [Abstract]
Convertible notes, conversion price		$0.00	$0.00	$0.00
Convertible Debt [Member]
Convertible Notes Payable [Abstract]
Convertible Debt	$1,000,000
Convertible payable, Issuance Date	11-Jan-07
Convertible note, Stated rate of interest	10.00%
Convertible notes, conversion price	$0.40
Convertible notes, Terms of Conversion Feature	Convertible by Lender at its sole option into units in the capital stock such that for each $0.40 of principal outstanding at the time of conversion may be converted into one unit consisting of one common share and one non-transferable share purchase warrant exercisable for a period of up to two years from the date of conversion. Each warrant shall entitle the Lender to purchase an additional common share of the Company at $0.60 during the term of the warrants. The beneficial conversion remaining balance applicable to this note at January 31, 2015 and July 31, 2014 was zero.
Convertible note agreements dated November 1, 2013 [Member]
Convertible Notes Payable [Abstract]
Convertible Debt	$45,000
Convertible payable, Issuance Date	1-Nov-13
Convertible note, Stated rate of interest	12.00%
Convertible notes, conversion price	$0.00
Convertible notes, Terms of Conversion Feature	Principal and accrued interest is convertible at $.00225 per share. The beneficial conversion feature was recorded as a discount to the debt o and is being amortized over the term of the notes.

Loan_Payable_to_Related_Party_

Loan Payable to Related Party (Details) (USD $)	Jan. 31, 2015	Jul. 31, 2014
Loan Payable To Related Party [Textual]
Loan payable to related party	$38,669	$3,039

Stockholders_Equity_Details

Stockholders' Equity (Details) (USD $)	0 Months Ended			6 Months Ended
	Sep. 24, 2014	Aug. 22, 2014	Aug. 19, 2014	Jan. 31, 2015
		NoteHolders
Stockholders' Equity (Textual)
Debt conversion converted amount	$1,069	$5,625	$5,625	$6,768
Conversion price	$0.00	$0.00	$0.00
Debt conversion converted shares issued	475,000	5,000,000	2,500,000
Number of note holders		2

Reclassification_of_Prior_Year

Reclassification of Prior Year Presentation (Details) (USD $)	6 Months Ended
	Jan. 31, 2014
Reclassification Of Prior Year Presentation [Textual]
Reclassified	$3,039