Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 10, 2016 | |
Document And Entity Information | ||
Entity Registrant Name | Plandai Biotechnology, Inc. | |
Entity Central Index Key | 1,317,880 | |
Document Type | 10-K | |
Document Period End Date | Jun. 30, 2015 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --06-30 | |
Is Entity a Well-known Seasoned Issuer? | No | |
Is Entity a Voluntary Filer? | No | |
Is Entity's Reporting Status Current? | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Public Float | $ 17,032,000 | |
Entity Common Stock, Shares Outstanding | 178,239,536 | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2,015 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jun. 30, 2015 | Jun. 30, 2014 |
Current Assets: | ||
Cash | $ 33,619 | $ 156,328 |
Inventory | 2,286 | |
Prepaid Expenses and Other Current Assets | 365,132 | |
Accounts Receivable | $ 17,122 | |
Related Party Receivable | ||
Total Current Assets | $ 418,159 | |
Deposits | 75,246 | |
Other Assets | 1,220 | |
Fixed Assets - Net | 8,009,956 | 8,391,033 |
Total Assets | 8,504,581 | |
Current Liabilities: | ||
Accounts Payable and Accrued Expenses | 316,346 | |
Accounts Payable to Related Parties | 16,176 | |
Accrued Interest | 288,612 | |
Short-term Portion of Notes Payable, net of discount | $ (14,526,213) | (3,033,000) |
Convertible Notes Payable | 13,435 | |
Derivative Liability | ||
Total Current Liabilities | $ 15,147,347 | |
Deferred Lease Obligation | 1,513,976 | |
Other Non-Current Liabilities | $ 159,994 | |
Notes Payable, Net of Discount | 8,725,071 | |
Total Liabilities | $ 16,821,317 | |
Stockholders' Deficit | ||
Common Stock, Par Value $0.0001, 500,000,000 shares authorized of which 164,419,936 and 131,008,628 shares are issued and outstanding | 16,442 | |
Common Stock Payable | 45,000 | |
Additional Paid-In Capital | 30,124,629 | |
Accumulated Deficit | (36,309,281) | |
Cumulative Foreign Currency Translation Adjustment | (375,880) | |
Total Stockholders' Deficit | (6,499,090) | |
Non-controlling Interest | (1,817,646) | |
Stockholders' Deficit Allocated to Plandai Biotechnology | (8,316,736) | (4,103,454) |
Total Liabilities and Stockholders' Deficit | $ 8,504,581 | |
Restated [Member] | ||
Current Assets: | ||
Cash | 156,328 | |
Inventory | 2,515 | |
Prepaid Expenses and Other Current Assets | 95,833 | |
Accounts Receivable | 8,107 | |
Related Party Receivable | 425,527 | |
Total Current Assets | 688,310 | |
Deposits | 83,187 | |
Other Assets | 45,152 | |
Fixed Assets - Net | 8,391,033 | |
Total Assets | 9,207,682 | |
Current Liabilities: | ||
Accounts Payable and Accrued Expenses | 141,756 | |
Accounts Payable to Related Parties | 2,948 | |
Accrued Interest | 39,505 | |
Short-term Portion of Notes Payable, net of discount | 3,033,000 | |
Convertible Notes Payable | 13,435 | |
Derivative Liability | 24,330 | |
Total Current Liabilities | 3,254,974 | |
Deferred Lease Obligation | $ 1,331,091 | |
Other Non-Current Liabilities | ||
Notes Payable, Net of Discount | $ 8,725,071 | |
Total Liabilities | 13,311,136 | |
Stockholders' Deficit | ||
Common Stock, Par Value $0.0001, 500,000,000 shares authorized of which 164,419,936 and 131,008,628 shares are issued and outstanding | 13,101 | |
Common Stock Payable | 60,000 | |
Additional Paid-In Capital | 23,875,764 | |
Accumulated Deficit | (26,726,824) | |
Cumulative Foreign Currency Translation Adjustment | 2,264 | |
Total Stockholders' Deficit | (2,775,695) | |
Non-controlling Interest | (1,327,759) | |
Stockholders' Deficit Allocated to Plandai Biotechnology | (4,103,454) | |
Total Liabilities and Stockholders' Deficit | $ 9,207,682 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2015 | Jun. 30, 2014 |
Common stock, par value per share | $ 0.0001 | |
Common stock, shares authorized | 500,000,000 | |
Common stock, shares issued | 164,419,936 | |
Common stock, shares outstanding | 164,419,936 | |
Restated [Member] | ||
Common stock, par value per share | $ 0.0001 | |
Common stock, shares authorized | 500,000,000 | |
Common stock, shares issued | 131,008,628 | |
Common stock, shares outstanding | 131,008,628 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Revenues | $ 92,898 | |
Expenses: | ||
Production Costs | 785,429 | |
Salaries and Wages | 5,698,119 | |
Rent | 488,232 | |
Utilities | 76,375 | |
Insurance | 59,935 | |
Consulting | 558,593 | |
Professional Services | 546,672 | |
Depreciation | 414,419 | |
Other General and Administrative | 314,691 | |
Total Expenses | 8,942,465 | |
Operating Income (Loss) | (8,849,567) | |
Other Income/(Expense): | ||
Other Income | 3,306 | |
Settlement Costs | 295,000 | |
Other Finance Costs | 2,332 | |
Interest Expense | $ 928,751 | |
Loss on Impairment of License | ||
Change in Value of Derivative Liability | ||
Derivative Interest | ||
Total Other Income/(Expense): | $ (1,222,777) | |
Net Income (Loss) | (10,072,344) | $ (16,047,112) |
Income (Loss) Allocated to Non-Controlling Interest | (489,887) | |
Net Loss, Adjusted | (9,582,457) | |
Other Comprehensive Income (loss): | ||
Foreign Currency Translation Adjustment | (378,144) | (261,918) |
Comprehensive Income (Loss) | $ (9,960,601) | |
Basic and diluted loss per share | $ (0.07) | |
Weighted Avg. Shares Outstanding - basic and diluted | 147,714,282 | |
Restated [Member] | ||
Revenues | 265,735 | |
Expenses: | ||
Production Costs | 894,798 | |
Salaries and Wages | 1,066,046 | |
Rent | 533,707 | |
Utilities | 56,391 | |
Insurance | 36,624 | |
Consulting | 992,776 | |
Professional Services | 153,556 | |
Depreciation | 188,525 | |
Other General and Administrative | 1,087,390 | |
Total Expenses | 5,009,813 | |
Operating Income (Loss) | (4,744,078) | |
Other Income/(Expense): | ||
Other Income | 79,053 | |
Settlement Costs | 363,528 | |
Other Finance Costs | 1,069,412 | |
Interest Expense | 793,236 | |
Loss on Impairment of License | 5,749,985 | |
Change in Value of Derivative Liability | (3,170,681) | |
Derivative Interest | 235,245 | |
Total Other Income/(Expense): | (11,303,034) | |
Net Income (Loss) | (16,047,112) | |
Income (Loss) Allocated to Non-Controlling Interest | (440,132) | |
Net Loss, Adjusted | (15,606,980) | |
Other Comprehensive Income (loss): | ||
Foreign Currency Translation Adjustment | (261,918) | |
Comprehensive Income (Loss) | $ (15,868,898) | |
Basic and diluted loss per share | $ (0.14) | |
Weighted Avg. Shares Outstanding - basic and diluted | 114,715,116 |
Consolidated Statements Of Stoc
Consolidated Statements Of Stockholders' Deficit - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Stock Payable [Member] | Accumulated Deficit [Member] | Non-controlling Interest [Member] | Cumulative Currency Translation Adjustment [Member] | Total |
Balance Shares at Jun. 30, 2013 | 106,270,760 | 106,270,760 | |||||
Balance Value at Jun. 30, 2013 | $ 10,627 | $ 7,833,977 | $ 341,600 | $ (11,119,844) | $ (887,627) | $ 264,182 | $ (3,557,085) |
Shares Issued for Cash, Shares | 1,316,833 | ||||||
Shares Issued for Cash, Value | $ 132 | $ 654,868 | 655,000 | ||||
Foreign Currency Translation Adjustment | $ (261,918) | (261,918) | |||||
Shares Issued For Services, Shares | 9,998,000 | ||||||
Shares Issued For Services, Value | $ 1,000 | $ 2,140,436 | $ 281,600 | 1,859,836 | |||
Shares Issued for Financing Costs, Shares | 540,000 | ||||||
Shares Issued for Financing Costs, Values | $ 54 | 1,069,358 | 1,069,412 | ||||
Shares Issued to Acquire Minority Interest, Shares | 1,100,000 | ||||||
Shares Issued to Acquire Minority Interest, Values | $ 110 | 538,890 | 539,000 | ||||
Shares Issued on Cancellation of Agreements, Shares | 2,000,000 | ||||||
Shares Issued on Cancellation of Agreements, Value | $ 200 | 739,800 | $ 740,000 | ||||
Cancelled Shares, Shares | (250,000) | ||||||
Cancelled Shares, Value | $ (25) | 25 | |||||
Shares Issued To Retire Debt, Shares | 7,997,035 | ||||||
Shares Issued To Retire Debt, Values | $ 800 | 4,648,628 | $ 4,649,428 | ||||
Shares Issued to Retire Related Party Debt, shares | 2,036,000 | ||||||
Shares Issued to Retire Related Party Debt, value | $ 203 | 499,797 | 500,000 | ||||
Warrants Issued to Acquire License | $ 5,749,985 | 5,749,985 | |||||
Net Loss for Year Ended | $ (15,606,980) | $ (440,132) | (16,047,112) | ||||
Balance Shares at Jun. 30, 2014 | 131,008,628 | ||||||
Balance Value at Jun. 30, 2014 | $ 13,101 | $ 23,875,764 | $ 60,000 | $ (26,726,824) | $ (1,327,759) | $ 2,264 | (4,103,454) |
Shares Issued for Cash, Shares | 1,298,400 | ||||||
Shares Issued for Cash, Value | $ 130 | $ 286,570 | 286,700 | ||||
Foreign Currency Translation Adjustment | $ (378,144) | (378,144) | |||||
Shares Issued For Services, Shares | 26,769,400 | ||||||
Shares Issued For Services, Value | $ 2,677 | $ 5,620,837 | $ 15,000 | $ 5,608,514 | |||
Shares Issued to Acquire Minority Interest, Shares | 70,000 | ||||||
Shares Issued to Acquire Minority Interest, Values | $ 7 | (7) | |||||
Shares Issued To Retire Debt, Shares | 144,296 | ||||||
Shares Issued To Retire Debt, Values | $ 14 | 46,978 | $ 46,992 | ||||
Shares Issued on Conversion of Warrants, Shares | 1,629,212 | ||||||
Shares Issued on Conversion of Warrants, Value | $ 163 | (163) | |||||
Shares Issued for Settlement, Shares | 3,500,000 | ||||||
Shares Issued for Settlement, Values | $ 350 | $ 294,650 | $ 295,000 | ||||
Net Loss for Year Ended | $ (9,582,457) | $ (489,887) | $ (10,072,344) | ||||
Balance Shares at Jun. 30, 2015 | 164,419,936 | 164,419,936 | |||||
Balance Value at Jun. 30, 2015 | $ 16,442 | $ 30,124,629 | $ 45,000 | $ (36,309,281) | $ (1,817,646) | $ (375,880) | $ (8,316,736) |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Loss | $ (10,072,344) | $ (16,047,112) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation | 414,419 | |
Amortization of Land Bank Loan Debt Discount | 64,404 | |
Stock Issued or Payable for Services | $ 5,608,999 | |
Stock Issued for Financing Costs | ||
Shares Issued on Cancellation of Agreements | $ 295,000 | |
Derivative Interest on Issuance of Convertible Debt | ||
Loss on Change in Derivative Liability | $ 9,269 | |
Gain on Settlement of Convertible Debt | ||
Loss on Impairment of License | ||
Changes in Assets and Liabilities: | ||
(Increase) Decrease in Deposits | $ (3,222) | |
(Increase) Decrease in Prepaid and Other Current Assets | 294,889 | |
Decrease (Increase) in Related Party Receivables | (393,893) | |
(Increase) Decrease in Accounts Receivable | 11,619 | |
(Increase) Decrease in Inventory | 109 | |
Decrease (Increase) in Other Assets | (41,733) | |
Increase (Decrease) in Accounts Payable and Accrued Expenses | 204,718 | |
Increase in Deferred Lease Obligation | 382,017 | |
Increase (Decrease) in Related Party Payables | 14,685 | |
Increase in Accrued Interest | 249,107 | |
Net Cash (Used in) Operating Activities | (2,703,939) | |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of Fixed Assets | 856,853 | |
Net Cash (Used in) Investing Activities | (856,853) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from Issuance of Long-term Debt | $ 5,300,000 | |
Principal Payments on Related Party Debt | ||
Proceeds from Issuance of Convertible Debt | ||
Proceeds from Line of Credit | ||
Principal Payments on Long-term Debt | $ 1,553,001 | |
Principal Payments on Convertible Debt | ||
Proceeds from the Issuance of Common Stock | $ 286,700 | |
Net Cash Provided by Financing Activities | 4,033,699 | |
Effect of Exchange Rates on Cash Flows | (595,616) | |
Net (Decrease) in Cash and Cash Equivalents | (122,709) | |
Cash and Cash Equivalents at Beginning of Period | 156,328 | |
Cash and Cash Equivalents at End of Period | 33,619 | 156,328 |
NON-CASH ACTIVITIES: | ||
Shares Issued to Retire Debt | 46,992 | |
Shares Issued to Acquire Minority Interest | $ 7 | |
Shares Issued to Retire Debt to Related Party | ||
Fixed Assets Purchased with Debt | ||
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Cash paid during the year for: Interest | $ 21,982 | |
Cash paid during the year for: Income taxes | ||
Restated [Member] | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Loss | (16,047,112) | |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation | 188,525 | |
Amortization of Land Bank Loan Debt Discount | 290,202 | |
Stock Issued or Payable for Services | 1,859,836 | |
Stock Issued for Financing Costs | 1,069,412 | |
Shares Issued on Cancellation of Agreements | 740,000 | |
Derivative Interest on Issuance of Convertible Debt | 235,244 | |
Loss on Change in Derivative Liability | 3,170,681 | |
Gain on Settlement of Convertible Debt | 78,597 | |
Loss on Impairment of License | 5,749,985 | |
Changes in Assets and Liabilities: | ||
(Increase) Decrease in Deposits | 64,042 | |
(Increase) Decrease in Prepaid and Other Current Assets | (202,126) | |
Decrease (Increase) in Related Party Receivables | 434,905 | |
(Increase) Decrease in Accounts Receivable | (19,333) | |
(Increase) Decrease in Inventory | (3,660) | |
Decrease (Increase) in Other Assets | 47,515 | |
Increase (Decrease) in Accounts Payable and Accrued Expenses | (315,090) | |
Increase in Deferred Lease Obligation | 403,881 | |
Increase (Decrease) in Related Party Payables | (4,937) | |
Increase in Accrued Interest | 101,356 | |
Net Cash (Used in) Operating Activities | (2,829,873) | |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of Fixed Assets | 491,760 | |
Net Cash (Used in) Investing Activities | (491,760) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from Issuance of Long-term Debt | 2,348,192 | |
Principal Payments on Related Party Debt | 625,317 | |
Proceeds from Issuance of Convertible Debt | 309,980 | |
Proceeds from Line of Credit | 25,000 | |
Principal Payments on Long-term Debt | 22,452 | |
Principal Payments on Convertible Debt | 244,416 | |
Proceeds from the Issuance of Common Stock | 655,000 | |
Net Cash Provided by Financing Activities | 2,445,987 | |
Effect of Exchange Rates on Cash Flows | 517,516 | |
Net (Decrease) in Cash and Cash Equivalents | (358,130) | |
Cash and Cash Equivalents at Beginning of Period | $ 156,328 | 514,458 |
Cash and Cash Equivalents at End of Period | 156,328 | |
NON-CASH ACTIVITIES: | ||
Shares Issued to Retire Debt | 4,649,428 | |
Shares Issued to Acquire Minority Interest | 539,000 | |
Shares Issued to Retire Debt to Related Party | 500,000 | |
Fixed Assets Purchased with Debt | 670,432 | |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Cash paid during the year for: Interest | $ 78,668 | |
Cash paid during the year for: Income taxes |
Nature Of Operations
Nature Of Operations | 12 Months Ended |
Jun. 30, 2015 | |
Nature Of Operations | |
Nature of Operations | NOTE 1 - NATURE OF OPERATIONS Plandaí Biotechnology, Inc.s (the Company or Plandaí) consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The financial statements do not include any adjustment relating to recoverability and classification of recorded amounts of assets and liabilities that might be necessary should the Company be unable to continue as a going concern. The Company's continued existence is dependent upon its ability to continue to execute its operating plan and to obtain additional debt or equity financing. There can be no assurance the necessary debt or equity financing will be available, or will be available on terms acceptable to the Company. Plandaí and its subsidiaries focus on the development and production of proprietary botanical extracts for the nutraceutical and pharmaceutical industries. The Company grows much of the live plant material used in its products on a 3,237 hectare (approx. 8,000 acre) estate it operates under a 49-year notarial lease in the Mpumalanga region of South Africa. Plandaí uses a proprietary extraction process that is designed to yield highly bioavailable products of pharmaceutical-grade purity. The first product brought to market was Phytofare ® Organization On November 17, 2011, the Company, through its wholly-owned subsidiary, Plandaí Biotechnologies, Inc., consummated a share exchange with Global Energy Solutions, Inc. (GES), an Irish corporation. Under the terms of the share exchange, GES received 76,000,000 shares of the Companys common stock that had been previously issued to Plandaí Biotechnologies in exchange for 100% of the issued and outstanding capital of GES. Concurrent with the share exchange, the Company sold its subsidiary, Diamond Ranch, Ltd., together with its wholly-owned subsidiary, Executive Seafood, Inc., to a former officer and director of the Company. Under the terms of the sale, the purchasers assumed all associated debt as consideration. The Company subsequently changed its name to Plandaí Biotechnology, Inc. and dissolved GES. For accounting purposes, the share exchange was treated as a reverse merger since the acquired entity now forms the basis for operations and the transaction resulted in a change in control, with the acquired company electing to become the successor issuer for reporting purposes. The accompanying financial statements have been prepared to reflect the assets, liabilities and operations of Plandaí Biotechnology, Inc. exclusive of Diamond Ranch Foods since the acquisition and sale were executed simultaneously. For equity purposes, the shares issued to acquire GES (76,000,000 shares) are shown to be issued and outstanding since inception, with the previous balance outstanding (25,415,300 shares Common) treated as a new issuance as of the date of the share exchange. The additional paid-in capital and retained deficit shown are those of Plandaí and its subsidiary operations. In managements opinion, all adjustments necessary for a fair statement of the results for the presented periods have been made. All adjustments made were of a normal recurring nature. Fiscal Year End The Company has adopted a June 30 fiscal year end. |
Summary Of Accounting Policies
Summary Of Accounting Policies | 12 Months Ended |
Jun. 30, 2015 | |
Summary Of Accounting Policies | |
Summary of Accounting Policies | NOTE 2 - SUMMARY OF ACCOUNTING POLICIES Basis of Presentation The Companys financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). The accompanying financial statements represent the results of operations for the fiscalyears ended June 30, 2015 and June 30, 2014. The Company has adopted the US dollar as the reporting currency for accounting and reporting purposes. This summary of accounting policies for Plandaí Biotechnology, Inc. and its wholly-owned subsidiaries, is presented to assist in understanding the Company's financial statements. The accounting policies conform to generally accepted accounting principles and have been consistently applied in the preparation of the financial statements. Use of Estimates The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America. In preparing the financial statements, management is required to make estimates and assumptions that effect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the balance sheet and statement of operations for the year then ended. Actual results may differ from these estimates. Estimates are used when accounting for allowance for bad debts, collect ability of accounts receivable, amounts due to service providers, depreciation and litigation contingencies, among others. Business Combinations and Acquisitions The disclosure requirements for business combination and acquisitions are intended to enable users of financial statements to evaluate the nature and financial effects of: A business combination that occurs either during the current reporting period or after the reporting period, but before the financial statements are issued Adjustments recognized in the current reporting period that relate to business combinations that occurred in current and previous reporting periods The nature of the relationship between the parent and a subsidiary or investee when the parent does not have 100 percent ownership or control The Company discloses each material business combination in the period in which the business combination occurs. The Company also discloses information about acquisitions made after the balance sheet date, but before the financial statements are issued. Gains or losses arising from the deconsolidation of a business when the company loses control of that business are also disclosed. Acquisition costs incurred such as legal, advisory and consulting fees are expensed as incurred. In accordance with ASC 805-10-25-1, ASC 805-10-05-4 and IFRS 3.4, 5, the Company employs the Acquisition Method of accounting for routine acquisitions and combinations. Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents to the extent the funds are not being held for investment purposes. Revenue recognition The Company presently derives its revenue from the sale of Phytofare® botanical extracts which commenced in late fiscal 2015. Revenues are recognized based on the terms of the purchase order either on delivery or at time of shipment. The Company also periodically harvests and sells timber and other agricultural products produced on its farm and tea estate holdings in South Africa. Revenue on these sales is recognized when the product is delivered to the customer. Finally, the Company operates a store on the South Africa plantation that provides grocery items and other consumables. Revenues from the store are recognized at the time of sale. Concentration of Credit Risk The Company has no significant off-balance sheet concentrations of credit risk such as foreign exchange contracts, options contracts or other foreign hedging arrangements. Property and equipment Property and equipment are stated at cost less accumulated depreciation and amortization. The Company provides for depreciation and amortization using the straight-line method over the estimated useful lives of the related assets, which range from three to five years. The Company uses the following guideline for depreciating assets by asset class: Buildings 30 years Factory & Equipment 30-20 years Furniture & Fixtures 5-7 years Computers & Software 3 years Impairment of Long-Lived Assets In accordance with ASC Topic 360, formerly SFAS No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets, Foreign Currency Transaction Gains and Losses The Companys principle operations are located in South Africa and the primary currency used is the South African Rand; however, the Company has adopted the US dollar as the functional currency for accounting and reporting purposes. Accordingly, the financial statements are first prepared in Rand and then converted to US Dollars for reporting purposes. We use the average conversion rate for the period for income statement purposes and the closing exchange rate as of the balance sheet date for the balance sheet. Cumulative differences resulting from the fluctuation in the exchange rate are recorded as an offset to equity in the balance sheet and recorded as a component of comprehensive loss on the income statement. The Company adopted FASB ASC Topic 260, Earnings Per Share The Company issued warrants to purchase 5,000,000 shares of the Companys common stock which have a strike price of $0.01/share; however, since the Company incurred a loss for all periods presented, the warrants are considered anti-dilutive. During the year ended June 30, 2015, a total of 1,666,666 warrants were exercised utilizing a cashless option resulting in the issuance of 1,629,212 shares of restricted common stock, leaving 3,333,334 outstanding exercisable warrants. Income Taxes The Company accounts for income taxes under ASC Topic 740, formerly SFAS No. 109, Accounting for Income Taxes, Accounting for Uncertainty in Income Taxes, The Company adopted the provisions of ASC Topic 740, formerly FIN No. 48 on January 1, 2007. Previously, the Company had accounted for tax contingencies in accordance with Statement of Financial Accounting Standards No. 5, Accounting for Contingencies. The Company is subject to income taxes in the U.S. federal jurisdiction and that of South Africa. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. With few exceptions, the Company is only subject to U.S. federal, state and local income tax examinations by tax authorities for the years ended June 30, 2011 forward. The Company is not currently under examination by any federal or state jurisdiction. The Companys policy is to record tax-related interest and penalties as a component of operating expenses. Off-Balance Sheet Arrangements We have no off-balance sheet arrangements. Emerging Growth Company We qualify as an emerging growth company under the 2012 JOBS Act. Section 107 of the JOBS Act provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. As an emerging growth company, we can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to take advantage of the benefits of this extended transition period. Fair Value of Financial Instruments Fair value of certain of the Companys financial instruments including cash and cash equivalents, accounts receivable, account payable, accrued expenses, notes payables, and other accrued liabilities approximate cost because of their short maturities. The Company measures and reports fair value in accordance with ASC 820, Fair Value Measurements and Disclosure defines fair value, establishes a framework for measuring fair value in accordance with generally accepted accounting principles and expands disclosures about fair value investments. Fair value, as defined in ASC 820, is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value of an asset should reflect its highest and best use by market participants, principal (or most advantageous) markets, and an in-use or an in-exchange valuation premise. The fair value of a liability should reflect the risk of nonperformance, which includes, among other things, the Companys credit risk. Valuation techniques are generally classified into three categories: the market approach; the income approach; and the cost approach. The selection and application of one or more of the techniques may require significant judgment and are primarily dependent upon the characteristics of the asset or liability, and the quality and availability of inputs. Valuation techniques used to measure fair value under ASC 820 must maximize the use of observable inputs and minimize the use of unobservable inputs. ASC 820 also provides fair value hierarchy for inputs and resulting measurement as follows: Level 1 Quoted prices (unadjusted) in active markets that are accessible at the measurement date for identical assets or liabilities; The Company values its available for sale securities using Level 1. Level 2 Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities; and Level 3 Unobservable inputs for the asset or liability that are supported by little or no market activity and that are significant to the fair values. Fair value measurements are required to be disclosed by the Level within the fair value hierarchy in which the fair value measurements in their entirety fall. Fair value measurements using significant unobservable inputs (in Level 3 measurements) are subject to expanded disclosure requirements including a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (i) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings, and a description of where those gains or losses included in earning are reported in the statement of income. The following table sets forth, by level, the fair value of the Companys financial instruments as of June 30, 2015 and 2014: 2014: Level 1 Level 2 Level 3 Total Convertible Notes Payable $ 13,435 $ $ $ 13,435 Total $ 13,435 $ $ $ 13,435 2015: Level 1 Level 2 Level 3 Total Convertible Notes Payable $ $ $ $ Total $ $ $ $ Advertising Advertising costs are expensed as incurred. Principles of Consolidation Plandaí Biotechnology, Inc. and its subsidiaries, are encompassed in the following entities, which have been consolidated in the accompanying financial statements: Plandaí Biotechnologies, Inc. 100% owned by Plandaí Biotechnology, Inc. Plandaí Biotechnology - Uruguay, SA 100% owned by Plandaí Biotechnology, Inc. Phyto Nutricare, Inc. 100% owned by Plandaí Biotechnology, Inc. Dunn Roman HoldingsAfrica Ltd 100% owned by Plandaí Biotechnology, Inc. Red Gold Biotechnologies (Pty) Ltd. 100% owned by Dunn Roman Holdings-Africa Breakwood Trading 22 (Pty) Ltd. 74% owned by Dunn Roman Holdings-Africa Green Gold Biotechnologies (Pty) Ltd. 84% owned by Dunn Roman Holdings-Africa All intercompany balances have been eliminated in consolidation. During the year ended June 30, 2014, the Company acquired all minority interest in Dunn Roman Holdings-Africa plus an additional 12% ownership in Green Gold Biotechnologies, in exchange for 1,170,000 shares of restricted common stock. This acquisition brought the total ownership in Dun Roman to 100% and in Green Gold to 84%. Straightlining of Lease Obligation Plandaís subsidiaries have two long-term, operating leases with escalating terms or several months of free rent, including the 49-year notarial lease for the Senteeko Tea Estate. In accordance with ASC 840-20 Operating Leases Plandaís subsidiary, Dunn Roman Holdings Africa (Pty) Ltd., executed a sublease on the Bonokado Farm in South Africa, comprising approximately 450 hectares (1,110 acres), to a third party. Bonokado currently farms avocado and macadamia nuts, neither of which factor into the Companys future business model. The lease is for 19 years and includes 24 months of deferred rent while the farm is rehabilitated by the sub-lessor. In accordance with US Generally Accepted Accounting Principles, the Company has calculated a straight-line monthly value attributable to the lease and recorded the corresponding difference between the amount actually paid and the amount calculated as a lease receivable in Other Current Assets. As of June 30, 2015, the amount of this receivable was approximately $91,955. Stock-Based Compensation The Company accounts for equity instruments issued to parties other than employees for acquiring goods or services under guidance of Sub-topic 505-50 of the FASB Accounting Standards Codification (Sub-topic 505-50). Pursuant to ASC Section 505-50-30, all transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. The measurement date used to determine the fair value of the equity instrument issued is the earlier of the date on which the performance is complete or the date on which the security is issued if the completion date is not readily determined. The fair value of share options and similar instruments is estimated on the date of grant using a Black-Scholes option-pricing valuation model. Pursuant to ASC paragraph 505-50-25-7, if fully vested, non-forfeitable equity instruments are issued at the date we enter into an agreement for goods or services, then, because of the elimination of any obligation on the part of the counterparty to earn the equity instruments, we recognize the equity instruments when they are issued. Pursuant to Paragraphs 505-50-25-8 and 505-50-25-9, we may grant fully vested, non-forfeitable equity instruments that are exercisable by the grantee only after a specified period of time if the terms of the agreement provide for earlier exercisability if the grantee achieves specified performance conditions. Any measured cost of the transaction is recognized in the same period(s) and in the same manner as if we had paid cash for the goods or services or used cash rebates as a sales discount instead of paying with, or using, the equity instruments. Pursuant to ASC paragraph 505-50-30-S99-1, if the Company receives a right to receive future services in exchange for unvested, forfeitable equity instruments, those equity instruments are treated as unissued for accounting purposes until the future services are received (that is, the instruments are not considered issued until they vest). Consequently, there would be no recognition at the measurement date and no entry should be recorded. Related Parties The registrant follows subtopic 850-10 of the FASB Accounting Standards Codification for the identification of related parties and disclosure of related party transactions. Pursuant to Section 850-10-20 related parties include (a) affiliates of the Company; (b) Entities for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of Section 8251015, to be accounted for by the equity method by the investing entity; (c) trusts for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of management; (d) principal owners of the Company; (e) management of the Company; (f) other parties with which the Company may deal if that party controls or can significantly influence our management or operating policies to an extent that we might be prevented from fully pursuing our own separate interests. Material related party transactions, other than compensation arrangements, expense allowances, and other similar items in the ordinary course of business, are disclosed in our financial statements. However, disclosure of transactions that are eliminated in the preparation of consolidated or combined financial statements are not reported in our statements. Embedded Conversion Features The Company evaluates embedded conversion features within convertible debt under ASC 815 Derivatives and Hedging to determine whether the embedded conversion feature(s) should be bifurcated from the host instrument and accounted for as a derivative at fair value with changes in fair value recorded in earnings. If the conversion feature does not require derivative treatment under ASC 815, the instrument is evaluated under ASC 470-20 Debt with Conversion and Other Options for consideration of any beneficial conversion features. Derivative Financial Instruments Fair value accounting requires bifurcation of embedded derivative instruments such as conversion features in convertible debt or equity instruments, and measurement of their fair value for accounting purposes. In determining the appropriate fair value, the Company uses the Black-Scholes option-pricing model. In assessing the convertible debt instruments, management determines if the convertible debt host instrument is conventional convertible debt and further if there is a beneficial conversion feature requiring measurement. If the instrument is not considered conventional convertible debt, the Company will continue its evaluation process of these instruments as derivative financial instruments. Once determined, derivative liabilities are adjusted to reflect fair value at each reporting period end, with any increase or decrease in the fair value being recorded in results of operations as an adjustment to fair value of derivatives. In addition, the fair value of freestanding derivative instruments such as warrants, are also valued using the Black-Scholes option-pricing model. Recent Accounting Pronouncements Recent accounting pronouncements that the Company has adopted or that will be required to adopt in the future are summarized below. In August 2014, the FASB issued Accounting Standards Update ASU 2014-15 on Presentation of Financial Statements Going Concern (Subtopic 205-40) Disclosure of Uncertainties about an Entitys Ability to Continue as a Going Concern In November 2014, the FASB issued Accounting Standards Update ASU 2014-16 on Derivatives and Hedging Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the AICPA, and the SEC did not or are not believed by management to have a material impact on the Company's present or future financial statements. |
Going Concern
Going Concern | 12 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | NOTE 3 - GOING CONCERN The financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. As at June 30, 2015, the Company had yet to establish a proven, reliable, recurring source of revenue to fund its ongoing operating costs and within sufficient funds to fully implement its proposed business plan. This raises substantial doubt about the Company's ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations. In order to continue as a going concern, the Company will need, among other things, additional capital resources. The Company is contemplating conducting an offering of its debt or equity securities to obtain additional operating capital. The Company is dependent upon its ability, and will continue to attempt, to secure equity and/or debt financing. There are no assurances that the Company will be successful and without sufficient financing it would be unlikely for the Company to continue as a going concern. |
Segment Information
Segment Information | 12 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Information | NOTE 4 - SEGMENT INFORMATION Geographical Locations The following information summarizes the financial information regarding Plandaí Biotechnology Inc. and its operational South African subsidiaries at June 30, 2015 and 2014: 2015: South Africa United States Total Assets $ 8,406,447 $ 98,404 $ 8,504,851 Liabilities $ 10,402,092 $ 6,419,225 $ 16,821,317 Revenues $ 92,898 $ $ 92,898 Operating Expenses $ 1,608,267 $ 6,548,769 $ 8,157,036 2014: South Africa United States Total Assets $ 9,163,505 $ 44,177 $ 9,207,682 Liabilities $ 12,464,396 $ 846,740 $ 13,311,136 Revenues $ 68,828 $ 196,907 $ 265,735 Operating Expenses $ 1,371,570 $ 2,743,445 $ 4,115,015 |
Acquisition Of Red Gold Biotech
Acquisition Of Red Gold Biotechnologies, A Related Party Entity | 12 Months Ended |
Jun. 30, 2015 | |
Acquisition Of Red Gold Biotechnologies Related Party Entity | |
Acquisition of Red Gold Biotechnologies, A Related Party Entity | NOTE 5 - ACQUISITION OF RED GOLD BIOTECHNOLOGIES, A RELATED PARTY ENTITY In July of 2014, the Company through its wholly owned subsidiary Dunn Roman Holdings, acquired 100% of the issued and outstanding stock of Red Gold Biotechnologies (PTY) Ltd. (Red Gold), a related party to the Company. Red Gold was a related party to the Company through our chief executive officer, Roger Duffield, who was the sole shareholder of Red Gold. As of June 30, 2014, the Company had advanced $425,527 to Red Gold. This loan which was recorded as a Related Party Receivable as of June 30, 2014 and was eliminated in consolidation in the interim quarterly consolidated balance sheets. There was no economic benefit to Roger Duffield as a result of this acquisition as the entity acquired was established solely for tax reporting purposes in South Africa. The Company has accounted for the acquisition of Red Gold as a reorganization of entities under common control. In reorganizations of entities under common control, the balances of the acquired entity are carried over at historical costs with no goodwill or excess consideration recorded. Pursuant to FASB 141, the financial activity of the acquire (Red Gold) in a reorganization of entities under common control is presented as if the acquire was consolidated at the beginning of the period. |
Fixed Assets
Fixed Assets | 12 Months Ended |
Jun. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Fixed Assets | NOTE 6 - FIXED ASSETS Fixed assets, stated at cost, less accumulated depreciation at June 30, 2015 and June 30, 2014 consisted of the following: June 30, June 30, Plant and Equipment $ 7,487,506 $ Machinery and Equipment 211,283 190,989 Leasehold Improvements 752,530 710,589 Furniture and Fixtures 81,626 88,865 Automobiles 90,684 104,450 Computers and Equipment 23,206 18,818 Less: Accumulated Depreciation (636,879 ) (285,852 ) Total Depreciable Fixed Assets 8,009,956 827,859 Construction in Progress 7,563,174 (1) Fixed Assets, net $ 8,009,956 $ 8,391,033 (1) The Senteeko facility was placed in service, January 1, 2015. Depreciation expense for the years ended June 30, 2015 and 2014 was $414,018 and $188,525, respectively. The Company did not commence depreciating the leasehold improvements and other fixed assets until placed in service. The difference between accumulated depreciation and depreciation expense results from the application of the currency adjustment (see Note 8). The Company capitalizes interest cost incurred on funds used to construct property, plant, and equipment. The Company recorded capitalized interest as part of the asset to which it relates and amortized capitalized interest over the assets estimated useful life. Interest cost capitalized was $309,796 and $655,975 in 2015 and 2014, respectively. |
Convertible Notes Payable
Convertible Notes Payable | 12 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Convertible Notes Payable | NOTE 7 - CONVERTIBLE NOTES PAYABLE Principal Balance Loan Discount Accrued interest Total June 30,2013 $ 103,500 $ (81,691 ) $ $ 21,809 Issued in the year 359,614 (339,515 ) 20,099 Converted into shares of common stock (230,417 ) 100,852 (36,631 ) (166,196 ) Payments of principal and interest (216,980 ) 94,390 (5,944 ) (128,534 ) Amortization of debt discount 223,682 223,682 Interest accrued 42,575 42,575 June 30,2014 15,717 (2,282 ) 13,435 Issued in the year Converted into shares of common stock (15,717 ) 2,282 (13,435 ) Amortization of debt discount Interest accrued June 30,2015 The Company evaluated the terms of the conversion features of its convertible debentures in accordance with ASC Topic No. 815 - 40, Derivatives and Hedging - Contracts in Entity's Own Stock In May 2013, the Company issued an 8% interest rate convertible debenture in the amount of $103,500 which became due and payable in February 2014. The note was convertible into common stock of the Company at a discount of 42% of the market price of the Companys common stock nine months after issuance (February 2014). The Company repaid the note in full on November 11, 2013 and paid penalty interest of $41,500. The Company recorded a gain on settlement of debt of $14,540, which was included in other income. On August 20, 2013, the Company executed a convertible promissory note with a maximum principal amount of $250,000. The note bore interest at the rate of 12% per annum with a one-time interest charge applied on the issuance date to the original principal sum. Amounts received under this promissory note were issued net of a 10% original issue discount. Each payment of consideration matured one year from the date of distribution. The lender could convert the outstanding principal and accrued interest of the convertible promissory note into shares of the common stock at any time at the lesser of $0.60 per share or 60% of the lowest trade share price occurring in the previous 25 trading days prior to conversion. The Company received $25,000 upon closing of the note and an additional $25,000 on October 17, 2013, both amounts being received net of a debt discount of $2,778, and the aggregate principal balance to be repaid being $55,556. The debt discount was recorded as a reduction (contra-liability) of the convertible debenture and was amortized over the life of the convertible debenture. The Company valued the conversion features on these advances at origination at $98,733 using the Black Scholes valuation model with the following assumptions: dividend yield of zero, 12-month term to maturity, risk free interest rate of 0.13% and annualized volatility of 184%. $56,666 of the value assigned to the derivative liability was recognized as a debt discount on the convertible debenture. The debt discount was recorded as reduction (contra-liability) to the convertible debenture and was amortized over the life of the convertible debenture. The balance of $42,067 of the value assigned to the derivative liability was recognized as origination interest on the derivative liability and expensed on origination. ASC 815 requires assessment of the fair market value of derivative liability at the end of each reporting period and recognition of any change in the fair market value as other income or expense. On January 30, 2014, the holder made a conversion request and converted the $55,556 of the principal and $6,667 of accrued interest receiving a total of 864,196 shares of common stock upon the conversion. The Company revalued the proportionate amount of the derivative liability to it fair value and recognized any gain or loss on the change in fair value of the derivative liability as other income or expense in the statement of operations. On issuance of shares of common stock on settlement of the note, the proportionate balance of the derivative liability together with the proportionate balance of unamortized debt was transferred to additional paid in capital. On August 20, 2013, the Company issued a convertible promissory note for $350,000. The note bore interest at the rate of 8% per annum and became due and payable six months from the date of issuance. During the first 90 days from issuance, the note was repayable without incurring any interest charges. The Company was advanced $160,000 against the note, net of original issuance discounts of $30,578 which included prepaid interest and legal expenses. The debt discount was recorded as a reduction (contra-liability) of the convertible debenture and was amortized over the life of the convertible debenture. The Company valued the conversion features on these advances at origination at $355,638 using the Black Scholes valuation model with the following assumptions: dividend yield of zero, 12-month term to maturity, risk free interest rate of 0.13% and annualized volatility of 184%. $182,869 of the value assigned to the derivative liability was recognized as a debt discount on the convertible debenture. The debt discount was recorded as reduction (contra-liability) to the convertible debenture and was amortized over the life of the convertible debenture. The balance of $172,769 of the value assigned to the derivative liability was recognized as origination interest on the derivative liability and expensed on origination. ASC 815 requires assessment of the fair market value of derivative liability at the end of each reporting period and recognition of any change in the fair market value as other income or expense. As of June 30, 2014, a total of $174,479 of the unpaid principal plus accrued interest had been converted into 2,132,839 shares of restricted common stock, leaving a balance of $13,435. Subsequent to June 30, 2014, the balance plus accrued interest was converted into 144,296 shares of common stock. The Company revalued the proportionate amount of the derivative liability to it fair value and recognized any gain or loss on the change in fair value of the derivative liability as other income or expense in the statement of operations. On issuance of shares of common stock on settlement of the note, the proportionate balance of the derivative liability together with the proportionate balance of unamortized debt was transferred to additional paid in capital. On November 13, 2013, the Company executed a convertible promissory note of $113,500, which included prepaid interest of $10,000 and origination expenses of $3,520. The note bore interest at 10% per annum and was due and payable twelve months from the date of issuance. At the note holders option, the unpaid principal and interest was convertible into common stock at a 42% discount to market after six months. The debt discount was recorded as a reduction (contra-liability) of the convertible debenture and was amortized over the life of the convertible debenture. The Company valued the conversion features on this debenture at origination at $120,389 using the Black Scholes valuation model with the following assumptions: dividend yield of zero, 12-month term to maturity, risk free interest rate of 0.13% and annualized volatility of 184%. $99,980 of the value assigned to the derivative liability was recognized as a debt discount on the convertible debenture. The debt discount was recorded as reduction (contra-liability) to the convertible debenture and was amortized over the life of the convertible debenture. The balance of $20,499 of the value assigned to the derivative liability was recognized as origination interest on the derivative liability and expensed on origination. ASC 815 requires assessment of the fair market value of derivative liability at the end of each reporting period and recognition of any change in the fair market value as other income or expense. In February 2014, the Company repaid the note in full and paid penalty interest of $47,550. The Company revalued the proportionate amount of the derivative liability to it fair value and recognized any gain or loss on the change in fair value of the derivative liability as other income or expense in the statement of operations. The Company recorded a gain on settlement of debt of $64,058, which was included in other income. Changes in Derivative Liabilities were as follows: June 30,2013 $ 113,854 Value acquired during the period 574,760 Settled on issuance of common stock (3,578,751 ) Settled on payment of outstanding principal and interest (256,214 ) Revaluation on settlement on issuance of common stock or reporting date 3,170,681 June 30,2014 24,330 Value acquired during the period Settled on issuance of common stock (33,599 ) Settled on payment of outstanding principal and interest Revaluation on settlement on issuance of common stock or reporting date 9,269 June 30,2015 |
Notes Payable
Notes Payable | 12 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Notes Payable | NOTE 8 - NOTES PAYABLE On November 25, 2013, the Company executed a promissory note for $250,000 with an unaffiliated third party. The note bears interest at 6% per annum and was originally due June 30, 2015. On February 11, 2014, the Company executed another promissory note with the same entity for $950,000. This note bears interest at 6% per annum and was originally due June 30, 2015. On June 26, 2014, the Company executed another promissory note for $500,000. This note bears interest at 6% per annum and was originally due June 30, 2015. The Company received the proceeds from this note during July 2014. On August 26, 2014, the Company executed another promissory note for $800,000. This note bears interest at 6% per annum and was originally due June 30, 2015. On September 11, 2014, the Company executed another promissory note for $1,000,000. This note bears interest at 6% per annum and was originally due June 30, 2015. On November 25, 2014, the Company executed another promissory note for $500,000. This note bears interest at 6% per annum and was originally due June 30, 2015. On December 18, 2014, the Company executed another promissory note for $500,000. This note bears interest at 6% per annum and was originally due June 30, 2015. On December 30, 2014, the Company executed another promissory note for $500,000. This note bears interest at 6% per annum and was originally due June 30, 2015. On February 25, 2015, the Company executed another promissory note for $150,000. This note bears interest at 6% per annum and was originally due June 30, 2015. On March 19, 2015, the Company executed another promissory note for $400,000. This note bears interest at 6% per annum and was originally due June 30, 2015. On April 21, 2015, the Company executed another promissory note for $500,000. This note bears interest at 6% per annum and was originally due June 30, 2015. On May 19, 2015, the Company executed another promissory note for $350,000. This note bears interest at 6% per annum and was originally due June 30, 2015. On June 4, 2015, the Company executed another promissory note for $100,000. This note bears interest at 6% per annum and was originally due June 30, 2015. Collectively, these notes total $6,500,000 and $1,200,000 as of June 30, 2015 and June 30, 2014, respectively, and were due and payable June 30, 2015. The Company subsequently renegotiated the due date on each of these notes to July 1, 2016. As of June 30, 2015 and 2014, the Company recorded accrued interest pertaining to the outstanding notes payable in the amounts of $288,612 and $39,505, respectively. Land and Agriculture Bank of South Africa In June 2012, the Company, through the majority-owned subsidiaries of Dunn Roman Holdings, Inc., executed final loan documents on a 100 million Rand (approx. $6.5 million USD at current rates) financing with the Land and Agriculture Bank of South Africa (Land Bank). The total loan is comprised of multiple agreements totaling, between Green Gold Biotechnologies (Pty) Ltd. and Breakwood Trading 22(Pty) Ltd., 100 million rand (approx. $6.5 million USD at current rates). The loans all bear interest at the rate of prime plus 0.5% per annum and are all due in seven years. In addition, the loans have a 25-month holiday in which no payments or interest are due until 25 months after the first draw down of funds. The loans are collateralized by the assets and operations, including the Senteeko lease, agriculture production and receivables of Dunn Roman Holdings, which is the African operating arm of Plandaí. In addition, Dunn Roman Holdings was required to grant a 15% profit share agreement to the Land Bank which extends through the duration of the loan agreements (7 years unless pre-paid). The profit share agreement extends only to profits generated by Dunn Roman Holdings exclusive of operations of Plandaí and outside of South Africa. By way of loan covenants, the borrowing entities are required to maintain a debt to equity ratio of 1.5:1, interest coverage ratio of 1.5:1, and security coverage ratio of 1:1, none of which are currently in compliance. However, the Company consistently notified the Bank of this situation and has requested written documentation as to the Banks intention. The Bank has provided documentation extending the holiday at least through December 2016. As of and through the date of this report, the Land Bank has not provided any notice of default or requested compliance with the terms of the loans. During the year ended June 30, 2012, the Company issued 1,500,000 shares of restricted common stock to three Dunn Roman shareholders in exchange for their shares of Dunn Roman Holdings which had been previously issued. The acquired Dunn Roman shares were then provided to third parties in order to comply with the BEE provisions associated with the loan from the Land Bank of South Africa, which required that 15% of Dunn Roman be owned by non-white South Africans. The Company has therefore determined to treat the value of the shares issued to acquire the Dunn Roman stock ($585,000,based on the value of shares on the date of issuance) as a cost of securing the financing and recorded as a loan discount which is amortized over the life of the loan (7 years). During the years ended June 30, 2015 and 2014, the Company amortized $64,404 and $64,402, respectively, leaving a debt discount balance of $375,687 at June 30, 2015. During the years ended June 30, 2015 and 2014, the Company received total proceeds from these loans of $0 and $814,218, respectively, and interest incurred of $946,959 and $943,223, respectively, was added to the loan principal. The Company used the loan proceeds to purchase fixed assets that are employed in South Africa to produce the Companys botanical extracts, fund the rehabilitation of the Senteeko Tea Estate, including the repair of roads, bridges, and onsite management and farm worker housing, and the pruning, weeding and fertilizing of the plantation. As the 25-month holiday in which no payments or interest are due expired in July of 2014, the Company is required to make monthly payments of approximately 2,250,000R South African Rand (approximately $185,000 US Dollars). During the year ended June 30, 2015, a total of R25,565,895 South African Rand (approximately $2,104,864 US) was repaid to Land Bank. As of June 30, 2015, a total of $8,401,900, which includes approximately $1,305,000 of capitalized accrued interest, was owed to the Land Bank. Inasmuch as the Company is out of compliance with certain loan covenants (see above), and whereas the written agreement to suspend such covenants expires in December 2016, the Company has elected to classify the entire balance owed to the Land Bank as current in the accompanying balance sheet as of June 30, 2015. As of the dates presented, long-term loan balances were as follows: June 30, 2015 June 30, 2014 Loan Principle and Interest - Land Bank $ 8,401,900 $ 10,998,162 Notes Payable third party 6,500,000 1,200,000 Less: Discount (375,687 ) (440,091 ) 14,526,213 11,758,071 Less: Current Portion (14,526,213 ) (3,033,000 ) Long Term Debt, Net of Discount $ $ 8,725,071 Future maturities of long-term debt are as follows: 2016 $ 8,711,230 2017 2,211,230 2018 2,211,230 2019 1,392,523 $ 14,526,213 |
Deferred Lease Obligations
Deferred Lease Obligations | 12 Months Ended |
Jun. 30, 2015 | |
Deferred Lease Obligations | |
Deferred Lease Obligations | NOTE 9 - DEFERRED LEASE OBLIGATIONS Plandaís subsidiaries have two long-term, material leases, which either have escalating terms or included several months of free rent, including the 49-year notarial lease for the Senteeko Tea Estate. In accordance with US Generally Accepted Accounting Principles, the Company has calculated a straight-line monthly cost on the leases and recorded the corresponding difference between the amount actually paid and the amount calculated as a Deferred Lease Obligation. In February 2012, the Company entered into a long-term (49 year) lease of tea, avocado, macadamia and timber plantation estates totaling roughly 8,000 acres in South Africa. Under the terms of the lease, the Company is required to pay quarterly rent of R250,000 ($21,000) plus an annual dividend of 26% of net income generated from the use of the property with a R500,000 ($42,000) annual minimum dividend. On March 1, 2012, the Company entered into a 10-year lease for office space for its subsidiary, Dunn Roman Holdings. Under the terms of the lease, payments are approximately $1,650 a month. The lease contained a provision requiring Dunn Roman to purchase the property on June 30, 2014 at the option of the lessor. Prior to June 30, 2014, the Company negotiated a five-year extension on the purchase option in exchange for a one-time payment of 500,000 shares of Plandaís common stock (See Note 13). The table below summarized the future lease obligations for the fiscal years ended. Tea Estate 2016 $ 90,660 (1) 2017 97,209 2018 104,233 2019 111,767 2020 119,847 Thereafter 19,990,850 $ 20,514,566 (1) Minimum payments have not been reduced or offset by minimum sublease rental income of $50,400 per annum, commencing November 2016 and increasing by 8% per annum thereafter. Both of these leases have either escalating terms or several months of free rent, including the 49-year notarial lease for the Senteeko Tea Estate. In accordance with US Generally Accepted Accounting Principles, the Company has calculated a straight-line monthly cost on the leases and recorded the corresponding difference between the amount actually paid and the amount calculated as a Capitalized Lease Obligation. As of June 30, 2015 and 2014, the amount of this deferred liability was $1,513,976 and $1,331,091, respectively. Plandaís subsidiary, Dunn Roman Holdings Africa (Pty) Ltd., executed a sublease on the Bonokado Farm in South Africa to a third party. Bonokado currently farms avocado and macadamia nuts, neither of which factor into the Companys future business model. The lease is for 19 years and includes 24 months of deferred rent while the farm is rehabilitated by the sub-lessor. The lease requires monthly payments of $4,200 (R650,000 annually) to the Company commencing in November 2016 with escalating payments of 8% per annum over the life of the lease. In accordance with US Generally Accepted Accounting Principles, the Company has calculated a straight-line monthly value attributable to the lease and recorded the corresponding difference between the amount actually paid and the amount calculated as a Lease Receivable in Other Assets. As of June 30, 2015, the amount of this receivable was $91,470. Over the life of the sublease, a total of R12,718,632 ($1,041,622) will be paid to the Company. |
Currency Adjustment
Currency Adjustment | 12 Months Ended |
Jun. 30, 2015 | |
Currency Adjustment | |
Currency Adjustment | NOTE 10 - CURRENCY ADJUSTMENT The Companys principle operations are located in South Africa and the primary currency used is the South African Rand. Accordingly, the financial statements are first prepared in using Rand and then converted to US Dollars for reporting purposes, with the average conversion rate for the period being used for income statement purposes and the closing exchange rate as of the period end applied to the balance sheet. Differences resulting from the fluctuation in the exchange rate are recorded as an offset to equity in the balance sheet. As of June 30, 2015 and 2014, the cumulative currency translation adjustments were ($375,880) and $2,264, respectively. |
Future Obligations
Future Obligations | 12 Months Ended |
Jun. 30, 2015 | |
Compensation Related Costs [Abstract] | |
Future Obligations | NOTE 11 - FUTURE OBLIGATIONS Employment Agreements The Company executed agreements in March of 2013 with two officers and one consultant. Each contract is for a five-year term. Pursuant to the three employment agreements, the Company is obligated to issue 4,000,000 common shares in aggregate at the end of each completed year for services rendered to the Company. The Company therefore records the value of 1,000,000 shares of stock as compensation expense every quarter based on the closing bid price of the Companys common stock on March 2, 2013. In April 2015, the Company cancelled the agreement with the consultant and agreed to a one-time issuance of 3,500,000 shares in settlement of future obligations under the agreement, which was valued at $295,000 based on the date of grant. At June 30, 2015, with regards to the future issuance of 3,000,000 shares on the remaining agreements, the Company accrued compensation expense for services completed in the amount of $45,000. Royalty Agreement On August 30, 2013, the Company executed a license with North-West University, South Africa, under which the Company received an exclusive world license to manufacture and market products using the Pheroid® system of nano-entrapment, the patents and associated intellectual property. The license is limited to entrapping polyenes for animal and human use. Under the terms of the license, Plandaí will pay a minimum royalty of 2% of net sales of all product that incorporates the Pheroid technology, with a minimum of R20,000 (approx. US $1,700) due annually. The license contains requirements that the Company achieve certain development milestones with respect to bringing products to market. As of June 30, 2015, the Company had not commenced sales of the Pheroid® product and, accordingly, the Company generated no royalties apart from the $1,700 minimum annual payment during the years ended June 30, 2015 and 2014. |
Common Stock
Common Stock | 12 Months Ended |
Jun. 30, 2015 | |
Common Stock | |
Common Stock | NOTE 12 - COMMON STOCK We are authorized to issue 500,000,000 shares of common stock with a par value of $.0001 per share. Each share of common stock has one vote per share on all shareholder matters. The Companys common stock does not provide preemptive, subscription or conversion rights, and there are no redemption or sinking fund provisions or rights. Our common stockholders are not entitled to cumulative voting for election of our Board. As of June 30, 2013, there were 106,270,760 shares of common stock issued and outstanding. During the fiscal year June 30, 2014, the Company had the following common stock transactions: On January 15, 2014, the Company issued 2,036,000 shares of unregistered restricted common stock to satisfy a loan obligation of $500,000. The recipient of those shares was an accredited investor, and the issuances of these shares was exempt from registration under the Securities Act in reliance on an exemption provided by Section 4(2) of that Act. The Company issued 540,000 of unregistered restricted common stock to a third party as consideration for executing a stock purchase agreement. The recipient of the shares was an accredited investor, and the issuance was exempt from registration under the Securities Act in reliance on an exemption provided by Section 4(2) of that Act. During the quarter ended March 31, 2014, the Company issued 1,100,000 shares of restricted common stock in exchange for 15% interest in Dunn Roman Holdings-Africa (Pty) Ltd. and 10% interest in Green Gold Biotechnologies, (Pty) Ltd. In April 2014, the Company agreed to issue an additional 70,000 shares to acquire the remaining 2% interest in Dunn Roman, bringing its total ownership in that entity to 100%. These 70,000 shares were issued subsequent to June 30, 2014. Each of the recipients of those shares was an accredited investor, and each of the issuances of these shares was exempt from registration under the Securities Act in reliance on an exemption provided by Section 4(2) of that Act. 1,316,833 shares of restricted common stock were sold to unaffiliated third parties in exchange for cash proceeds of $655,000. Each of the recipients of those shares was an accredited investor, and each of the issuances of these shares was exempt from registration under the Securities Act in reliance on an exemption provided by Section 4(2) of that Act. 2,000,000 shares of restricted common were issued to former officers and directors of the Companys subsidiary, Dunn Roman Holdings-Africa, as part of a settlement in connection with terminating their employment and resignation from the subsidiary board of directors to extend the lease and purchase option on the Companys White River, South Africa, office space, by an additional five years. At the time of issuance, the shares had a value of $740,000 based on the closing bid price on the date of issuance. Each of the issuances of these shares was exempt from registration under the Securities Act in reliance on an exemption provided by Section 4(2) of that Act. 7,997,035 shares of unregistered common stock were issued to unaffiliated third parties on the conversion of $4,649,428 in notes payable, line of credit, convertible debentures and associated interest. The recipients of the shares were accredited investors, and each of the issuances of these shares was exempt from registration under the Securities Act in reliance on an exemption provided by Section 4(2) of that Act. 9,998,000 shares restricted common stock were issued to officers of the Company, employees, and third party service providers, for services previously rendered. At the time of issuance, these shares had a value of $2,141,436 based on the closing bid price on the date of grant. Each of the issuances of these shares was exempt from registration under the Securities Act in reliance on an exemption provided by Section 4(2) of that Act During the year ended June 30, 2015, the Company issued 33,411,308 shares of restricted common stock as follows: The Company issued 1,298,400 restricted common shares to various individuals for $286,700 cash. Each of the issuances of these shares was exempt from registration under the Securities Act in reliance on an exemption provided by Section 4(2) of that Act. The Company issued 26,769,400 restricted common shares to various employees and third parties for services valued at $5,608,514. Each of the issuances of these shares was exempt from registration under the Securities Act in reliance on an exemption provided by Section 4(2) of that Act. The Company issued 144,296 restricted common shares to a third party for the conversion of convertible debt and interest in the amount of $22,662. The issuance of these shares was exempt from registration under the Securities Act in reliance on an exemption provided by Section 4(2) of that Act. The Company issued 1,629,212 restricted common shares pursuant to the execution of 1,666,666 warrants with a strike price of $0.01. The issuance of these shares was exempt from registration under the Securities Act in reliance on an exemption provided by Section 4(2) of that Act. The Company issued 70,000 restricted common shares pursuant to the acquisition of the remaining 2% interest in Dunn Roman. Each of the issuances of these shares was exempt from registration under the Securities Act in reliance on an exemption provided by Section 4(2) of that Act. The Company issued 3,500,000 shares of restricted common stock in settlement of an employment agreement that was cancelled. $295,000 was recorded as a settlement expense in connection with this transaction based on the closing price of the Companys stock on the date of issuance. The issuance of these shares was exempt from registration under the Securities Act in reliance on an exemption provided by Section 4(2) of that Act. As of June 30, 2015, there were a total of 164,419,936 shares of common stock issued and outstanding. Common Stock Payable Pursuant to two employment agreements executed on March 1, 2013 by the Company with two of its officers, the Company is also obligated to issue 3,000,000 common shares at the end of each completed year for services rendered to the Company. At June 30, 2015, with regards to the future issuance of 3,000,000 shares, the Company accrued compensation expense for services completed in the amount of $45,000. As of June 30, 2015 and 2014, the Company has a common stock payable balance of $45,000 and $60,000. |
Warrants
Warrants | 12 Months Ended |
Jun. 30, 2015 | |
Warrants | |
Warrants | NOTE 13 - WARRANTS On January 28, 2014, the Company signed an agreement with Diego Pellicer, Inc. under which the Company received a license to use the Diego Pellicer name and likeness on a future cannabis-based extract, which is under development. As consideration for the license, the Company issued warrants to purchase 5,000,000 shares of the Companys common stock at a purchase price of $0.01 per share. The Company computed the value of the warrants issued using the Black-Scholes method with the following assumptions: Closing bid price of the common stock of $1.15 on the date the warrants were issued Dividend yield - zero Expected term - 10 year Risk free interest rate - 2.77% Annualized volatility - 260% The Company recorded a value of $5,749,985 as an asset. However, as the cannabis extract was still in development, the intangible licenses asset balance was deemed fully impaired as of June 30, 2014, leaving a zero asset balance. Accordingly, the Company recorded an impairment expense of $5,749,985. Should the cannabis extract come to market, the value of the license will be re-evaluated. In the year ended June 30, 2015, 1,666,666 warrants were exercised resulting in the issuance of 1,629,212 common shares. The following table summarizes share warrants activity for the years ending June 30, 2014 and 2015: Number of Share Warrants Weighted Average Exercise Price ($) per Share Weighted Average Remaining Contractual Life Warrants outstanding, June 30, 2013 $ Issued 5,000,000 0.01 10.0 years Exercised Cancelled Expired Warrants outstanding, June 30, 2014 5,000,000 $ 0.01 9.5 years Issued Exercised (1,666,666 ) $ 0.01 9.0 years Cancelled Expired Warrants outstanding, June 30, 2015 3,333,334 $ 0.01 8.5 years Warrants exercisable, June 30, 2015 3,333,334 $ 0.01 8.5 years The following table summarizes information about warrants outstanding as of June 30, 2015: Exercise Price Number of Warrants Outstanding Weighted Average Life of Warrants Outstanding In Years $ 0.01 3,333,334 8.5 years 3,333,334 |
Non-Controlling Interest
Non-Controlling Interest | 12 Months Ended |
Jun. 30, 2015 | |
DisclosureMinorityInterestAbstract | |
Non-Controlling Interest | NOTE 14 - NON-CONTROLLING INTEREST Plandaí owns 100% of Dunn Roman HoldingsAfrica, which in turn owns 74% of Breakwood Trading 22 (Pty), Ltd., 100% of Red Gold Biotechnologies (Pty) Ltd.), and 84% of Green Gold Biotechnologies (Pty), Ltd., in order to be compliant with the Black Economic Empowerment rules imposed by the South African Land Bank. While the Company is required to consolidate 100% of the operations of its majority-owned subsidiaries, that portion of subsidiary net equity attributable to the minority ownership, together with an allocated portion of net income or net loss incurred by the subsidiaries, must be reflected on the consolidated financial statements. On the balance sheet, minority interest has been shown in the Equity Section, separated from the equity of Plandaí, while on the income statement, the minority shareholder allocation of net loss has been shown in Net Loss, Adjusted. |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 15 - INCOME TAXES The following table presents the current and deferred income tax provision (benefit) for U.S. federal and state income taxes: Period ended June 30, 2015 2014 Income tax benefit at Federal statutory rate of 35% $ 3,525,320 $ 5,616,489 Change in valuation allowance (3,525,320 ) (5,616,489 ) $ $ The following table presents the current and deferred income tax provision (benefit) for South Africa income taxes: Period ended June 30, 2015 2014 Income tax benefit at statutory rate of 28% $ 812,981 $ 803,685 Differences due to foreign currency translation (242,024 ) (61,643 ) Change in valuation allowance (570,957 ) (724,042 ) $ $ Current income taxes are based upon the years income taxable for federal and state tax reporting purposes. Deferred income taxes (benefits) are provided for certain income and expenses, which are recognized in different periods for tax and financial reporting purposes. Deferred tax assets and liabilities are computed for differences between the financial statements and tax bases of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the period in which the differences are expected to affect taxable income. The Companys deferred income taxes arise from the temporary differences between financial statement and income tax recognition of net operating losses. These loss carryovers would be limited under the Internal Revenue Code should a significant change in ownership occur within a three-year period. In 2015 and 2014, the Companys tax losses were reduced by stock for services expense. There were no depreciation differences. At June 30, 2015 and 2014, the Company had net operating loss carryforwards (tax-effected) of approximately $32,865,741 and $22,793,397, respectively, which begin to expire in 2032. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, the projected future taxable income and tax planning strategies in making this assessment. Deferred tax assets computed at the U.S. statutory federal income tax rate of 35% consisted of the following: At June 30 2015 2014 Net Operating Losses $ 11,503,009 $ 7,977,689 Valuation Allowance (11,503,009 ) (7,977,689 ) $ $ Deferred tax assets for the South Africa subsidiaries computed at the South African statutory income tax rate of 28%consisted of the following: At June 30 2015 2014 Net Operating Losses $ 2,023,473 $ 1,452,516 Valuation Allowance (2,023,473 ) (1,452,516 ) $ $ The Companys continuing practice is to recognize interest and/or penalties related to income tax matters in income tax expense. As of June 30, 2015 and 2014, the Company had no accrued interest and penalties related to uncertain tax positions. The Company is subject to taxation in the U.S. and South Africa. Our tax years for 2011 and forward are subject to examination by tax authorities. The Company is not currently under examination by any tax authority. Management has evaluated tax positions in accordance with FASB ASC 740, and has not identified any tax positions, other than those discussed above, that require disclosure. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Jun. 30, 2015 | |
Related Party Transactions | |
Related Party Transactions | NOTE 16 - RELATED PARTY TRANSACTIONS The Company had the following related party transactions during the years ended June 30, 2015 and 2014. Related Party Loan Receivable As of June 30, 2014, the Company was owed a total of $425,527 from Red Gold Biotechnologies (Pty) Ltd., of which Roger Baylis-Duffield, our Chief Executive Officer, was the sole director. Red Gold Biotechnologies was established to process and invoice payments to third party vendors associated with construction of the Senteeko production facility in order to maximize the refund of VAT (Value Added Tax) from South Africa. Accordingly, Green Gold Biotechnologies recorded construction costs paid by Green Gold Biotechnologies as a receivable from Red Gold. Subsequent to June 30, 2014, the Red Gold was merged with Dunn Roman Holdings-Africa, Plandaís wholly-owned subsidiary, and the receivable balance was transferred to Green Gold Biotechnologies fixed assets. There were no revenues or expenses associated with Red Gold and Mr. Duffield derived no economic benefit from the transaction. All VAT refunds were deposited with Dunn Roman. Accounts Payable to Related Parties As of June 30, 2015 and 2014 the Company has accounts payable to related parties balances totaling $16,176 and $2,948 which consists primary of amounts owed to officers and directors of the Company who paid certain operating expenses on behalf of the Company. Office Lease The Company leases its South African Office space from a trust of which one of the beneficiaries served on the Board of Directors of Dunn Roman HoldingAfrica, Ltd., a subsidiary of the Company, until March 2014. The lease agreement calls for monthly payments of $1,650.During the year ended June 30, 2014 a total of $22,500 was paid in rent expense. The lease contained a provision requiring Dunn Roman to purchase the property on June 30, 2014 at the option of the lessor. Prior to June 30, 2014, the Company negotiated a five-year extension on the purchase option in exchange for a one-time payment of 500,000 shares of Plandaís common stock (See Note 13). Compensation to Officers and Management Pursuant to employment agreements executed on March 2, 2013 with two of the Companys officers, the Company is also obligated to issue 3,000,000 common shares at the end of each completed year for services rendered to the Company. At June 30, 2015, with regards to the future issuance of 3,000,000 shares, the Company accrued compensation expense for services completed in the amount of $45,000. CRS Settlement The Company, through its subsidiary Dunn Roman Holdings Africa, contracted CRS Technologies to construct the tea and citrus extraction facility. At the time the contract was executed, CRS was owned by the CEO of Plandaí, Roger Baylis-Duffield. In May 2014, CRS agreed to pay a penalty of $2,000,000, which wasoffset against fixed assets as received. In the years ended June 30, 2015 and 2014, the Company received $764,386 and $348,459, respectively, from CRS under the settlement agreement. CRS subsequently ceased all operations and in July 2015 the entity was formally dissolved. Related Party Loan Payable During the year ended June 30, 2014, the Company issued 2,036,000 shares of restricted common stock to Roger Baylis-Duffield, chairman and CEO of Plandaí, to satisfy a debt obligation of $500,000 stemming from capital infusions made in prior years. |
Other Income
Other Income | 12 Months Ended |
Jun. 30, 2015 | |
Other Income and Expenses [Abstract] | |
Other Income | NOTE 17 - OTHER INCOME For the year ended June 30, 2015 Other Income for 2015 includes $3,306 received from the Companys insurance due to a claim on damaged equipment. For the year ended June 30, 2014 Other Income for 2014 includes $79,053 recorded as gain on settlement of debt associated with the recovery of previously recorded interest and derivative expense on convertible debentures, which were repaid during the year. |
Restatement Of Prior Year Finan
Restatement Of Prior Year Financial Statements | 12 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Restatement Of Prior Year Financial Statements | NOTE 18 - RESTATEMENT OF PRIOR YEAR FINANCIAL STATEMENTS The Company has restated its audited financial statement for the year ended June 30, 2014, previously filed on October 14, 2014. The table below highlights the material changes to the financial statements: Restated Balance Adjustments Balance Previously Reported Fixed Assets $ 8,391,033 $ (464,726 )(1) $ 8,855,759 Short Term Portion of Note Payable $ 3,033,000 $ 3,033,000 (2) $ Notes Payable, Net of Discount $ 8,725,071 $ (2,911,796 )(3) $ 11,636,867 Stock Issuable $ 60,000 $ (1,420,007 )(4) $ 1,480,007 Additional Paid-in Capital $ 23,875,764 $ 1,929,031 (5) $ 21,946,732 Accumulated Deficit $ 26,726,824 $ 769,661 (6) $ 25,957,163 Cumulative Foreign Currency Adjustment $ 2,264 $ (312,385 )(7) $ 314,649 Operating Expenses $ 5,009,813 $ (2,518,469 )(8) $ 7,528,282 Interest Expense $ 793,236 $ 271,951 (9) $ 521,285 Change in Value of Derivative Liability $ 3,170,681 $ 3,170,681 (10) $ Derivative Interest $ 235,245 $ (1,522,781 )(11) $ 1,758,026 Other Income $ 79,053 $ (324,938) (12) $ 403,991 Foreign Currency Translation Adjustment $ (261,918 ) $ (407,130 )(13) $ 145,212 1) Change in Fixed Assets relates to the reclassification of payments received from CRS as a reduction in cost basis rather than as other income. 2) Change in Short Term Portion of Notes Payable reflects a reclassification from Note Payable. 3) Change in Notes Payable includes a reclassification to current liabilities and amortization of the discount of $169,313. 4) Change stock issuable reflects a change in the valuation date on stock issuable under employment contracts. 5) Change in Paid in Capital reflect a change in the valuation date on various issuances of stock, and recording of reduction in derivative liability and derivative interest associated with the conversion feature of certain convertible debts issued during the year. 6) Change in accumulated deficit reflects the combination of changes in the year ended November 30, 2014 plus changes of $216,031 in 2013. 7) Change in cumulative foreign currency adjustment reflects the impact of the various changes to assets, liabilities and operating expenses associated with the Companys South Africa subsidiaries in 2014 and 2013. 8) Change in operating expenses is primarily attributable to a reduction in salaries of $3,033,346 resulting from a change in the valuation date used for computing the cost of shares issued for services, offset by the reclassification of production costs of $690,943 from cost of goods sold. 9) Change in interest expense results from an increase in the amortization of debt discounts. 10) Change in derivative liability results from properly recording derivative liability expense for the year. 11) Change in derivative interest results from a reassessment of the interest portion of convertible debt. 12) Change in other income results from a revaluation on the gains/losses on the settlement of debt and shares issued to settle labor contracts. 13) Change in foreign currency translation adjustment reflects the impact of the various changes to assets, liabilities and operating expenses associated with the Companys South Africa subsidiaries. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Jun. 30, 2015 | |
Subsequent Events | |
Subsequent Events | NOTE 19 - SUBSEQUENT EVENTS Management has evaluated subsequent events pursuant to the requirements of ASC Topic 855 and has determined that no material subsequent events exist through the date of this filing apart from the following: The Company issued notes payable in July 2015 totaling $400,000 to a third party in exchange for cash of $384,170 and payment of expenses on behalf of the Company of $15,830. The note bears interest at 6% per annum and is due February 1, 2016. Between November 2015 and June 28, 2016, the Company sold 14,139,000 shares of restricted common stock to unaffiliated third parties for cash of $413,230. The issuance of these shares was exempt from registration under the Securities Act in reliance on an exemption provided by Section 4(2) of that Act. The Company issued a total of $475,000 in convertible promissory notes to various third parties, receiving net proceeds of $445,500. The difference between the face value of the note and net proceeds includes loan origination fees, legal fees, and prepaid interest. The notes are due between November 12, 2016 and May 16, 2017. The notes convert at a discount to market of between 40-50% off the lowest intra-day trading price over the 15-20 day period prior to conversion. The notes bear interest between 8-10%. On December 31, 2015, the Company received $50,526 and issued a promissory note in the amount of £35,000. The note is due December 31, 2016 and bears interest at the rate of 15% per annum, which is payable every six months. On February 29, 2016, the Company accepted the resignation of Jamen Shively from the Board of Directors. On that same day, the Company terminated the employment of Jessica Gutierrez as Executive Vice President and Corporate Secretary. Callum Cottrell-Duffield, who presently serves as Vice President of Sales and Marketing, and as a Director, was appointed Corporate Secretary. The Company issued a total of 5,205,000 shares for services rendered, including 3,200,000 shares to officers and employees of the Company under previously executed employments contracts. |
Summary Of Accounting Policies
Summary Of Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2015 | |
Summary Of Accounting Policies Policies | |
Basis of Presentation | Basis of Presentation The Companys financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). The accompanying financial statements represent the results of operations for the fiscalyears ended June 30, 2015 and June 30, 2014. The Company has adopted the US dollar as the reporting currency for accounting and reporting purposes. This summary of accounting policies for Plandaí Biotechnology, Inc. and its wholly-owned subsidiaries, is presented to assist in understanding the Company's financial statements. The accounting policies conform to generally accepted accounting principles and have been consistently applied in the preparation of the financial statements. |
Use of Estimates | Use of Estimates The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America. In preparing the financial statements, management is required to make estimates and assumptions that effect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the balance sheet and statement of operations for the year then ended. Actual results may differ from these estimates. Estimates are used when accounting for allowance for bad debts, collect ability of accounts receivable, amounts due to service providers, depreciation and litigation contingencies, among others. |
Business Combinations and Acquisitions | Business Combinations and Acquisitions The disclosure requirements for business combination and acquisitions are intended to enable users of financial statements to evaluate the nature and financial effects of: A business combination that occurs either during the current reporting period or after the reporting period, but before the financial statements are issued Adjustments recognized in the current reporting period that relate to business combinations that occurred in current and previous reporting periods The nature of the relationship between the parent and a subsidiary or investee when the parent does not have 100 percent ownership or control The Company discloses each material business combination in the period in which the business combination occurs. The Company also discloses information about acquisitions made after the balance sheet date, but before the financial statements are issued. Gains or losses arising from the deconsolidation of a business when the company loses control of that business are also disclosed. Acquisition costs incurred such as legal, advisory and consulting fees are expensed as incurred. In accordance with ASC 805-10-25-1, ASC 805-10-05-4 and IFRS 3.4, 5, the Company employs the Acquisition Method of accounting for routine acquisitions and combinations. |
Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents to the extent the funds are not being held for investment purposes. |
Revenue Recognition | Revenue recognition The Company presently derives its revenue from the sale of Phytofare® botanical extracts which commenced in late fiscal 2015. Revenues are recognized based on the terms of the purchase order either on delivery or at time of shipment. The Company also periodically harvests and sells timber and other agricultural products produced on its farm and tea estate holdings in South Africa. Revenue on these sales is recognized when the product is delivered to the customer. Finally, the Company operates a store on the South Africa plantation that provides grocery items and other consumables. Revenues from the store are recognized at the time of sale. |
Concentration of Credit Risk | Concentration of Credit Risk The Company has no significant off-balance sheet concentrations of credit risk such as foreign exchange contracts, options contracts or other foreign hedging arrangements. |
Property and Equipment | Property and equipment Property and equipment are stated at cost less accumulated depreciation and amortization. The Company provides for depreciation and amortization using the straight-line method over the estimated useful lives of the related assets, which range from three to five years. The Company uses the following guideline for depreciating assets by asset class: Buildings 30 years Factory & Equipment 30-20 years Furniture & Fixtures 5-7 years Computers & Software 3 years |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets In accordance with ASC Topic 360, formerly SFAS No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets, |
Foreign Currency Transaction Gains and Losses | Foreign Currency Transaction Gains and Losses The Companys principle operations are located in South Africa and the primary currency used is the South African Rand; however, the Company has adopted the US dollar as the functional currency for accounting and reporting purposes. Accordingly, the financial statements are first prepared in Rand and then converted to US Dollars for reporting purposes. We use the average conversion rate for the period for income statement purposes and the closing exchange rate as of the balance sheet date for the balance sheet. Cumulative differences resulting from the fluctuation in the exchange rate are recorded as an offset to equity in the balance sheet and recorded as a component of comprehensive loss on the income statement. |
Net Loss Per Common Share | Net Loss Per Common Share The Company adopted FASB ASC Topic 260, Earnings Per Share The Company issued warrants to purchase 5,000,000 shares of the Companys common stock which have a strike price of $0.01/share; however, since the Company incurred a loss for all periods presented, the warrants are considered anti-dilutive. During the year ended June 30, 2015, a total of 1,666,666 warrants were exercised utilizing a cashless option resulting in the issuance of 1,629,212 shares of restricted common stock, leaving 3,333,334 outstanding exercisable warrants. |
Income Taxes | Income Taxes The Company accounts for income taxes under ASC Topic 740, formerly SFAS No. 109, Accounting for Income Taxes, Accounting for Uncertainty in Income Taxes, The Company adopted the provisions of ASC Topic 740, formerly FIN No. 48 on January 1, 2007. Previously, the Company had accounted for tax contingencies in accordance with Statement of Financial Accounting Standards No. 5, Accounting for Contingencies. The Company is subject to income taxes in the U.S. federal jurisdiction and that of South Africa. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. With few exceptions, the Company is only subject to U.S. federal, state and local income tax examinations by tax authorities for the years ended June 30, 2011 forward. The Company is not currently under examination by any federal or state jurisdiction. The Companys policy is to record tax-related interest and penalties as a component of operating expenses. |
Off-Balance Sheet Arrangements | Off-Balance Sheet Arrangements We have no off-balance sheet arrangements. |
Emerging Growth Company | Emerging Growth Company We qualify as an emerging growth company under the 2012 JOBS Act. Section 107 of the JOBS Act provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. As an emerging growth company, we can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to take advantage of the benefits of this extended transition period. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair value of certain of the Companys financial instruments including cash and cash equivalents, accounts receivable, account payable, accrued expenses, notes payables, and other accrued liabilities approximate cost because of their short maturities. The Company measures and reports fair value in accordance with ASC 820, Fair Value Measurements and Disclosure defines fair value, establishes a framework for measuring fair value in accordance with generally accepted accounting principles and expands disclosures about fair value investments. Fair value, as defined in ASC 820, is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value of an asset should reflect its highest and best use by market participants, principal (or most advantageous) markets, and an in-use or an in-exchange valuation premise. The fair value of a liability should reflect the risk of nonperformance, which includes, among other things, the Companys credit risk. Valuation techniques are generally classified into three categories: the market approach; the income approach; and the cost approach. The selection and application of one or more of the techniques may require significant judgment and are primarily dependent upon the characteristics of the asset or liability, and the quality and availability of inputs. Valuation techniques used to measure fair value under ASC 820 must maximize the use of observable inputs and minimize the use of unobservable inputs. ASC 820 also provides fair value hierarchy for inputs and resulting measurement as follows: Level 1 Quoted prices (unadjusted) in active markets that are accessible at the measurement date for identical assets or liabilities; The Company values its available for sale securities using Level 1. Level 2 Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities; and Level 3 Unobservable inputs for the asset or liability that are supported by little or no market activity and that are significant to the fair values. Fair value measurements are required to be disclosed by the Level within the fair value hierarchy in which the fair value measurements in their entirety fall. Fair value measurements using significant unobservable inputs (in Level 3 measurements) are subject to expanded disclosure requirements including a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (i) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings, and a description of where those gains or losses included in earning are reported in the statement of income. The following table sets forth, by level, the fair value of the Companys financial instruments as of June 30, 2015 and 2014: 2014: Level 1 Level 2 Level 3 Total Convertible Notes Payable $ 13,435 $ $ $ 13,435 Total $ 13,435 $ $ $ 13,435 2015: Level 1 Level 2 Level 3 Total Convertible Notes Payable $ $ $ $ Total $ $ $ $ |
Advertising | Advertising Advertising costs are expensed as incurred. |
Principles of Consolidation | Principles of Consolidation Plandaí Biotechnology, Inc. and its subsidiaries, are encompassed in the following entities, which have been consolidated in the accompanying financial statements: Plandaí Biotechnologies, Inc. 100% owned by Plandaí Biotechnology, Inc. Plandaí Biotechnology - Uruguay, SA 100% owned by Plandaí Biotechnology, Inc. Phyto Nutricare, Inc. 100% owned by Plandaí Biotechnology, Inc. Dunn Roman HoldingsAfrica Ltd 100% owned by Plandaí Biotechnology, Inc. Red Gold Biotechnologies (Pty) Ltd. 100% owned by Dunn Roman Holdings-Africa Breakwood Trading 22 (Pty) Ltd. 74% owned by Dunn Roman Holdings-Africa Green Gold Biotechnologies (Pty) Ltd. 84% owned by Dunn Roman Holdings-Africa All intercompany balances have been eliminated in consolidation. During the year ended June 30, 2014, the Company acquired all minority interest in Dunn Roman Holdings-Africa plus an additional 12% ownership in Green Gold Biotechnologies, in exchange for 1,170,000 shares of restricted common stock. This acquisition brought the total ownership in Dun Roman to 100% and in Green Gold to 84%. |
Straightlining of Lease Obligation | Straightlining of Lease Obligation Plandaís subsidiaries have two long-term, operating leases with escalating terms or several months of free rent, including the 49-year notarial lease for the Senteeko Tea Estate. In accordance with ASC 840-20 Operating Leases Plandaís subsidiary, Dunn Roman Holdings Africa (Pty) Ltd., executed a sublease on the Bonokado Farm in South Africa, comprising approximately 450 hectares (1,110 acres), to a third party. Bonokado currently farms avocado and macadamia nuts, neither of which factor into the Companys future business model. The lease is for 19 years and includes 24 months of deferred rent while the farm is rehabilitated by the sub-lessor. In accordance with US Generally Accepted Accounting Principles, the Company has calculated a straight-line monthly value attributable to the lease and recorded the corresponding difference between the amount actually paid and the amount calculated as a lease receivable in Other Current Assets. As of June 30, 2015, the amount of this receivable was approximately $91,955. |
Stock-Based Compensation | Stock-Based Compensation The Company accounts for equity instruments issued to parties other than employees for acquiring goods or services under guidance of Sub-topic 505-50 of the FASB Accounting Standards Codification (Sub-topic 505-50). Pursuant to ASC Section 505-50-30, all transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. The measurement date used to determine the fair value of the equity instrument issued is the earlier of the date on which the performance is complete or the date on which the security is issued if the completion date is not readily determined. The fair value of share options and similar instruments is estimated on the date of grant using a Black-Scholes option-pricing valuation model. Pursuant to ASC paragraph 505-50-25-7, if fully vested, non-forfeitable equity instruments are issued at the date we enter into an agreement for goods or services, then, because of the elimination of any obligation on the part of the counterparty to earn the equity instruments, we recognize the equity instruments when they are issued. Pursuant to Paragraphs 505-50-25-8 and 505-50-25-9, we may grant fully vested, non-forfeitable equity instruments that are exercisable by the grantee only after a specified period of time if the terms of the agreement provide for earlier exercisability if the grantee achieves specified performance conditions. Any measured cost of the transaction is recognized in the same period(s) and in the same manner as if we had paid cash for the goods or services or used cash rebates as a sales discount instead of paying with, or using, the equity instruments. Pursuant to ASC paragraph 505-50-30-S99-1, if the Company receives a right to receive future services in exchange for unvested, forfeitable equity instruments, those equity instruments are treated as unissued for accounting purposes until the future services are received (that is, the instruments are not considered issued until they vest). Consequently, there would be no recognition at the measurement date and no entry should be recorded. |
Related Parties | Related Parties The registrant follows subtopic 850-10 of the FASB Accounting Standards Codification for the identification of related parties and disclosure of related party transactions. Pursuant to Section 850-10-20 related parties include (a) affiliates of the Company; (b) Entities for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of Section 8251015, to be accounted for by the equity method by the investing entity; (c) trusts for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of management; (d) principal owners of the Company; (e) management of the Company; (f) other parties with which the Company may deal if that party controls or can significantly influence our management or operating policies to an extent that we might be prevented from fully pursuing our own separate interests. Material related party transactions, other than compensation arrangements, expense allowances, and other similar items in the ordinary course of business, are disclosed in our financial statements. However, disclosure of transactions that are eliminated in the preparation of consolidated or combined financial statements are not reported in our statements. |
Embedded Conversion Features | Embedded Conversion Features The Company evaluates embedded conversion features within convertible debt under ASC 815 Derivatives and Hedging to determine whether the embedded conversion feature(s) should be bifurcated from the host instrument and accounted for as a derivative at fair value with changes in fair value recorded in earnings. If the conversion feature does not require derivative treatment under ASC 815, the instrument is evaluated under ASC 470-20 Debt with Conversion and Other Options for consideration of any beneficial conversion features. |
Derivative Financial Instruments | Derivative Financial Instruments Fair value accounting requires bifurcation of embedded derivative instruments such as conversion features in convertible debt or equity instruments, and measurement of their fair value for accounting purposes. In determining the appropriate fair value, the Company uses the Black-Scholes option-pricing model. In assessing the convertible debt instruments, management determines if the convertible debt host instrument is conventional convertible debt and further if there is a beneficial conversion feature requiring measurement. If the instrument is not considered conventional convertible debt, the Company will continue its evaluation process of these instruments as derivative financial instruments. Once determined, derivative liabilities are adjusted to reflect fair value at each reporting period end, with any increase or decrease in the fair value being recorded in results of operations as an adjustment to fair value of derivatives. In addition, the fair value of freestanding derivative instruments such as warrants, are also valued using the Black-Scholes option-pricing model. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recent accounting pronouncements that the Company has adopted or that will be required to adopt in the future are summarized below. In August 2014, the FASB issued Accounting Standards Update ASU 2014-15 on Presentation of Financial Statements Going Concern (Subtopic 205-40) Disclosure of Uncertainties about an Entitys Ability to Continue as a Going Concern In November 2014, the FASB issued Accounting Standards Update ASU 2014-16 on Derivatives and Hedging Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the AICPA, and the SEC did not or are not believed by management to have a material impact on the Company's present or future financial statements. |
Summary Of Accounting Policie27
Summary Of Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Summary Of Accounting Policies Tables | |
Schedule of Depreciating Assets by Asset Class | The Company uses the following guideline for depreciating assets by asset class: Buildings 30 years Factory & Equipment 30-20 years Furniture & Fixtures 5-7 years Computers & Software 3 years |
Schedule of Fair Value of Financial Instruments | The following table sets forth, by level, the fair value of theCompanys financial instruments as of June 30, 2015 and 2014: 2014: Level 1 Level 2 Level 3 Total Convertible Notes Payable $ 13,435 $ $ $ 13,435 Total $ 13,435 $ $ $ 13,435 2015: Level 1 Level 2 Level 3 Total Convertible Notes Payable $ $ $ $ Total $ $ $ $ |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Segment Information Tables | |
Schedule of Segment Information | The following information summarizes the financial information regarding Plandaí Biotechnology Inc. and its operational South African subsidiaries at June 30, 2015 and 2014: 2015: South Africa United States Total Assets $ 8,406,447 $ 98,404 $ 8,504,851 Liabilities $ 10,402,092 $ 6,419,225 $ 16,821,317 Revenues $ 92,898 $ $ 92,898 Operating Expenses $ 1,608,267 $ 6,548,769 $ 8,157,036 2014: South Africa United States Total Assets $ 9,163,505 $ 44,177 $ 9,207,682 Liabilities $ 12,464,396 $ 846,740 $ 13,311,136 Revenues $ 68,828 $ 196,907 $ 265,735 Operating Expenses $ 1,371,570 $ 2,743,445 $ 4,115,015 |
Fixed Assets (Tables)
Fixed Assets (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Fixed Assets Tables | |
Schedule of Fixed Assets | Fixed assets, stated at cost, less accumulated depreciation at June 30, 2015 and June 30, 2014 consisted of the following: June 30, June 30, Plant and Equipment $ 7,487,506 $ Machinery and Equipment 211,283 190,989 Leasehold Improvements 752,530 710,589 Furniture and Fixtures 81,626 88,865 Automobiles 90,684 104,450 Computers and Equipment 23,206 18,818 Less: Accumulated Depreciation (636,879 ) (285,852 ) Total Depreciable Fixed Assets 8,009,956 827,859 Construction in Progress 7,563,174 (1) Fixed Assets, net $ 8,009,956 $ 8,391,033 (1) The Senteeko facility was placed in service January 1, 2015. |
Convertible Notes Payable (Tabl
Convertible Notes Payable (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Convertible Notes Payable | Principal Balance Loan Discount Accrued interest Total June 30,2013 $ 103,500 $ (81,691 ) $ $ 21,809 Issued in the year 359,614 (339,515 ) 20,099 Converted into shares of common stock (230,417 ) 100,852 (36,631 ) (166,196 ) Payments of principal and interest (216,980 ) 94,390 (5,944 ) (128,534 ) Amortization of debt discount 223,682 223,682 Interest accrued 42,575 42,575 June 30,2014 15,717 (2,282 ) 13,435 Issued in the year Converted into shares of common stock (15,717 ) 2,282 (13,435 ) Amortization of debt discount Interest accrued June 30,2015 |
Schedule of Changes in Derivative Liabilities | Changes in Derivative Liabilities were as follows: June 30,2013 $ 113,854 Value acquired during the period 574,760 Settled on issuance of common stock (3,578,751 ) Settled on payment of outstanding principal and interest (256,214 ) Revaluation on settlement on issuance of common stock or reporting date 3,170,681 June 30,2014 24,330 Value acquired during the period Settled on issuance of common stock (33,599 ) Settled on payment of outstanding principal and interest Revaluation on settlement on issuance of common stock or reporting date 9,269 June 30,2015 |
Notes Payable (Tables)
Notes Payable (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Notes Payable Tables | |
Schedule of Long Term Loan Balance | As of the dates presented, long-term loan balances were as follows: June 30, 2015 June 30, 2014 Loan Principle and Interest - Land Bank $ 8,401,900 $ 10,998,162 Notes Payable third party 6,500,000 1,200,000 Less: Discount (375,687 ) (440,091 ) 14,526,213 11,758,071 Less: Current Portion (14,526,213 ) (3,033,000 ) Long Term Debt, Net of Discount $ $ 8,725,071 |
Schedule of Future Maturity of Long Term Debt | Future maturities of long-term debt are as follows: 2016 $ 8,711,230 2017 2,211,230 2018 2,211,230 2019 1,392,523 $ 14,526,213 |
Deferred Lease Obligations (Tab
Deferred Lease Obligations (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Deferred Lease Obligations Tables | |
Schedule of Future Lease Obligations | The table below summarized the future lease obligations for the fiscal years ended. Tea Estate 2016 $ 90,660 (1) 2017 97,209 2018 104,233 2019 111,767 2020 119,847 Thereafter 19,990,850 $ 20,514,566 |
Warrants (Tables)
Warrants (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Warrants Tables | |
Schedule of Warrants Activity | The following table summarizes share warrants activity for the years ending June 30, 2014 and 2015: Number of Share Warrants Weighted Average Exercise Price ($) per Share Weighted Average Remaining Contractual Life Warrants outstanding, June 30, 2013 $ Issued 5,000,000 0.01 10.0 years Exercised Cancelled Expired Warrants outstanding, June 30, 2014 5,000,000 $ 0.01 9.5 years Issued Exercised (1,666,666 ) $ 0.01 9.0 years Cancelled Expired Warrants outstanding, June 30, 2015 3,333,334 $ 0.01 8.5 years Warrants exercisable, June 30, 2015 3,333,334 $ 0.01 8.5 years |
Schedule of Warrants Outstanding | The following table summarizes information about warrants outstanding as of June 30, 2015: Exercise Price Number of Warrants Outstanding Weighted Average Life of Warrants Outstanding In Years $ 0.01 3,333,334 8.5 years 3,333,334 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Income Taxes Tables | |
Schedule of Current and Deferred Income Tax Provision | The following table presents the current and deferred income tax provision (benefit) for U.S. federal and state income taxes: Period ended June 30, 2015 2014 Income tax benefit at Federal statutory rate of 35% $ 3,525,320 $ 5,616,489 Change in valuation allowance (3,525,320 ) (5,616,489 ) $ $ The following table presents the current and deferred income tax provision (benefit) for South Africa income taxes: Period ended June 30, 2015 2014 Income tax benefit at statutory rate of 28% $ 812,981 $ 803,685 Differences due to foreign currency translation (242,024 ) (61,643 ) Change in valuation allowance (570,957 ) (724,042 ) $ $ |
Schedule of Deferred Tax Asset | Deferred tax assets computed at the U.S. statutory federal income tax rate of 35% consisted of the following: At June 30 2015 2014 Net Operating Losses $ 11,503,009 $ 7,977,689 Valuation Allowance (11,503,009 ) (7,977,689 ) $ $ Deferred tax assets for the South Africa subsidiaries computed at the South African statutory income tax rate of 28%consisted of the following: At June 30 2015 2014 Net Operating Losses $ 2,023,473 $ 1,452,516 Valuation Allowance (2,023,473 ) (1,452,516 ) $ $ |
Restatement Of Prior Year Fin35
Restatement Of Prior Year Financial Statement (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Restatement Of Prior Year Financial Statement Tables | |
Schedule of Changes to the Financial Statements | The Company has restated its audited financial statement for the year ended June 30, 2014, previously filed on October 14, 2014. The table below highlights the material changes to the financial statements: Restated Balance Adjustments Balance Previously Reported Fixed Assets $ 8,391,033 $ (464,726 )(1) $ 8,855,759 Short Term Portion of Note Payable $ 3,033,000 $ 3,033,000 (2) $ Notes Payable, Net of Discount $ 8,725,071 $ (2,911,796 )(3) $ 11,636,867 Stock Issuable $ 60,000 $ (1,420,007 )(4) $ 1,480,007 Additional Paid-in Capital $ 23,875,764 $ 1,929,031 (5) $ 21,946,732 Accumulated Deficit $ 26,726,824 $ 769,661 (6) $ 25,957,163 Cumulative Foreign Currency Adjustment $ 2,264 $ (312,385 )(7) $ 314,649 Operating Expenses $ 5,009,813 $ (2,518,469 )(8) $ 7,528,282 Interest Expense $ 793,236 $ 271,951 (9) $ 521,285 Change in Value of Derivative Liability $ 3,170,681 $ 3,170,681 (10) $ Derivative Interest $ 235,245 $ (1,522,781 )(11) $ 1,758,026 Other Income $ 79,053 $ (324,938) (12) $ 403,991 Foreign Currency Translation Adjustment $ (261,918 ) $ (407,130 )(13) $ 145,212 |
Summary Of Accounting Policie36
Summary Of Accounting Policies (Schedule Of Depreciating Assets By Assets Class) (Details) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2015 | |
Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life of assets | 5 years | |
Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life of assets | 3 years | |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life of assets | 30 years | |
Factory & Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life of assets | 30 years | |
Factory & Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life of assets | 20 years | |
Furniture & Fixtures [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life of assets | 7 years | |
Furniture & Fixtures [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life of assets | 5 years | |
Computers & Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life of assets | 3 years |
Summary Of Accounting Policie37
Summary Of Accounting Policies (Schedule Of Fair Value Of Financial Instruments) (Details) - USD ($) | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Convertible Notes Payable | $ 13,435 | $ 21,809 | |
Total | 13,435 | ||
Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Convertible Notes Payable | 13,435 | ||
Total | $ 13,435 | ||
Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Convertible Notes Payable | |||
Total | |||
Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Convertible Notes Payable | |||
Total |
Segment Information (Details)
Segment Information (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Assets | $ 8,504,581 | |
Liabilities | 16,821,317 | |
Revenues | 92,898 | |
Operating Expenses | 8,942,465 | |
South Africa [Member] | ||
Assets | 8,406,447 | $ 9,163,505 |
Liabilities | 10,402,092 | 12,464,396 |
Revenues | 92,898 | 68,828 |
Operating Expenses | 1,608,267 | 1,371,570 |
United States [Member] | ||
Assets | 98,404 | 44,177 |
Liabilities | $ 6,419,225 | 846,740 |
Revenues | 196,907 | |
Operating Expenses | $ 6,548,769 | 2,743,445 |
Total Geographical Member [Member] | ||
Assets | 8,504,851 | 9,207,682 |
Liabilities | 16,821,317 | 13,311,136 |
Revenues | 92,898 | 265,735 |
Operating Expenses | $ 8,157,036 | $ 4,115,015 |
Fixed Assets (Details)
Fixed Assets (Details) - USD ($) | Jun. 30, 2015 | Jun. 30, 2014 | |
Fixed Assets Details | |||
Plant and Equipment | $ 7,487,506 | ||
Machinery and Equipment | 211,283 | $ 190,989 | |
Leasehold Improvements | 752,530 | 710,589 | |
Furniture and Fixtures | 81,626 | 88,865 | |
Automobiles | 90,684 | 104,450 | |
Computers and Equipment | 23,206 | 18,818 | |
Less: Accumulated Depreciation | [1] | 636,879 | 285,852 |
Total Depreciable Fixed Assets | $ 8,009,956 | 827,859 | |
Construction in Progress | 7,563,174 | ||
Fixed Assets, net | $ 8,009,956 | $ 8,391,033 | |
[1] | The Senteeko facility was placed in service, January 1, 2015. |
Convertible Notes Payable (Sche
Convertible Notes Payable (Schedule Of Convertible Notes Payable) (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Short-term Debt [Line Items] | ||
Beginning of the year | $ 13,435 | $ 21,809 |
Issued in the year | 20,099 | |
Converted into shares of common stock | $ (13,435) | (166,196) |
Payments of principal and interest | (128,534) | |
Amortization of debt discount | 223,682 | |
Interest accrued | 42,575 | |
End of the year | 13,435 | |
Principal Balance [Member] | ||
Short-term Debt [Line Items] | ||
Beginning of the year | $ 15,717 | 103,500 |
Issued in the year | 359,614 | |
Converted into shares of common stock | $ (15,717) | (230,417) |
Payments of principal and interest | $ (216,980) | |
Amortization of debt discount | ||
Interest accrued | ||
End of the year | $ 15,717 | |
Loan Discount [Member] | ||
Short-term Debt [Line Items] | ||
Beginning of the year | $ (2,282) | (81,691) |
Issued in the year | (339,515) | |
Converted into shares of common stock | $ 2,282 | 100,852 |
Payments of principal and interest | 94,390 | |
Amortization of debt discount | $ 223,682 | |
Interest accrued | ||
End of the year | $ (2,282) | |
Accrued Interest [Member] | ||
Short-term Debt [Line Items] | ||
Beginning of the year | ||
Issued in the year | ||
Converted into shares of common stock | $ (36,631) | |
Payments of principal and interest | $ (5,944) | |
Amortization of debt discount | ||
Interest accrued | $ 42,575 | |
End of the year |
Convertible Notes Payable (Sc41
Convertible Notes Payable (Schedule Of Changes In Derivative Liabilities) (Details) - Derivative Liabilites [Member] - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Beginning of the year | $ 24,330 | $ 113,854 |
Value acquired during the period | 574,760 | |
Settled on issuance of common stock | $ 33,599 | 3,578,751 |
Settled on payment of outstanding principal and interest | (256,214) | |
Revaluation on settlement on issuance of common stock or reporting date | $ 9,269 | 3,170,681 |
End of the year | $ 24,330 |
Notes Payable (Schedule Of Long
Notes Payable (Schedule Of Long Term Loan Balance) (Details) - USD ($) | Jun. 30, 2015 | Jun. 30, 2014 |
Notes Payable Schedule Of Long Term Loan Balance Details | ||
Loan Principle and Interest - Land Bank | $ 8,401,900 | $ 10,998,162 |
Notes Payable - third party | 6,500,000 | 1,200,000 |
Less: Discount | 375,687 | 440,091 |
Long Term Debt, Net of Unamortized Discount | 14,526,213 | 11,758,071 |
Less: Current Portion | $ (14,526,213) | (3,033,000) |
Long Term Debt, Net of Discount | $ 8,725,071 |
Notes Payable (Schedule Of Futu
Notes Payable (Schedule Of Future Maturity Of Long Term Debt) (Details) | Jun. 30, 2015USD ($) |
Future maturities of long-term debt: | |
2,016 | $ 8,711,230 |
2,017 | 2,211,230 |
2,018 | 2,211,230 |
2,019 | 1,392,523 |
Total | $ 14,526,213 |
Deferred Lease Obligations (Det
Deferred Lease Obligations (Details) - Tea Estate | Jun. 30, 2015USD ($) | |
Future lease obligations | ||
2,016 | $ 90,660 | [1] |
2,017 | 97,209 | |
2,018 | 104,233 | |
2,019 | 111,767 | |
2,020 | 119,847 | |
Thereafter | 19,990,850 | |
Total five year lease obligation | $ 20,514,566 | |
[1] | Minimum payments have not been reduced or offset by minimum sublease rental income of $50,400 per annum, commencing November 2016 and increasing by 8% per annum thereafter. |
Warrants (Schedule Of Warrants
Warrants (Schedule Of Warrants Activity) (Details) - Warrants [Member] - $ / shares | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Number of Share Warrants | ||
Warrants outstanding at the beginning | 5,000,000 | |
Issued | 5,000,000 | |
Exercised | (1,666,666) | |
Cancelled | ||
Expired | ||
Warrants outstanding at the end | 3,333,334 | 5,000,000 |
Warrants exercisable at the end | 3,333,334 | |
Weighted Average Exercise Price ($) Per Share | ||
Warrants outstanding at the beginning | $ 0.01 | |
Issued | $ 0.01 | |
Exercised | $ 0.01 | |
Cancelled | ||
Expired | ||
Warrants outstanding at the end | $ 0.01 | $ 0.01 |
Warrants exercisable at the end | $ 0.01 | |
Weighted Average Remaining Contractual Life | ||
Warrants outstanding at the beginning | 9 years 6 months | |
Issued | 10 years | |
Exercised | 9 years | |
Warrants outstanding at the end | 9 years 6 months | |
Warrants exercisable at the end | 8 years 6 months |
Warrants (Schedule Of Warrant46
Warrants (Schedule Of Warrants Outstanding) (Details) - Warrants [Member] - $ / shares | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Number of Warrants Outstanding | 3,333,334 | 5,000,000 | |
Weighted Average Life of Warrants Outstanding In Years | 9 years 6 months | ||
Exercise Price 0.01 [Member] | |||
Exercise Price | $ 0.01 | ||
Number of Warrants Outstanding | 3,333,334 | ||
Weighted Average Life of Warrants Outstanding In Years | 8 years |
Income Taxes (Schedule Of Curre
Income Taxes (Schedule Of Current And Deferred Income Tax Provision) (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Income tax benefit at Federal statutory rate of 35% | $ 3,525,320 | $ 5,616,489 |
Change in valuation allowance | $ (3,525,320) | $ (5,616,489) |
Income tax expenses benefit | ||
South Africa [Member] | ||
Income tax benefit at statutory rate of 28% | $ 812,981 | $ 803,685 |
Differences due to foreign currency translation | (242,024) | (61,643) |
Change in valuation allowance | $ (570,957) | $ (724,042) |
Income tax expenses benefit |
Income Taxes (Schedule Of Cur48
Income Taxes (Schedule Of Current And Deferred Income Tax Provision) (Details) (Parenthetical) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Income tax provision at the federal statutory rate: | 35.00% | 35.00% |
Income tax provision at the statutory rate | 28.00% | 28.00% |
South Africa [Member] | ||
Income tax provision at the federal statutory rate: | 35.00% | 35.00% |
Income tax provision at the statutory rate | 28.00% | 28.00% |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Asset) (Details) - USD ($) | Jun. 30, 2015 | Jun. 30, 2014 |
Net Operating Losses | $ 11,503,009 | $ 7,977,689 |
Valuation Allowance | $ 11,503,009 | $ 7,977,689 |
Deferred tax assets | ||
South Africa [Member] | ||
Net Operating Losses | $ 2,023,473 | $ 1,452,516 |
Valuation Allowance | $ 2,023,473 | $ 1,452,516 |
Deferred tax assets |
Restatement Of Prior Year Fin50
Restatement Of Prior Year Financial Statement (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | ||
Fixed Assets | $ 8,009,956 | $ 8,391,033 | |
Short Term Portion of Note Payable | $ (14,526,213) | (3,033,000) | |
Notes Payable, Net of Discount | 8,725,071 | ||
Stock Issuable | $ 45,000 | ||
Additional Paid-in Capital | 30,124,629 | ||
Accumulated Deficit | 36,309,281 | ||
Cumulative Foreign Currency Adjustment | (375,880) | ||
Operating Expenses | 8,942,465 | ||
Interest Expense | $ 928,751 | ||
Derivative Interest | |||
Other Income | $ 3,306 | ||
Foreign Currency Translation Adjustment | $ (378,144) | (261,918) | |
Restated [Member] | |||
Fixed Assets | 8,391,033 | ||
Short Term Portion of Note Payable | 3,033,000 | ||
Notes Payable, Net of Discount | 8,725,071 | ||
Stock Issuable | 60,000 | ||
Additional Paid-in Capital | 23,875,764 | ||
Accumulated Deficit | 26,726,824 | ||
Cumulative Foreign Currency Adjustment | 2,264 | ||
Operating Expenses | 5,009,813 | ||
Interest Expense | 793,236 | ||
Change in Value of Derivative Liability | 3,170,681 | ||
Derivative Interest | 235,245 | ||
Other Income | 79,053 | ||
Foreign Currency Translation Adjustment | (261,918) | ||
Adjustments [Member] | |||
Fixed Assets | [1] | 464,726 | |
Short Term Portion of Note Payable | [2] | 3,033,000 | |
Notes Payable, Net of Discount | [3] | 2,911,796 | |
Stock Issuable | [4] | 1,420,007 | |
Additional Paid-in Capital | [5] | 1,929,031 | |
Accumulated Deficit | [6] | (769,661) | |
Cumulative Foreign Currency Adjustment | [7] | 312,385 | |
Operating Expenses | [8] | 2,518,469 | |
Interest Expense | [9] | 271,951 | |
Change in Value of Derivative Liability | [10] | 3,170,681 | |
Derivative Interest | [11] | 1,522,781 | |
Other Income | [12] | (324,938) | |
Foreign Currency Translation Adjustment | [13] | 407,130 | |
Balance Previously Reported [Member] | |||
Fixed Assets | $ 8,855,759 | ||
Short Term Portion of Note Payable | |||
Notes Payable, Net of Discount | $ 11,636,867 | ||
Stock Issuable | 1,480,007 | ||
Additional Paid-in Capital | 21,946,732 | ||
Accumulated Deficit | (25,957,163) | ||
Cumulative Foreign Currency Adjustment | 314,649 | ||
Operating Expenses | 7,528,282 | ||
Interest Expense | $ 521,285 | ||
Change in Value of Derivative Liability | |||
Derivative Interest | $ 1,758,026 | ||
Other Income | 403,991 | ||
Foreign Currency Translation Adjustment | $ 145,212 | ||
[1] | Change in Fixed Assets relates to the reclassification of payments received from CRS as a reduction in cost basis rather than as other income | ||
[2] | Change in Short Term Portion of Notes Payable reflects a reclassification from Note Payable. | ||
[3] | Change in Notes Payable includes a reclassification to current liabilities and amortization of the discount of $169,313. | ||
[4] | Change stock issuable reflects a change in the valuation date on stock issuable under employment contracts. | ||
[5] | Change in Paid in Capital reflect a change in the valuation date on various issuances of stock, and recording of reduction in derivative liability and derivative interest associated with the conversion feature of certain convertible debts issued during the year. | ||
[6] | Change in accumulated deficit reflects the combination of changes in the year ended November 30, 2014 plus changes of $216,031 in 2013. | ||
[7] | Change in cumulative foreign currency adjustment reflects the impact of the various changes to assets, liabilities and operating expenses associated with the Company's South Africa subsidiaries in 2014 and 2013. | ||
[8] | Change in operating expenses in primarily attributable to a reduction in salaries of $3,033,346 resultig from a change in the valuation date used for computing the cost of shares issued for services, offset by the reclassification of production costs of $690,943 from cost of goods sold. | ||
[9] | Change in interest expense results from an increase in the amortization of debt discounts. | ||
[10] | Change in derivative liability results from properly recording derivative liability expense for the year. | ||
[11] | Change in derivative interest results from a reassessment of the interest portion of convertible debt. | ||
[12] | Change in other income results from a revaluation on the gains/losses on the settlement of debt and shares issued to settle labor contracts. | ||
[13] | Change in foreign currency translation adjustment reflects the impact of the various changes to assets, liabilities and operating expenses associated with the Company's South Africa subsidiaries. |
Nature Of Operations (Narrative
Nature Of Operations (Narrative) (Details) - Global Energy Solutions, Inc (GES) [Member] | Nov. 17, 2011shares |
Restructuring Cost and Reserve [Line Items] | |
Name of acquired entity | Global Energy Solutions, Inc. ("GES"), an Irish corporation |
No of shares issued to acquire GES | 76,000,000 |
Percentage of ownership acquired | 100.00% |
No of shares issued under share exchange | 25,415,300 |
Summary Of Accounting Policie52
Summary Of Accounting Policies (Narrative) (Details) - shares | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | |
Common Stock [Member] | |||
Stock issued to acquire minority interest, shares | 70,000 | 1,100,000 | |
Plandai Biotechnologies, Inc. [Member] | |||
Holding by Plandai Biotechnology Inc | 100.00% | 100.00% | |
Plandai Biotechnology - Uruguay SA [Member] | |||
Holding by Plandai Biotechnology Inc | 100.00% | 100.00% | |
Phyto Nutricare, Inc. [Member] | |||
Holding by Plandai Biotechnology Inc | 100.00% | 100.00% | |
Dunn Roman Holdings-Africa, Ltd [Member] | |||
Holding by Plandai Biotechnology Inc | 100.00% | 100.00% | 100.00% |
Red Gold Biotechnologies (Pty) Ltd. [Member] | |||
Holding by Dunn Roman Holdings-Africa | 100.00% | 100.00% | |
Breakwood Trading 22 (Pty) Ltd [Member] | |||
Holding by Dunn Roman Holdings-Africa | 74.00% | 74.00% | |
Green Gold Biotechnologies (Pty) Ltd [Member] | |||
Holding by Plandai Biotechnology Inc | 12.00% | ||
Holding by Dunn Roman Holdings-Africa | 84.00% | 84.00% | |
Dunn Roman Holdings-Africa (Pty) Ltd. And Green Gold Biotechnologies (Pty) Ltd [Member] | Common Stock [Member] | |||
Stock issued to acquire minority interest, shares | 1,170,000 | ||
Warrants [Member] | |||
Antidilutive securities excluded from computation of earnings per share | 1,629,212 | ||
Minimum [Member] | |||
Estimated useful lives of releted assets | 3 years | ||
Maximum [Member] | |||
Estimated useful lives of releted assets | 5 years |
Acquisition Of Red Gold Biote53
Acquisition Of Red Gold Biotechnologies, A Related Party Entity (Narrative) (Details) - USD ($) | Jun. 30, 2015 | Jul. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 |
Advanced to related party | ||||
Roger Baylis-Duffield (CEO) - Sole Director Of Red Gold Biotechnologies (PTY) Ltd [Member] | ||||
Advanced to related party | $ 425,527 | |||
Roger Baylis-Duffield (CEO) - Sole Director Of Red Gold Biotechnologies (PTY) Ltd [Member] | Loans Receivable [Member] | ||||
Advanced to related party | $ 425,527 | |||
Dunn Roman Holdings-Africa, Ltd [Member] | ||||
Business acquisition percentage | 2.00% | 15.00% | ||
Dunn Roman Holdings-Africa, Ltd [Member] | Roger Baylis-Duffield (CEO) - Sole Director Of Red Gold Biotechnologies (PTY) Ltd [Member] | ||||
Business acquisition percentage | 100.00% |
Fixed Assets (Narrative) (Detai
Fixed Assets (Narrative) (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Fixed Assets Narrative Details | ||
Interest cost capitalized | $ 309,796 | $ 655,975 |
Convertible Notes Payable (Narr
Convertible Notes Payable (Narrative) (Details) - USD ($) | Jan. 30, 2014 | Nov. 13, 2013 | Nov. 11, 2013 | Oct. 17, 2013 | Aug. 20, 2013 | Feb. 28, 2014 | May 31, 2013 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 |
Short-term Debt [Line Items] | ||||||||||
Gain (loss) on settlement of debt | ||||||||||
Proceeds from convertible notes | ||||||||||
Stock issued in conversion of debt, value | $ (13,435) | $ (166,196) | ||||||||
Valuation techniques used in determining the fair value of derivative liability: | ||||||||||
Derivative liability, debt discount unamortized | $ 440,091 | 375,687 | 440,091 | |||||||
Loss of derivative liability was recognized as origination interest | $ 9,269 | |||||||||
Common Stock [Member] | ||||||||||
Short-term Debt [Line Items] | ||||||||||
Stock issued in conversion of debt, value | $ 4,649,428 | |||||||||
Stock issued in conversion of debt, shares | 144,296 | 7,997,035 | ||||||||
Other Income [Member] | ||||||||||
Short-term Debt [Line Items] | ||||||||||
Gain (loss) on settlement of debt | $ 79,053 | |||||||||
Convertible Debenture Issued On May 2013 [Member | ||||||||||
Short-term Debt [Line Items] | ||||||||||
Debt instrument face amount | $ 103,500 | |||||||||
Debt instrument interest rate | 8.00% | |||||||||
Debt instrument maturity description | It became due and payable in February 2014. | |||||||||
Debt instrument conversion terms | The note was convertible into common stock of the Company at a discount of 42% of the market price of the Companys common stock nine months after issuance (February 2014). | |||||||||
Penalty interest paid | $ 41,500 | |||||||||
Convertible Debenture Issued On May 2013 [Member | Other Income [Member] | ||||||||||
Short-term Debt [Line Items] | ||||||||||
Gain (loss) on settlement of debt | $ 14,540 | |||||||||
Convertible Promissory Note Issued On August 20, 2013 [Member] | ||||||||||
Short-term Debt [Line Items] | ||||||||||
Debt instrument face amount | $ 250,000 | |||||||||
Debt instrument interest rate | 12.00% | |||||||||
Debt instrument maturity description | Each payment of consideration matured one year from the date of distribution. | |||||||||
Debt instrument conversion terms | The lender could convert the outstanding principal and accrued interest of the convertible promissory note into shares of the common stock at any time at the lesser of $0.60 per share or 60% of the lowest trade share price occurring in the previous 25 trading days prior to conversion. | |||||||||
Debt instrument interest terms | The note bore interest at the rate of 12% per annum with a one-time interest charge applied on the issuance date to the original principal sum. | |||||||||
Debt instrument description | Amounts received under this promissory note were issued net of a 10% original issue discount. | |||||||||
Proceeds from convertible notes | $ 25,000 | $ 25,000 | ||||||||
Unamortized debt discount | 2,778 | 2,778 | ||||||||
Debt instrument carrying amount | $ 55,556 | |||||||||
Valuation techniques used in determining the fair value of derivative liability: | ||||||||||
New derivatives liabilities | $ 98,733 | |||||||||
Derviative liability valuation model used | Black Scholes valuation model | |||||||||
Derviative liability, dividend yield | 0.00% | |||||||||
Derviative liability, maturity term | 12 months | |||||||||
Derviative liability, risk-free interest rate | 0.13% | |||||||||
Derviative liability, expected volatility | 184.00% | |||||||||
Derivative liability, debt discount unamortized | $ 56,666 | |||||||||
Loss of derivative liability was recognized as origination interest | 42,067 | |||||||||
Convertible Promissory Note Issued On August 20, 2013 [Member] | Common Stock [Member] | ||||||||||
Short-term Debt [Line Items] | ||||||||||
Stock issued in conversion of debt, value | $ 55,556 | |||||||||
Stock issued in conversion of debt, shares | 6,667 | |||||||||
Interest portion of debt converted into shares, value | $ 864,196 | |||||||||
Convertible Promissory Note Issued On August 20, 2013 [Member] | ||||||||||
Short-term Debt [Line Items] | ||||||||||
Debt instrument face amount | $ 350,000 | |||||||||
Debt instrument interest rate | 8.00% | |||||||||
Debt instrument maturity description | Due and payable six months from the date of issuance. | |||||||||
Proceeds from convertible notes | $ 160,000 | |||||||||
Unamortized debt discount | $ 30,578 | |||||||||
Debt instrument carrying amount | 13,435 | $ 13,435 | ||||||||
Debt repayment terms | During the first 90 days from issuance, the note was repayable without incurring any interest charges. | |||||||||
Valuation techniques used in determining the fair value of derivative liability: | ||||||||||
New derivatives liabilities | $ 355,638 | |||||||||
Derviative liability valuation model used | Black Scholes valuation model | |||||||||
Derviative liability, dividend yield | 0.00% | |||||||||
Derviative liability, maturity term | 12 months | |||||||||
Derviative liability, risk-free interest rate | 0.13% | |||||||||
Derviative liability, expected volatility | 184.00% | |||||||||
Derivative liability, debt discount unamortized | $ 182,869 | |||||||||
Loss of derivative liability was recognized as origination interest | $ 172,769 | |||||||||
Convertible Promissory Note Issued On August 20, 2013 [Member] | Common Stock [Member] | ||||||||||
Short-term Debt [Line Items] | ||||||||||
Stock issued in conversion of debt, shares | 144,296 | |||||||||
Convertible Promissory Note Issued On August 20, 2013 [Member] | Restricted Common Stock [Member] | ||||||||||
Short-term Debt [Line Items] | ||||||||||
Stock issued in conversion of debt, value | $ 174,479 | $ 22,662 | ||||||||
Stock issued in conversion of debt, shares | 2,132,839 | 144,296 | ||||||||
Convertible Promissory Note Issued On November 13, 2013 [Member] | ||||||||||
Short-term Debt [Line Items] | ||||||||||
Debt instrument face amount | $ 113,500 | |||||||||
Debt instrument interest rate | 10.00% | |||||||||
Debt instrument maturity description | It was due and payable twelve months from the date of issuance. | |||||||||
Debt instrument conversion terms | At the note holders option, the unpaid principal and interest was convertible into common stock at a 42% discount to market after six months. | |||||||||
Penalty interest paid | $ 47,550 | |||||||||
Prepaid interest included in face amount | $ 10,000 | |||||||||
Origination expenses included in face amount | 3,520 | |||||||||
Valuation techniques used in determining the fair value of derivative liability: | ||||||||||
New derivatives liabilities | $ 120,389 | |||||||||
Derviative liability valuation model used | Black Scholes valuation model | |||||||||
Derviative liability, dividend yield | 0.00% | |||||||||
Derviative liability, maturity term | 12 months | |||||||||
Derviative liability, risk-free interest rate | 0.13% | |||||||||
Derviative liability, expected volatility | 184.00% | |||||||||
Derivative liability, debt discount unamortized | $ 99,980 | |||||||||
Loss of derivative liability was recognized as origination interest | $ 20,499 | |||||||||
Convertible Promissory Note Issued On November 13, 2013 [Member] | Other Income [Member] | ||||||||||
Short-term Debt [Line Items] | ||||||||||
Gain (loss) on settlement of debt | $ 64,058 |
Notes Payable (Narrative) (Deta
Notes Payable (Narrative) (Details) - USD ($) | Jun. 04, 2015 | May 19, 2015 | Apr. 21, 2015 | Mar. 19, 2015 | Feb. 25, 2015 | Dec. 30, 2014 | Dec. 18, 2014 | Nov. 15, 2014 | Sep. 11, 2014 | Aug. 26, 2014 | Jun. 26, 2014 | Feb. 11, 2014 | Nov. 25, 2013 | Jun. 10, 2016 | Jun. 30, 2015 | Jun. 30, 2014 |
Debt Instrument [Line Items] | ||||||||||||||||
Notes payable | $ 14,526,213 | $ 11,758,071 | ||||||||||||||
Accrued interest | 288,612 | |||||||||||||||
Promissory Notes Dated November 25, 2013 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt instrument face amount | $ 250,000 | |||||||||||||||
Debt instrument interest rate | 6.00% | |||||||||||||||
Debt instrument maturity date | Jun. 30, 2015 | |||||||||||||||
Promissory Notes Dated February 11, 2014 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt instrument face amount | $ 950,000 | |||||||||||||||
Debt instrument interest rate | 6.00% | |||||||||||||||
Debt instrument maturity date | Jun. 30, 2015 | |||||||||||||||
Promissory Notes Dated June 26, 2014 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt instrument face amount | $ 500,000 | |||||||||||||||
Debt instrument interest rate | 6.00% | |||||||||||||||
Debt instrument maturity date | Jun. 30, 2015 | |||||||||||||||
Promissory Notes Dated August 26, 2014 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt instrument face amount | $ 800,000 | |||||||||||||||
Debt instrument interest rate | 6.00% | |||||||||||||||
Debt instrument maturity date | Jun. 30, 2015 | |||||||||||||||
Promissory Notes Dated September 11, 2014 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt instrument face amount | $ 1,000,000 | |||||||||||||||
Debt instrument interest rate | 6.00% | |||||||||||||||
Debt instrument maturity date | Jun. 30, 2015 | |||||||||||||||
Promissory Notes Dated November 15, 2014 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt instrument face amount | $ 500,000 | |||||||||||||||
Debt instrument interest rate | 6.00% | |||||||||||||||
Debt instrument maturity date | Jun. 30, 2015 | |||||||||||||||
Promissory Notes Dated December 18, 2014 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt instrument face amount | $ 500,000 | |||||||||||||||
Debt instrument interest rate | 6.00% | |||||||||||||||
Debt instrument maturity date | Jun. 30, 2015 | |||||||||||||||
Promissory Notes Dated December 30, 2014 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt instrument face amount | $ 500,000 | |||||||||||||||
Debt instrument interest rate | 6.00% | |||||||||||||||
Debt instrument maturity date | Jun. 30, 2015 | |||||||||||||||
Promissory Notes Dated February 25, 2015 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt instrument face amount | $ 150,000 | |||||||||||||||
Debt instrument interest rate | 6.00% | |||||||||||||||
Debt instrument maturity date | Jun. 30, 2015 | |||||||||||||||
Promissory Notes Dated March 19, 2015 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt instrument face amount | $ 400,000 | |||||||||||||||
Debt instrument interest rate | 6.00% | |||||||||||||||
Debt instrument maturity date | Jun. 30, 2015 | |||||||||||||||
Promissory Notes Dated April 21, 2015 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt instrument face amount | $ 500,000 | |||||||||||||||
Debt instrument interest rate | 6.00% | |||||||||||||||
Debt instrument maturity date | Jun. 30, 2015 | |||||||||||||||
Promissory Notes Dated May 19, 2015 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt instrument face amount | $ 350,000 | |||||||||||||||
Debt instrument interest rate | 6.00% | |||||||||||||||
Debt instrument maturity date | Jun. 30, 2015 | |||||||||||||||
Promissory Notes Dated June 04, 2015 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt instrument face amount | $ 100,000 | |||||||||||||||
Debt instrument interest rate | 6.00% | |||||||||||||||
Debt instrument maturity date | Jun. 30, 2015 | |||||||||||||||
Promissory Notes Payable | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Notes payable | 6,500,000 | 1,200,000 | ||||||||||||||
Accrued interest | $ 288,612 | $ 39,505 | ||||||||||||||
Promissory Notes Payable | Subsequent Event | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt instrument maturity date | Jul. 1, 2016 |
Notes Payable (Narrative) (De57
Notes Payable (Narrative) (Details1) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2012 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2012 | |
Debt Instrument [Line Items] | ||||
Shares issued as loan origination fee, value | $ 295,000 | |||
Amortization of debt discount | 64,404 | |||
Unamortized debt discount | 375,687 | $ 440,091 | ||
Repayment of long term debt | 1,553,001 | |||
Loan - Land And Agriculture Bank Of South Africa [Member] | ||||
Debt Instrument [Line Items] | ||||
Amortization of debt discount | 64,404 | 64,402 | ||
Proceeds from loans | 0 | 814,218 | ||
Capitalized interest | 946,959 | $ 943,223 | ||
Capitalized accrued interest on fixed assets | $ 1,305,000 | |||
Loan repayment terms | As the 25-month holiday in which no payments or interest are due expired in July of 2014. | |||
Monthly payments towards long term debt | $ 185,000 | |||
Repayment of long term debt | 2,104,864 | |||
Loan - Land And Agriculture Bank Of South Africa [Member] | Restricted Common Stock [Member] | ||||
Debt Instrument [Line Items] | ||||
Loan description | The acquired Dunn Roman shares were then provided to third parties in order to comply with the BEE provisions associated with the loan from the Land Bank of South Africa, which required that 15% of Dunn Roman be owned by non-white South Africans. The Company has therefore determined to treat the value of the shares issued to acquire the Dunn Roman stock ($585,000, based on the value of shares on the date of issuance) as a cost of securing the financing and recorded as a loan discount which is amortized over the life of the loan (7 years). | |||
Shares issued for settlement, shares | 1,500,000 | |||
Shares issued as loan origination fee, value | $ 585,000 | |||
Loan - Land And Agriculture Bank Of South Africa [Member] | South Africa, Rand [Member] | ||||
Debt Instrument [Line Items] | ||||
Monthly payments towards long term debt | 2,250,000 | |||
Repayment of long term debt | $ 25,565,895 | |||
Dunn Roman Holdings-Africa, Ltd [Member] | Loan - Land And Agriculture Bank Of South Africa [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument face amount | $ 6,500,000 | 6,500,000 | ||
Interest rate on loan | Prime plus 0.50 % per annum | |||
Loan duration | 7 years | |||
Loans executed through | Green Gold Biotechnologies (Pty) Ltd and Breakwood Trading 22(Pty) Ltd | |||
Loan description | In addition, the loans have a 25-month holiday in which no payments or interest are due until 25 months after the first draw down of funds. The loans are collateralized by the assets and operations, including the Senteeko lease, agriculture production and receivables of Dunn Roman Holdings, which is the African operating arm of Plandaí. In addition, Dunn Roman Holdings was required to grant a 15% profit share agreement to the Land Bank which extends through the duration of the loan agreements (7 years unless pre-paid). The profit share agreement extends only to profits generated by Dunn Roman Holdings exclusive of operations of Plandaí and outside of South Africa. | |||
Loan covenants description | By way of loan covenants, the borrowing entities are required to maintain a debt to equity ratio of 1.5:1, interest coverage ratio of 1.5:1, and security coverage ratio of 1:1, none of which are currently in compliance. | |||
Dunn Roman Holdings-Africa, Ltd [Member] | Loan - Land And Agriculture Bank Of South Africa [Member] | South Africa, Rand [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument face amount | $ 100,000,000 | $ 100,000,000 |
Deferred Lease Obligations (Nar
Deferred Lease Obligations (Narrative) (Details) | 1 Months Ended | 12 Months Ended | ||||
Mar. 31, 2012 | Feb. 29, 2012a | Jun. 30, 2015USD ($)shares | Jun. 30, 2014shares | Jun. 30, 2015ZAR | Mar. 01, 2012USD ($) | |
SubLease On The Bonokado Farm [Member] | ||||||
Lease receivable | $ 1,041,622 | |||||
SubLease On The Bonokado Farm [Member] | South Africa, Rand [Member] | ||||||
Lease receivable | ZAR | ZAR 12,718,632 | |||||
SubLease On The Bonokado Farm [Member] | Other Assets [Member] | ||||||
Lease receivable | $ 91,470 | |||||
Dunn Roman Holdings-Africa, Ltd [Member] | SubLease On The Bonokado Farm [Member] | ||||||
Capital lease period | 19 years | |||||
Capital lease terms | Plandaís subsidiary, Dunn Roman Holdings Africa (Pty) Ltd., executed a sublease on the Bonokado Farm in South Africa to a third party. Bonokado currently farms avocado and macadamia nuts, neither of which factor into the Companys future business model. The lease is for 19 years and includes 24 months of deferred rent while the farm is rehabilitated by the sub-lessor. The lease requires monthly payments of $4,200 (R650,000 annually) to the Company commencing in November 2016 with escalating payments of 8% per annum over the life of the lease. | |||||
Common Stock [Member] | ||||||
Shares issued for five year extension on the purchase option, shares | shares | 3,500,000 | |||||
Tea Estate | ||||||
Capital lease period | 49 years | |||||
Land area | a | 8,000 | |||||
Capital lease terms | Under the terms of the lease, the Company is required to pay quarterly rent of R250,000 ($21,000) plus an annual dividend of 26% of net income generated from the use of the property with a R500,000 ($42,000) annual minimum dividend. | |||||
Office Space [Member] | Served On Board Of Directors Of Dunn Roman Holding, Ltd [ Member] | ||||||
Capital lease period | 10 years | |||||
Monthly minimum payments under the terms of lease | $ 1,650 | |||||
Office Space [Member] | Served On Board Of Directors Of Dunn Roman Holding, Ltd [ Member] | Common Stock [Member] | ||||||
Shares issued for five year extension on the purchase option, shares | shares | 500,000 |
Future Obligations (Narrative)
Future Obligations (Narrative) (Details) | Aug. 30, 2013USD ($) | Apr. 30, 2015 | Mar. 31, 2013 | Jun. 30, 2015USD ($)shares | Jun. 30, 2014USD ($) | Aug. 30, 2013ZAR |
Employment Agreements [Member] | One Consultant [member] | ||||||
Agreement cancellation terms | In April 2015, the Company cancelled the agreement with the consultant and agreed to a one-time issuance of 3,500,000 shares in settlement of future obligations under the agreement, which was valued at $295,000 based on the date of grant. | |||||
Employment Agreements [Member] | Two Officers [Member] | ||||||
Accrued compensation expenses | $ 45,000 | |||||
Employment Agreements [Member] | Two Officers [Member] | Common Stock [Member] | ||||||
Shares to be issued for accrued compensation expenses for services, shares | shares | 3,000,000 | |||||
Employment Agreements [Member] | Two Officers [Member] | One Consultant [member] | ||||||
Each employment agreement contract period | 5 years | |||||
Agreement description | Each contract is for a five-year term. Pursuant to the three employment agreements, the Company is obligated to issue 4,000,000 common shares in aggregate at the end of each completed year for services rendered to the Company. The Company therefore records the value of 1,000,000 shares of stock as compensation expense every quarter based on the closing bid price of the Companys common stock on March 2, 2013. | |||||
License With North-West University, South Africa [Member] | ||||||
Agreement description | Under the terms of the license, Plandaí will pay a minimum royalty of 2% of net sales of all product that incorporates the Pheroid technology | |||||
Minimum annual payment commited to pay | $ 1,700 | |||||
Minimum annual payment paid during the year | $ 1,700 | $ 1,700 | ||||
License With North-West University, South Africa [Member] | South Africa, Rand [Member] | ||||||
Minimum annual payment commited to pay | ZAR | ZAR 20,000 |
Common Stock (Narrative) (Detai
Common Stock (Narrative) (Details) - USD ($) | Jan. 15, 2014 | Apr. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 |
Common stock, shares issued | 164,419,936 | 106,270,760 | |||||
Common stock, shares outstanding | 164,419,936 | 106,270,760 | |||||
Stock issued in conversion of debt, value | $ (13,435) | $ (166,196) | |||||
Shares issued for cash, value | 286,700 | 655,000 | |||||
Shares issued for settlement in connection with terminating their employment, value | 740,000 | ||||||
Shares issued for services, value | 5,608,514 | $ 1,859,836 | |||||
Shares issued for settlement, value | 295,000 | ||||||
Stock subscritption payable | $ 45,000 | ||||||
Warrants [Member] | |||||||
Strike price | $ 0.01 | ||||||
Dunn Roman Holdings-Africa, Ltd [Member] | |||||||
Percentage of ownership acquired | 15.00% | 2.00% | |||||
Business acquisition terms | In April 2014, the Company agreed to issue an additional 70,000 shares to acquire the remaining 2% interest in Dunn Roman, bringing its total ownership in that entity to 100%. These 70,000 shareswere issued subsequent to June 30, 2014. | ||||||
Green Gold Biotechnologies (Pty) Ltd [Member] | |||||||
Percentage of ownership acquired | 10.00% | ||||||
Restricted Common Stock [Member] | |||||||
Stock issued for stock purchase agreement, shares | 540,000 | ||||||
Shares issued for cash, shares | 1,298,400 | 1,316,833 | |||||
Shares issued for cash, value | $ 286,700 | $ 655,000 | |||||
Shares issued for services, shares | 9,998,000 | ||||||
Shares issued for services, value | $ 2,141,436 | ||||||
Total shares issued during the period | 33,411,308 | ||||||
Shares issued on conversion of warrants, shares | 1,629,212 | ||||||
Restricted Common Stock [Member] | Employment Agreements [Member] | One Consultant [member] | |||||||
Shares issued for settlement, shares | 3,500,000 | ||||||
Shares issued for settlement, value | $ 295,000 | ||||||
Restricted Common Stock [Member] | Convertible Promissory Note Issued On August 20, 2013 [Member] | |||||||
Stock issued in conversion of debt, shares | 2,132,839 | 144,296 | |||||
Stock issued in conversion of debt, value | $ 174,479 | $ 22,662 | |||||
Restricted Common Stock [Member] | Former Officers And Directors Of The Company Subsidiary - Dunn Roman Holdings-Africa [Member] | |||||||
Shares issued for settlement in connection with terminating their employment, shares | 2,000,000 | ||||||
Shares issued for settlement in connection with terminating their employment, value | $ 740,000 | ||||||
Restricted Common Stock [Member] | Various Employees And Third Parties [Member] | |||||||
Shares issued for services, shares | 26,769,400 | ||||||
Shares issued for services, value | $ 5,608,514 | ||||||
Restricted Common Stock [Member] | Dunn Roman Holdings-Africa (Pty) Ltd. And Green Gold Biotechnologies (Pty) Ltd [Member] | |||||||
Stock issued to acquire minority interest, shares | 1,100,000 | ||||||
Restricted Common Stock [Member] | Dunn Roman Holdings-Africa, Ltd [Member] | |||||||
Stock issued to acquire minority interest, shares | 70,000 | ||||||
Restricted Common Stock [Member] | Roger Baylis-Duffield - Chairman And CEO [Member] | |||||||
Stock issued in conversion of debt, shares | 2,036,000 | ||||||
Stock issued in conversion of debt, value | $ 500,000 | ||||||
Common Stock [Member] | |||||||
Common stock, shares outstanding | 131,008,628 | 164,419,936 | 131,008,628 | 106,270,760 | |||
Stock issued in conversion of debt, shares | 144,296 | 7,997,035 | |||||
Stock issued in conversion of debt, value | $ 4,649,428 | ||||||
Stock issued for stock purchase agreement, shares | 540,000 | ||||||
Stock issued to acquire minority interest, shares | 70,000 | 1,100,000 | |||||
Shares issued for cash, shares | 1,298,400 | 1,316,833 | |||||
Shares issued for cash, value | $ 130 | $ 132 | |||||
Shares issued for settlement in connection with terminating their employment, shares | 2,000,000 | ||||||
Shares issued for settlement in connection with terminating their employment, value | $ 200 | ||||||
Shares issued for services, shares | 26,769,400 | 9,998,000 | |||||
Shares issued for services, value | $ 2,677 | $ 1,000 | |||||
Shares issued on conversion of warrants, shares | 1,629,212 | ||||||
Shares issued for settlement, shares | 3,500,000 | ||||||
Shares issued for settlement, value | $ 350 | ||||||
Common Stock [Member] | Convertible Promissory Note Issued On August 20, 2013 [Member] | |||||||
Stock issued in conversion of debt, shares | 144,296 | ||||||
Common Stock [Member] | Dunn Roman Holdings-Africa (Pty) Ltd. And Green Gold Biotechnologies (Pty) Ltd [Member] | |||||||
Stock issued to acquire minority interest, shares | 1,170,000 |
Warrants (Narrative) (Details)
Warrants (Narrative) (Details) - USD ($) | Jan. 28, 2014 | Jun. 30, 2014 | Jun. 30, 2015 |
Assumptions used in computation of value of warrants: | |||
Loss on impairment of license | |||
Warrants [Member] | |||
Assumptions used in computation of value of warrants: | |||
Fair value assumption method used | Black-Scholes method. | ||
Closing bid price of common stock, per share | $ 1.15 | ||
Dividend yield | 0.00% | ||
Expected term | 10 years | ||
Risk free interest rate | 2.77% | ||
Annualized volatility | 260.00% | ||
License Agreement - Diego Pellicer, Inc. | |||
Assumptions used in computation of value of warrants: | |||
Loss on impairment of license | $ 5,749,985 | ||
License Agreement - Diego Pellicer, Inc. | Warrants [Member] | |||
Warrants issued for license agreement, shares | 5,000,000 | ||
Purchase price, per share | $ 0.01 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Income Taxes Narrative Details | ||
Net operating loss carryforwards | $ 32,865,741 | $ 22,793,397 |
Operating loss carryforwards limitations on use | Begin to expire in 2032. |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Related Party Transaction [Line Items] | ||
Related party receivable | ||
Accounts payable to related parties | $ 16,176 | |
Rental expenses | 488,232 | |
Roger Baylis-Duffield (CEO) - Sole Director Of Red Gold Biotechnologies (PTY) Ltd [Member] | ||
Related Party Transaction [Line Items] | ||
Related party receivable | $ 425,527 | |
Officers And Directors [Member] | ||
Related Party Transaction [Line Items] | ||
Accounts payable to related parties | 16,176 | 2,948 |
Served On Board Of Directors Of Dunn Roman Holding, Ltd [ Member] | Office Space [Member] | ||
Related Party Transaction [Line Items] | ||
Rental expenses | 22,500 | |
CRS Technologies Owned By Roger Baylis-Duffield (CEO) [Member] | ||
Related Party Transaction [Line Items] | ||
Receivable from CRS against fixed assets as received | 2,000,000 | |
Received from CRS under settlement agreement | $ 764,386 | $ 348,459 |
Other Income (Narrative) (Detai
Other Income (Narrative) (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Gain on settlement of debt | ||
Other Income [Member] | ||
Claims received from insurance company | $ 3,306 | |
Gain on settlement of debt | $ 79,053 |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) | Dec. 31, 2015USD ($) | Jul. 31, 2015USD ($) | Jun. 28, 2016USD ($)shares | Jun. 10, 2016USD ($)shares | Jun. 30, 2015USD ($)shares | Jun. 30, 2014USD ($)shares | Dec. 31, 2015GBP (£) |
Subsequent Event [Line Items] | |||||||
Shares issued for cash, value | $ 286,700 | $ 655,000 | |||||
Restricted Common Stock [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Shares issued for cash, shares | shares | 1,298,400 | 1,316,833 | |||||
Shares issued for cash, value | $ 286,700 | $ 655,000 | |||||
Shares issued for services, shares | shares | 9,998,000 | ||||||
Common Stock [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Shares issued for cash, shares | shares | 1,298,400 | 1,316,833 | |||||
Shares issued for cash, value | $ 130 | $ 132 | |||||
Shares issued for services, shares | shares | 26,769,400 | 9,998,000 | |||||
Subsequent Event | Common Stock [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Shares issued for services, shares | shares | 5,205,000 | ||||||
Subsequent Event | Common Stock [Member] | Employment Agreements [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Shares issued for services, shares | shares | 3,200,000 | ||||||
Subsequent Event | Unaffiliated Third Parties [Member] | Restricted Common Stock [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Shares issued for cash, shares | shares | 14,139,000 | ||||||
Shares issued for cash, value | $ 413,230 | ||||||
Subsequent Event | Notes Payable Issued In July 2015 [Member] | Third Party [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Debt instrument face amount | $ 400,000 | ||||||
Proceeds from notes payable | 384,170 | ||||||
Debt issuance cost | $ 15,830 | ||||||
Debt instrument interest rate | 6.00% | ||||||
Debt instrument maturity date | Feb. 1, 2016 | ||||||
Subsequent Event | Convertible Promissory Notes | Various Third Parties [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Debt instrument face amount | $ 475,000 | ||||||
Proceeds from notes payable | $ 445,500 | ||||||
Debt instrument conversion terms | The notes convert at a discount to market of between 40-50% off the lowest intra-day trading price over the 15-20 day period prior to conversion. | ||||||
Subsequent Event | Convertible Promissory Notes | Various Third Parties [Member] | Minimum [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Debt instrument interest rate | 8.00% | ||||||
Debt instrument maturity date | Nov. 12, 2016 | ||||||
Subsequent Event | Convertible Promissory Notes | Various Third Parties [Member] | Maximum [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Debt instrument interest rate | 10.00% | ||||||
Debt instrument maturity date | May 16, 2017 | ||||||
Subsequent Event | Promissory Notes Dated December 31, 2015 [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Proceeds from notes payable | $ 50,526 | ||||||
Debt instrument interest rate | 15.00% | ||||||
Debt instrument description | The note is due December 31, 2016 and bears interest at the rate of 15% per annum, which is payable every six months. | ||||||
Subsequent Event | Promissory Notes Dated December 31, 2015 [Member] | Pounds [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Debt instrument face amount | £ | £ 35,000 |