Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended |
Mar. 31, 2015 | |
Document and Entity Information: | |
Entity Registrant Name | MICROELECTRONICS TECHNOLOGY Co |
Entity Trading Symbol | MELY |
Document Type | 10-Q |
Document Period End Date | 31-Mar-15 |
Amendment Flag | FALSE |
Entity Central Index Key | 1329136 |
Current Fiscal Year End Date | -24 |
Entity Common Stock, Shares Outstanding | 7,034,916 |
Entity Filer Category | Smaller Reporting Company |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Well-known Seasoned Issuer | No |
Document Fiscal Year Focus | 2015 |
Document Fiscal Period Focus | Q3 |
Consolidated_Balance_Sheet
Consolidated Balance Sheet (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
Current Assets | ||
Cash | $23,325 | $5,592 |
Accounts receivable | 79 | 18,171 |
Loan receivable | 275,728 | 6,175 |
Total Current Assets | 299,132 | 29,938 |
Non-Current Assets | ||
Equipment | 307,803 | 357,720 |
Intangible assets | 251,673 | 303,920 |
Security deposit | 3,465 | 3,465 |
Total Non-Current Assets | 562,941 | 665,104 |
TOTAL ASSETS | 862,074 | 695,042 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 161,631 | 74,311 |
Related party loans | 144,404 | 3,356 |
Stockholders' loans | 4,540 | 4,540 |
Loan payable | 4,975 | 4,975 |
Notes payable, net of discount | 2,093,094 | 1,093,566 |
Derivative liabilities | 1,707,940 | 420,092 |
Total Current Liabilities | 4,116,584 | 1,600,839 |
Preferred stock: Authorized: 50,000,000 shares, $0.00001 par value | ||
Series A Authorized: 110,000 shares, $0.00001 par value; issued and outstanding: 110,000 and 110,000 shares issued and outstanding: 110,000 and 110,000 shares as of March 31, 2015 and June 30, 2014, respectively | 1 | 1 |
Series B Authorized: 1,000 shares, $0.00001 par value; issued and outstanding: 1,000 and 1,000 shares | 0 | 0 |
Series C Authorized: 1,500 shares, $0.00001 par value; issued and outstanding: 66 and 0 shares as of March 31, 2015 and June 30, 2014, respectively | 0 | 0 |
Common stock: | ||
Authorized: 7,500,000,000 shares, $0.00001 par value; issued and outstanding: 7,034,916 and 1,111,868 shares as at March 31, 2015 and June 30, 2014, respectively (1) | 70,349 | 11,119 |
Additional paid-in capital | 4,704,087 | 2,112,852 |
Stock subscriptions receivable | -38,400 | -38,400 |
Deficit accumulated in the development stage | -7,990,548 | -2,991,369 |
Total stockholders' Deficit | -3,254,511 | -905,797 |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $862,074 | $695,042 |
Consolidated_Balance_Sheet_Par
Consolidated Balance Sheet Parentheticals (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
Parentheticals | ||
Preferred Stock, par value | $0.00 | $0.00 |
Preferred Stock, shares authorized | 50,000,000 | 50,000,000 |
Series A Preferred Stock, par value | $0.00 | $0.00 |
Series A Preferred Stock, shares authorized | 110,000 | 110,000 |
Series A Preferred Stock, shares issued | 110,000 | 110,000 |
Series A Preferred Stock, shares outstanding | 110,000 | 110,000 |
Series B Preferred Stock, par value | $0.00 | $0.00 |
Series B Preferred Stock, shares authorized | 1,000 | 1,000 |
Series B Preferred Stock, shares issued | 1,000 | 1,000 |
Series B Preferred Stock, shares outstanding | 1,000 | 1,000 |
Series C Preferred Stock, par value | $0.00 | $0.00 |
Series C Preferred Stock, shares authorized | 1,500 | 1,500 |
Series C Preferred Stock, shares issued | 1,500 | 1,500 |
Series C Preferred Stock, shares outstanding | 66 | 0 |
Common Stock, par value | $0.00 | $0.00 |
Common Stock, shares authorized | 7,500,000,000 | 7,500,000,000 |
Common Stock, shares issued | 7,500,000,000 | 7,500,000,000 |
Common Stock, shares outstanding | 7,034,916 | 1,111,868 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | 48 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | |
Revenues {1} | |||||
Revenue | $19,896 | $5,167 | $84,526 | $13,534 | $128,759 |
Management Fee Income - Related Party | 0 | 0 | 0 | 0 | 8,000 |
Expenses | |||||
Advertising | 48,453 | 18,000 | 116,244 | 54,095 | 390,886 |
Amortization expense | 17,161 | 0 | 52,246 | 0 | 138,327 |
Consulting fees | 976,417 | 13,676 | 1,201,171 | 42,638 | 1,193,977 |
Depreciation expense | 18,484 | 0 | 56,208 | 0 | 256,483 |
Impairment of mineral claims | 0 | 0 | 0 | 0 | 124,911 |
Management fees | 60,000 | 30,000 | 120,000 | 75,000 | 355,000 |
Professional fees | 7,701 | 21,390 | 74,159 | 36,202 | 289,755 |
Other General & Administrative | 52,109 | 35,276 | 306,979 | 68,361 | 539,821 |
Total Expenses | 1,180,325 | 118,342 | 1,927,008 | 276,297 | 3,289,160 |
Loss from Operations | -1,160,429 | -113,175 | -1,842,482 | -262,763 | -3,152,401 |
Other Income (Expenses) | |||||
Other Income | 0 | 0 | 0 | 0 | 162,723 |
Change in fair value of derivative | 30,959 | 55,215 | 427,972 | 246,842 | 517,529 |
Convertible debt discount | 0 | -200,823 | 0 | -292,681 | -991,831 |
Interest expense | -1,576,366 | -282,952 | -3,584,668 | -497,585 | -4,526,567 |
Total Other Expenses | -1,545,407 | -428,560 | -3,156,697 | -543,424 | -4,838,147 |
Loss before Income Taxes | -2,705,837 | -541,735 | -4,999,179 | -806,187 | -7,990,548 |
Income Taxes | 0 | 0 | 0 | 0 | 0 |
Net Loss | ($2,705,837) | ($541,735) | ($4,999,179) | ($806,187) | ($7,990,548) |
Net Loss per share, basic and diluted | $0 | $0 | ($1) | ($1) | |
Weighted average number of shares outstanding; basic and diluted (2) | 6,435,459 | 408,553 | 3,428,497 | 255,582 |
Consolidated_Statement_of_Cash
Consolidated Statement of Cash Flow (USD $) | 9 Months Ended | 48 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | |
Operating activities | |||
Net Loss | ($4,999,179) | ($806,187) | ($7,990,548) |
Adjustments to reconcile net loss to net cash provided by (used in) operations: | |||
Convertible debt issued for services rendered | 0 | 0 | 32,316 |
Amortization expense | 52,246 | 0 | 138,326 |
Interest expense | 1,495,648 | 497,585 | 2,437,145 |
Change in derivative liabilities | -427,972 | -246,842 | -517,529 |
Amortization of debt discount | 2,089,020 | 292,681 | 3,080,851 |
Depreciation | 56,208 | 3,616 | 66,994 |
Stock issued for services | 149,500 | 0 | 149,500 |
Impairment of mineral claims | 0 | 0 | 124,911 |
Adjustments in reorganization | 1 | 1 | 61,476 |
Change in operating assets and liabilities: | |||
Accounts receivable | 18,092 | 134 | 307 |
Loan receivable | -269,553 | -6,175 | -275,728 |
Prepaid expenses | 0 | 0 | 668 |
Accounts payable and accrued expenses | 87,320 | 29,854 | 98,918 |
Net cash provided by (used in) Operating Activities | -1,748,669 | -235,333 | -2,592,393 |
Investing Activities | |||
Acquisition of equipment | -6,291 | -10,018 | -374,797 |
Acquisition of mineral claims | 0 | 0 | -124,911 |
Acquisition of intangible assets | 0 | 0 | -390,000 |
Security deposits | 0 | 0 | -3,465 |
Net cash provided by (used in) Investing Activities | -6,291 | -10,018 | -893,173 |
Financing Activities | |||
Proceeds of issuance of common stocks | 0 | 0 | 1,584 |
Proceeds of notes payable | 1,631,645 | 451,839 | 3,226,836 |
Payments to Shareholders' loans | 0 | 0 | 4,540 |
Proceeds of loan from Drake Group | 0 | 0 | 4,975 |
Proceeds of loan from related parties | 141,048 | -20,709 | 309,356 |
Former related party loan | 0 | -190,084 | 0 |
Stock subscriptions receivable | 0 | 0 | -38,400 |
Net cash provided by (used in) Financing Activities | 1,772,693 | 241,046 | 3,508,891 |
Net increase (decrease) in cash | 17,733 | -4,305 | 23,325 |
Cash at beginning of period | 5,592 | 4,683 | 0 |
Cash at end of period | 23,325 | 378 | 23,325 |
Non-cash Investing and Financing Activities | |||
Acquisition of intangible asset | 0 | 0 | 140,000 |
Preferred stock issued for debt settlement | 0 | 0 | 0 |
Net asset adjustment in reorganization | $0 | $0 | $177,858 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Mar. 31, 2015 | |
Basis of Presentation | |
Basis of Presentation | Note 1 –Basis of Presentation |
These consolidated financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States, and are expressed in US dollars. These consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Cloud Data Corporation, a company incorporated in the State of Nevada. All inter-company accounts and transactions have been eliminated. The Company’s fiscal year end is June 30, 2015 and 2014. | |
Nature_of_Operations_and_Conti
Nature of Operations and Continuance of Business | 9 Months Ended |
Mar. 31, 2015 | |
Nature of Operations and Continuance of Business | |
Nature of Operations and Continuance of Business | Note 2 – Nature of Operations and Continuance of Business |
Microelectronics Technology Company (the “Company”) was incorporated in the State of Nevada on May 18, 2005 under the name Admax Resources Inc., which name was changed on February 9, 2007 to China YouTV Corp. and then to Microelectronics Technology Company on August 31, 2009. From May 18, 2005 to August 26, 2011, the Company’s business operations were limited to the acquisition and evaluation of mineral claims and the evaluation of an internet media venture in China. | |
On August 26, 2011, the Company entered into a Share Exchange Agreement with Cloud Data Corporation (“Cloud Data”). Pursuant to the agreement, the Company issued 70,000 shares of common stock in exchange for all of the issued and outstanding shares of Cloud Data. The acquisition was a capital transaction in substance and therefore has been accounted for as a recapitalization, which is outside the scope of Accounting Standards Codification (“ASC”) 805, Business Combinations. Under recapitalization accounting, Cloud Data was considered the acquirer for accounting and financial reporting purposes, and acquired the assets and assumed the liabilities of the Company. Assets acquired and liabilities assumed are reported at their historical amounts. These consolidated financial statements include the accounts of the Company since the effective date of the recapitalization and the historical accounts of the business of Cloud Data since inception on April 11, 2011. As a result of the transaction, the Company’s business operations have consisted of online marketing and advertising services since August 26, 2011, to the present. | |
On November 2, 2011 the President, Edward Manetta, resigned. He was replaced by Brett Everett as President, Secretary, Treasurer and a director. | |
On January 15, 2015, the Board of Directors authorized a 1,000:1 reverse stock split of the common shares. The reverse stock split received regulatory approval. The record date for the reverse stock split was March 16, 2015. The authorized number of common shares remained unchanged. All references in the accompanying financial statements to the number of common shares have been restated to reflect the reverse stock split. | |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended |
Mar. 31, 2015 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | Note 3 - Summary of Significant Accounting Policies |
a) Use of Estimates. | |
The preparation of these financial statements in conformity with US generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company regularly evaluates estimates and assumptions related to stock-based compensation and deferred income tax valuations. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. | |
b) Basic and Diluted Loss Per Share. | |
The Company computes (loss) per share in accordance with ASC 260, Earnings per Share, which requires presentation of both basic and diluted per share (EPS) on the face of the income statement. Basic loss per share is computed by dividing net loss available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all potentially dilutive shares if their effect is anti-dilutive. | |
c) Cash and Cash Equivalents. | |
The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. | |
d) Financial Instruments. | |
The Company’s financial instruments consist principally of cash, amounts receivable, and accounts payable, due to related parties and due to former related party. Pursuant to ASC 820, Fair Value Measurements and Disclosures, and ASC 825, Financial Instruments the fair value of the Company’s cash equivalents is determined based on “Level 1” inputs, which consist of quoted prices in active markets for identical assets. The Company believes that the recorded values of all of the Company’s other financial instruments approximate their current fair values because of their nature or respective relatively short maturity dates. | |
The Company’s operations are in Canada, which results in exposure to market risks from changes in foreign currency rates. The financial risk is the risk to the Company’s operations that arise from fluctuations in foreign exchange rates and the degree of volatility of these rates. Currently, the Company does not use derivative instruments to reduce its exposure to foreign currency risk. | |
e) Mineral Property Costs. | |
Mineral property exploration costs are expensed as incurred. Mineral property acquisition costs are initially capitalized. When it has been determined that a mineral property can be economically developed as a result of establishing proven and probable reserves, the costs then incurred to develop such property, are capitalized. Such costs will be amortized using the units-of-production method over the estimated life of the probable reserve. If mineral properties are subsequently abandoned or impaired, any capitalized costs will be charged to operations. | |
f) Income Taxes. | |
The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, Income Taxes. The asset and liability method provides that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities and for operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. | |
Interest and penalties on tax deficiencies recognized in accordance with ASC accounting standards are classified as income taxes in accordance with ASC Topic 740-10-50-19. | |
g) Foreign Currency Translation. | |
The functional and reporting currency of the Company is the United States dollar. Monetary assets and liabilities denominated in foreign currencies are translated to United States dollars in accordance with ASC 740 Foreign Currency Translation Matters, using the exchange rate prevailing at the balance sheet date. Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in the determination of income. The Company has not, to the date of these financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations. | |
To the extent that the Company incurs transactions that are not denominated in its functional currency, they are undertaken in Canadian dollars. The Company has not, to the date of these financials statements, entered into derivative instruments to offset the impact of foreign currency fluctuations. | |
h) Stock-based Compensation. | |
The Company records stock-based compensation in accordance with ASC 718, Compensation – Stock Based Compensation and ASC 505, Equity Based Payments to Non-Employees, which requires the measurement and recognition of compensation expense based on estimated fair values for all share-based awards made to employees and directors, including stock options. | |
ASC 718 requires companies to estimate the fair value of share-based awards on the date of grant using an option-pricing model. The Company uses the Black-Scholes option-pricing model as its method of determining fair value. This model is affected by the Company’s stock price as well as assumptions regarding a number of subjective variables. These subjective variables include, but are not limited to the Company’s expected stock price volatility over the term of the awards, and actual and projected employee stock option exercise behaviors. The value of the portion of the award that is ultimately expected to vest is recognized as an expense in the statement of operations over the requisite service period. | |
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. | |
i) Recently Issued Accounting Pronouncements. | |
Recent Developed Accounting Pronouncements | |
Effective January 2013, we adopted FASB ASU No. 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities (ASU 2011-11). The amendments in ASU 2011-11 require the disclosure of information on offsetting and related arrangements for financial and derivative instruments to enable users of its financial statements to understand the effect of those arrangements on its financial position. Amendments under ASU 2011-11 will be applied retrospectively for fiscal years, and interim periods within those years, beginning after January 1, 2013. The adoption of this update did not have a material impact on the consolidated financial statements. | |
Effective January 2013, we adopted FASB ASU No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive (ASU 2013-02). This guidance is the culmination of the FASB’s deliberation on reporting reclassification adjustments from accumulated other comprehensive income (AOCI). The amendments in ASU 2013-02 do not change the current requirements for reporting net income or other comprehensive income. However, the amendments require disclosure of amounts reclassified out of AOCI in its entirety, by component, on the face of the statement of operations or in the notes thereto. Amounts that are not required to be reclassified in their entirety to net income must be cross-referenced to other disclosures that provide additional detail. This standard is effective prospectively for annual and interim reporting periods beginning after December 15, 2012. The adoption of this update did not have a material impact on the consolidated financial statements. | |
New Accounting Pronouncements Not Yet Adopted | |
In February 2013, the FASB issued ASU No. 2013-04, Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date. The amendments in ASU 2013-04 provide guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this Update is fixed at the reporting date, except for obligations addressed within existing guidance in U.S. GAAP. The guidance requires an entity to measure those obligations as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and any additional amount the reporting entity expects to pay on behalf of its co-obligors. The guidance in this Update also requires an entity to disclose the nature and amount of the obligation as well as other information about those obligations. The amendments in this standard are effective retrospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013. We are evaluating the effect, if any, adoption of ASU No. 2013-04 will have on our consolidated financial statements. | |
In March 2013, the FASB issued ASU No. 2013-05, Foreign Currency Matters (Topic 830): Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity. The amendments in ASU No. 2013-05 resolve the diversity in practice about whether Subtopic 810-10, Consolidation—Overall, or Subtopic 830-30, Foreign Currency Matters—Translation of Financial Statements, applies to the release of the cumulative translation adjustment into net income when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business (other than a sale of in substance real estate or conveyance of oil and gas mineral rights) within a foreign entity. In addition, the amendments in this Update resolve the diversity in practice for the treatment of business combinations achieved in stages (sometimes also referred to as step acquisitions) involving a foreign entity. The amendments in this standard are effective prospectively for fiscal years, and interim reporting periods within those years, beginning December 15, 2013. We are evaluating the effect, if any, adoption of ASU No. 2013-05 will have on our consolidated financial statements. | |
In April 2013, the FASB issued ASU No. 2013-07, Presentation of Financial Statements (Top 205): Liquidation Basis of Accounting. The objective of ASU No. 2013-07 is to clarify when an entity should apply the liquidation basis of accounting and to provide principles for the measurement of assets and liabilities under the liquidation basis of accounting, as well as any required disclosures. The amendments in this standard is effective prospectively for entities that determine liquidation is imminent during annual reporting periods beginning after December 15, 2013, and interim reporting periods therein. We are evaluating the effect, if any, adoption of ASU No. 2013-07 will have on our consolidated financial statements. | |
j) Development Stage Company | |
The Company is considered a development stage company, with no operating revenues during the periods presented, as defined by FASB Accounting Standards Codification ASC 915. ACS 915 requires companies to report their operations, shareholders’ deficit and cash flows since inception through the date that revenues are generated from management’s intended operations, among other things. Management has defined inception as April 11, 2011. Since inception, the Company has incurred an operating loss of $5,284,711. The Company’s working capital has been generated through advances from the principal of the Company and solicitation of subscriptions. Management has provided financial data since April 11, 2011 in the financial statements, as a means to provide readers of the Company’s financial information to be able to make informed investment decisions. | |
k) Going Concern | |
The Company is in the development stage and has generated $136,759 in revenues and has incurred a net loss of $7,990,548 since inception April 11, 2011. At March 31, 2015, the Company had $299,132 in current assets and $4,116,584 in current liabilities. Further, the Company incurred a loss of $4,999,179 for the nine months ended March 31, 2015. In view of these conditions, the ability of the Company to continue as a going concern is in substantial doubt and dependent upon achieving a profitable level of operations and on the ability of the Company to obtain necessary financing to fund ongoing operations. To meet these objectives, the Company continues to seek other sources of financing in order to support existing operations and expand the range and scope of its business. However, there are no assurances that any such financing can be obtained on acceptable terms, if at all. These financial statements do not give effect to any adjustments, which would be necessary should the Company be unable to continue as a going concern. | |
Reverse_Merger_Transaction
Reverse Merger Transaction | 9 Months Ended | |||
Mar. 31, 2015 | ||||
Reverse Merger Transaction | ||||
Reverse Merger Transaction | Note 4 – Reverse Merger Transaction | |||
Pursuant to a Share Exchange Agreement dated August 26, 2011, the Company agreed to acquire all of the issued and outstanding shares of Cloud Data in exchange for the issuance of 70,000 shares of the Company’s common stock. The share exchange was treated as a reverse acquisition with Cloud Data deemed the accounting acquirer and the Company deemed the accounting acquiree under the purchase method of accounting, with the former shareholders of Cloud Data controlling approximately 52% of the voting rights after the closing of the transaction. The reverse merger is deemed a recapitalization and the consolidated financial statements represent the continuation of the financial statements of Cloud Data (the accounting acquirer/legal subsidiary) except for its capital structure, and the consolidated financial statements reflect the assets and liabilities of Cloud Data recognized and measured at their carrying value before the combination and the assets and liabilities of the Company (the legal acquiree/legal parent). The equity structure reflects the equity structure of the Company, the legal parent, and the equity structure of Cloud Data, the accounting acquirer, as restated using the exchange ratios established in the share exchange agreement to reflect the number of shares of the legal parent. | ||||
The allocation of the purchase price and adjustment to stockholders’ equity is summarized in the table below: | ||||
Net book value of the Company’s net assets acquired | ||||
Cash | $ | 505 | ||
Amounts receivable | 386 | |||
Prepaid expenses | 668 | |||
Mineral claims acquisition costs | 124,912 | |||
Accounts payable | -47,403 | |||
Due to related parties | -73,734 | |||
Due to former related party | (190,084 | ) | ||
Net assets | $ | (184,750 | ) | |
Adjustment to stockholders’ equity | ||||
Reduction to additional paid-in capital | $ | (177,858 | ) | |
Increase in common stock at par value | 700 | |||
Adjustment to accumulated deficit | (7,592 | ) | ||
Net asset adjustment to equity | $ | (184,750 | ) | |
Intangible_Asset
Intangible Asset | 9 Months Ended |
Mar. 31, 2015 | |
Intangible Asset | |
Intangible Asset | Note 5 – Intangible Asset |
On August 25, 2011, the Company acquired the right, title, and interest in software known as Domain Stutter with an estimated fair value of $140,000 in consideration for the issuance of 70,000 shares of common stock of the Company. Domain Stutter is a system that can auto-host thousands of domains per server and propagate them with unique content. The Company expects the initial software to bring value to the Company for the first five years of its service and as such the software is classified as a definitive asset and is amortized over a 5-year period. As of March 31, 2015, the accumulated amortization is $100,690 and the carrying value is $39,310. | |
On May 5, 2014, the Company purchased intellectual property assets related to Bitcoin mining, Bitcoin pool development and operation and Bitcoin server development for $250,000 from Classic Capital, Inc. The Company expects the intellectual property to bring value to the Company for the first six years of its service and as such the software is classified as a definitive asset and is amortized over a 6-year period. As of March 31, 2015, the accumulated amortization is $37,637 and the carrying value is $212,363. | |
Mineral_Claims
Mineral Claims | 9 Months Ended |
Mar. 31, 2015 | |
Mineral Claims: | |
Mineral Claims | Note 6 – Mineral Claims |
On April 1, 2009, the Company acquired certain assets of First Light Resources, Inc. (“First Light”), namely nine mineral claims located near Wawa in northern Ontario, Canada. The purchase price for the assets was $114,000, payable in cash and/or Company common stock. No cash was paid to First Light and a total of 55 shares of Company common stock were issued to nine designated parties of First Light. The Company also assumed a $10,912 account payable of First Light in connection with this transaction. The total $124,911 purchase consideration in the First Light transaction was allocated to the nine mineral claims which represents First Light’s represented amount of exploration costs on the properties. Title to the mineral claims is being held in trust, on behalf of the Company, by Dog Lake Exploration Inc. (“Dog Lake”). Two of the nine mineral claims were allowed to lapse in fiscal 2009 and four claims remain in good standing as of March 31, 2014. After completion of the First Light transaction both Dog Lake and First Light are considered related parties with the Company due to significant stockholdings in the Company by a director in common between Dog Lake and First Light. | |
On April 1, 2010, Auric Mining Company (“Auric”) entered into an option agreement with the Company to acquire from the Company a fifty-two percent working interest in the mining claims held in trust, on behalf of the Company by Dog Lake Exploration Inc. Auric was to have completed its due diligence prior to the option expiring on September 15, 2011. An extension of the expiration date was granted by the Company pending further negotiations on timing, payment amounts and terms. At the time of the agreement, a director of the Company was also the President of Auric, therefore Auric was considered to be a related party and the option agreement was a related party transaction. | |
On March 22, 2013 the Company decided to no longer support mineral claims and therefore took an asset impairment charge equal to the amount of the mineral claims of $124,911. | |
Related_Party_Transactions
Related Party Transactions | 9 Months Ended |
Mar. 31, 2015 | |
Related Party Transactions: | |
Related Party Transactions | Note 7 – Related Party Transactions |
On August 25, 2011, the Company acquired 100% of the outstanding shares of Cloud Data Corporation in exchange for 70,000 common shares of the Company (Note 4). The acquisition was considered a related party transaction as the Company’s President and Director was also the President and Director of Cloud Data. | |
As of March 31, 2015, $144,404 is due to related parties as compared to $82,282 for the period ended March 31, 2014. | |
The Company is indebted to shareholders for $4,540 as of March 31, 2015 ($4,540 as of March 31, 2014), which is unsecured, non-interest bearing and is due on demand. | |
Due_to_Former_Related_Party
Due to Former Related Party | 9 Months Ended |
Mar. 31, 2015 | |
Due to Former Related Party: | |
Due to Former Related Party | Note 8 – Due to Former Related Party |
As of September 30, 2013, $190,084 was due to the Company’s former President and Director who resigned in June 2007. This amount is non-interest bearing, unsecured and has no specific terms of repayment. | |
On October 11, 2013, Direct Capital acquired the debt and the Company executed an unsecured promissory note. | |
As of March 31, 2015, $0 is due to Former Related Parties (March 31, 2014 - $0). | |
Convertible_Notes_Payable
Convertible Notes Payable | 9 Months Ended | |||
Mar. 31, 2015 | ||||
Convertible Notes Payable {1} | ||||
Convertible Notes Payable | Note 9 – Convertible Notes Payable | |||
March 31, | June 30, | |||
2015 | 2014 | |||
112 BIT Note #1 | 50,000 | - | ||
Adar Bays Note #1 | 26,654 | 50,000 | ||
Adar Bays Note #2 | 150,000 | 150,000 | ||
Adar Bays Note #3 | 33,333 | - | ||
Aladdin Trading Note #1 | 33,140 | - | ||
Classic Capital Note #1 | 150,000 | 150,000 | ||
Classic Capital Note #2 | 50,000 | 50,000 | ||
Classic Capital Note #3 | 50,000 | 50,000 | ||
Coventry Note #2 | - | - | ||
Direct Capital Note #3 | - | 11,000 | ||
Direct Capital Note #4 | - | 11,000 | ||
Direct Capital Note #5 | - | 11,000 | ||
Direct Capital Note #6 | - | 46,215 | ||
Direct Capital Note #7 | 69,889 | 75,089 | ||
Direct Capital Note #10 | - | 16,000 | ||
Direct Capital Note #11 | - | 16,000 | ||
Direct Capital Note #12 | - | 16,000 | ||
Direct Capital Note #13 | - | 16,000 | ||
Direct Capital Note #14 | - | 48,000 | ||
Direct Capital Note #15 | 71,237 | 71,237 | ||
Direct Capital Note #16 | 61,722 | - | ||
Direct Capital Note #17 | 27,000 | - | ||
Direct Capital Note #18 | 82,150 | - | ||
Direct Capital Note #19 | 16,000 | - | ||
Direct Capital Note #20 | 150,000 | - | ||
Direct Capital Note #21 | 150,000 | - | ||
Direct Capital Note #22 | 150,000 | - | ||
Direct Capital Note #23 | 150,000 | - | ||
Direct Capital Note #24 | 360,000 | - | ||
Direct Capital Note #25 | 75,000 | - | ||
Gel Properties Note #3 | - | 60,600 | ||
JMJ Note #1 | - | 33,300 | ||
JMJ Note #2 | 40,279 | 83,250 | ||
KBM Worldwide Note #1 | 5,460 | 37,500 | ||
KBM Worldwide Note #2 | 32,500 | - | ||
LG Capital Note #1 | 30,000 | 30,000 | ||
LG Capital Note #3 | - | 27,000 | ||
LG Capital Note #4 | 40,000 | 40,000 | ||
LG Capital Note #5 | - | - | ||
LG Capital Note #6 | 55,000 | - | ||
New Venture Note #1 | 50,000 | 50,000 | ||
Prolific Note #1 | 20,000 | 20,000 | ||
Union Capital Note #1 | - | 28,516 | ||
Union Capital Note #2 | 81,405 | 97,000 | ||
Union Capital Note #3 | - | - | ||
Union Capital Note #4 | 110,000 | - | ||
Union Capital Note #5 | 32,333 | - | ||
Union Capital Note #6 | 32,333 | - | ||
Union Capital Note #7 | - | - | ||
$ 2,435,435 | $ 1,294,708 | |||
Debt discount | (528,682) | (263,546) | ||
Accrued interest | 186,341 | 62,404 | ||
$ 2,093,094 | $ 1,093,566 | |||
112BIT, LLC Note #1 | ||||
On November 24, 2014, the Company issued a convertible promissory note to 112BIT, LLC. Under the terms of the note, the Company has borrowed a total of $50,000 from 112 BIT, LLC, which accrues interest at an annual rate of 6% and has a maturity date of June 1, 2015. The note also contains customary events of default. During the nine months ended March 31, 2015, the Company accrued $1,044 (nine months ended March 31, 2014 - $0) in interest expense. | ||||
After 180 days from issuance, the note may be converted at the option of the holder into common stock of the Company. The conversion price is 60% of the market price, where market price is defined as “the lowest closing bid price on the OTCBB for the five prior trading days including the day upon which a Notice of Conversion is received by the Company.” | ||||
As of March 31, 2015, principal balance of $50,000 (March 31, 2014 - $0) and accrued interest of $1,044 (March 31, 2014 - $0) was recorded. | ||||
Adar Bays, LLC Note #1 | ||||
On May 19, 2014, the Company issued a convertible promissory note to Adar Bays, LLC. Under the terms of the note, the Company has borrowed a total of $50,000 from Adar Bays, LLC, which accrues interest at an annual rate of 8% and has a maturity date of May 19, 2015. The note also contains customary events of default. During the nine months ended March 31, 2015, the Company accrued $2,522 (nine months ended March 31, 2014 - $0) in interest expense. | ||||
Upon the holder’s option to convert becoming active, the Company recorded a debt discount and derivative liability of $142,413, being the fair value of the conversion feature which was determined using the Black-Scholes valuation model. The debt discount is accreted to the statement of operations using the effective interest rate method over the term of the note or to the date of conversion, and the derivative liability is revalued at each reporting date to fair value. Any change in fair value is credited or charged to the statement of operations in the period. | ||||
During the nine months ended March 31, 2015, the Company recorded a gain of $55,360 (nine months ended March 31, 2014 - $0) due to the change in value of the derivative liability during the period, and a debt discount of $45,266 (nine months ended March 31, 2014 - $0) was accreted to the statement of operations. | ||||
During the nine months ended March 31, 2015, the Company issued 550,100 common shares upon the conversion of $23,346 of the principal balance, and $42,629 of the derivative liability was re-classified as additional paid in capital upon conversion. | ||||
As of March 31, 2015, principal balance of $26,654 (March 31, 2014 - $0), accrued interest of $2,982 (March 31, 2014 - $0), a debt discount of $4,734 (March 31, 2014 - $0) and a derivative liability of $44,424 (March 31, 2014 - $0) was recorded. | ||||
Adar Bays, LLC Note #2 | ||||
On May 27, 2014, the Company issued a convertible promissory note to Adar Bays, LLC. Under the terms of the note, the Company has borrowed a total of $150,000 from Adar Bays, LLC, which accrues interest at an annual rate of 8% and has a maturity date of May 27, 2015. The note also contains customary events of default. During the nine months ended March 31, 2015, the Company accrued $9,008 (nine months ended March 31, 2014 - $0) in interest expense. | ||||
Upon the holder’s option to convert becoming active, the Company recorded a debt discount and derivative liability of $453,113, being the fair value of the conversion feature which was determined using the Black-Scholes valuation model. The debt discount is accreted to the statement of operations using the effective interest rate method over the term of the note or to the date of conversion, and the derivative liability is revalued at each reporting date to fair value. Any change in fair value is credited or charged to the statement of operations in the period. | ||||
During the nine months ended March 31, 2015, the Company recorded a gain of $203,113 (nine months ended March 31, 2014 - $0) due to the change in value of the derivative liability during the period, and a debt discount of $112,877 (nine months ended March 31, 2014 - $0) was accreted to the statement of operations. | ||||
As of March 31, 2015, principal balance of $150,000 (March 31, 2014 - $0), accrued interest of $10,126 (March 31, 2014 - $0), a debt discount of $37,123 (March 31, 2014 - $0) and a derivative liability of $250,000 (March 31, 2014 - $0) was recorded. | ||||
Adar Bays, LLC Note #3 | ||||
On May 27, 2014, the Company issued a convertible promissory note to Adar Bays, LLC. Under the terms of the note, the Company has borrowed a total of $33,333 from Adar Bays, LLC, which accrues interest at an annual rate of 8% and has a maturity date of May 27, 2015. The note also contains customary events of default. During the nine months ended March 31, 2015, the Company accrued $2,309 (nine months ended March 31, 2014 - $0) in interest expense. | ||||
Upon the holder’s option to convert becoming active, the Company recorded a debt discount and derivative liability of $94,941, being the fair value of the conversion feature which was determined using the Black-Scholes valuation model. The debt discount is accreted to the statement of operations using the effective interest rate method over the term of the note or to the date of conversion, and the derivative liability is revalued at each reporting date to fair value. Any change in fair value is credited or charged to the statement of operations in the period. | ||||
During the nine months ended March 31, 2015, the Company recorded a gain of $39,386 (nine months ended March 31, 2014 - $0) due to the change in value of the derivative liability during the period, and a debt discount of $26,627 (nine months ended March 31, 2014 - $0) was accreted to the statement of operations. | ||||
As of March 31, 2015, principal balance of $33,333 (March 31, 2014 - $0), accrued interest of $2,309 (March 31, 2014 - $0), a debt discount of $6,706 (March 31, 2014 - $0) and a derivative liability of $55,555 (March 31, 2014 - $0) was recorded. | ||||
Aladdin Trading, LLC Note #1 | ||||
On November 25, 2014, the Company arranged a debt swap under which a Direct Capital note was transferred to Aladdin Trading, LLC in the amount of $48,000. Under the terms of the note, the Company has borrowed a total of $50,240 from Aladdin Trading, LLC, which includes $2,240 in legal fees, accrues interest at an annual rate of 8% and has a maturity date of November 25, 2015. The note also contains customary events of default. During the nine months ended March 31, 2015, the Company accrued $973 (nine months ended March 31, 2014 - $0) in interest expense. | ||||
Upon the holder’s option to convert becoming active, the Company recorded a debt discount and derivative liability of $151,692, being the fair value of the conversion feature which was determined using the Black-Scholes valuation model. The debt discount is accreted to the statement of operations using the effective interest rate method over the term of the note or to the date of conversion, and the derivative liability is revalued at each reporting date to fair value. Any change in fair value is credited or charged to the statement of operations in the period. | ||||
During the nine months ended March 31, 2015, the Company recorded a gain of $56,881 (nine months ended March 31, 2014 - $0) due to the change in value of the derivative liability during the period, and a debt discount of $30,681 (nine months ended March 31, 2014 - $0) was accreted to the statement of operations. | ||||
During the nine months ended March 31, 2015, the Company issued 285,000 common shares upon the conversion of $17,100 of the principal balance, and $39,578 of the derivative liability was re-classified as additional paid in capital upon conversion. | ||||
As of March 31, 2015, principal balance of $33,140 (March 31, 2014 - $0), accrued interest of $973 (March 31, 2014 - $0), a debt discount of $19,559 (March 31, 2014 - $0) and a derivative liability of $55,233 (March 31, 2014 - $0) was recorded. | ||||
Classic Capital Note #1 | ||||
On May 5, 2014, the Company issued a convertible promissory note to Classic Capital Inc. Under the terms of the note, the Company has borrowed a total of $150,000 from Classic Capital Inc., which accrues interest at an annual rate of 8% and has a maturity date of May 5, 2015. The note also contains customary events of default. During the nine months ended March 31, 2015, the Company accrued $9,008 (nine months ended March 31, 2014 - $0) in interest expense. | ||||
Upon the holder’s option to convert becoming active, the Company recorded a debt discount and derivative liability of $314,959, being the fair value of the conversion feature which was determined using the Black-Scholes valuation model. The debt discount is accreted to the statement of operations using the effective interest rate method over the term of the note or to the date of conversion, and the derivative liability is revalued at each reporting date to fair value. Any change in fair value is credited or charged to the statement of operations in the period. | ||||
During the nine months ended March 31, 2015, the Company recorded a gain of $100,673 (nine months ended March 31, 2014 - $0) due to the change in value of the derivative liability during the period, and a debt discount of $130,616 (nine months ended March 31, 2014 - $0) was accreted to the statement of operations. | ||||
As of March 31, 2015, principal balance of $150,000 (March 31, 2014 - $0), accrued interest of $10,849 (March 31, 2014 - $0), a debt discount of $19,384 (March 31, 2014 - $0) and a derivative liability of $214,286 (March 31, 2014 - $0) was recorded. | ||||
Classic Capital Note #2 | ||||
On May 31, 2014, the Company issued a convertible promissory note to Classic Capital Inc. Under the terms of the note, the Company has borrowed a total of $50,000 from Classic Capital Inc., which accrues interest at an annual rate of 8% and has a maturity date of May 31, 2015. The note also contains customary events of default. During the nine months ended March 31, 2015, the Company accrued $3,003 (nine months ended March 31, 2014 - $0) in interest expense. | ||||
Upon the holder’s option to convert becoming active, the Company recorded a debt discount and derivative liability of $60,909, being the fair value of the conversion feature which was determined using the Black-Scholes valuation model. The debt discount is accreted to the statement of operations using the effective interest rate method over the term of the note or to the date of conversion, and the derivative liability is revalued at each reporting date to fair value. Any change in fair value is credited or charged to the statement of operations in the period. | ||||
During the nine months ended March 31, 2015, the Company recorded a loss of $10,520 (nine months ended March 31, 2014 - $0) due to the change in value of the derivative liability during the period, and a debt discount of $36,397 (nine months ended March 31, 2014 - $0) was accreted to the statement of operations. | ||||
As of March 31, 2015, principal balance of $50,000 (March 31, 2014 - $0), accrued interest of $3,332 (March 31, 2014 - $0), debt discount of $13,603 March 31, 2014 - $0) and a derivative liability of $71,429 (March 31, 2014 - $0) was recorded. | ||||
Classic Capital Note #3 | ||||
On June 30, 2014, the Company issued a convertible promissory note to Classic Capital Inc. Under the terms of the note, the Company has borrowed a total of $50,000 from Classic Capital Inc., which accrues interest at an annual rate of 8% and has a maturity date of June 30, 2015. The note also contains customary events of default. During the nine months ended March 31, 2015, the Company accrued $3,003 (nine months ended March 31, 2014 - $0) in interest expense. | ||||
Upon the holder’s option to convert becoming active, the Company recorded a debt discount and derivative liability of $74,524 being the fair value of the conversion feature which was determined using the Black-Scholes valuation model. The debt discount is accreted to the statement of operations using the effective interest rate method over the term of the note or to the date of conversion, and the derivative liability is revalued at each reporting date to fair value. Any change in fair value is credited or charged to the statement of operations in the period. | ||||
During the nine months ended March 31, 2015, the Company recorded a gain of $3,095 (nine months ended March 31, 2014 - $0) due to the change in value of the derivative liability during the period, and a debt discount of $25,675 (nine months ended March 31, 2014 - $0) was accreted to the statement of operations. | ||||
As of March 31, 2015, principal balance of $50,000 (March 31, 2014 - $0), accrued interest of $3,003 (March 31, 2014 - $0), a debt discount of $24,325 (March 31, 2014 - $0) and a derivative liability of $71,429 (March 31, 2014 - $0) was recorded. | ||||
Coventry Enterprises, LLC Note #2 | ||||
On November 25, 2014, the Company arranged a debt swap under which a Direct Capital note was transferred to Coventry Enterprises, LLC in the amount of $32,000. Under the terms of the note, the Company has borrowed a total of $34,240 from Coventry Enterprises, LLC, which includes $2,240 in legal fees, accrues interest at an annual rate of 8% and has a maturity date of November 25, 2015. The note also contains customary events of default. During the nine months ended March 31, 2015, the Company accrued $167 (nine months ended March 31, 2014 - $0) in interest expense. | ||||
Upon the holder’s option to convert becoming active, the Company recorded a debt discount and derivative liability of $113,390, being the fair value of the conversion feature which was determined using the Black-Scholes valuation model. The debt discount is accreted to the statement of operations using the effective interest rate method over the term of the note or to the date of conversion, and the derivative liability is revalued at each reporting date to fair value. Any change in fair value is credited or charged to the statement of operations in the period. | ||||
During the nine months ended March 31, 2015, the Company recorded a gain of $38,497 (nine months ended March 31, 2014 - $0) due to the change in value of the derivative liability during the period, and a debt discount of $34,240 (nine months ended March 31, 2014 - $0) was accreted to the statement of operations. | ||||
During the nine months ended March 31, 2015, the Company issued 622,545 common shares upon the conversion of $34,240 of the principal balance, and $74,893 of the derivative liability was re-classified as additional paid in capital upon conversion. | ||||
As of March 31, 2015, principal balance of $0 (March 31, 2014 - $0), accrued interest of $167 (March 31, 2014 - $0), a debt discount of $0 (March 31, 2014 - $0) and a derivative liability of $0 (March 31, 2014 - $0) was recorded. | ||||
Direct Capital Group Note #3 | ||||
On July 31, 2013, the Company entered into a Convertible Promissory Note with Direct Capital Group in the sum of $11,000. The promissory note is unsecured, bears interest at 8% per annum, and matures on February 1, 2014. Any principal amount not paid by the maturity date bears interest at 22% per annum. The Conversion Price shall mean par .00001 multiplied by the number of Common Stock converted at the time. The transaction was handled as a private sale exempt from registration under Section 4(2) of the Securities Act of 1933. During the nine months ended March 31, 2015, the Company accrued $756 (March 31, 2014 - $581) in interest expense. | ||||
A portion of the proceeds from issuance of the convertible debt, equal to the intrinsic value, is allocated to additional paid-in capital. Because the debt is due on demand and is convertible at the date of issuance, the valuation of the beneficial conversion feature is charged to interest expense at the date of issuance. | ||||
On the date of issuance, interest expense relating to the beneficial conversion feature of this convertible note of $11,000 was recorded in the financial statements, with a corresponding increase to additional paid in capital. During the nine months ended March 31, 2015, a debt discount of $0 (nine months ended March 31, 2014 - $11,000) was accreted to the statement of operations. | ||||
On October 22, 2014, the Company transferred the note balance of $11,000 to Union Capital, LLC. | ||||
As of March 31, 2015, principal balance of $0 (March 31, 2014 - $11,000), accrued interest of $2,185 (March 31, 2014 - $581) and a debt discount of $0 (March 31, 2014 - $0) was recorded. | ||||
Direct Capital Group Note #4 | ||||
On August 31, 2013 the Company entered into a Convertible Promissory Note with Direct Capital Group in the sum of $11,000. The promissory note is unsecured, bears interest at 8% per annum, and matures on March 1, 2014. Any principal amount not paid by the maturity date bears interest at 22% per annum. The Conversion Price shall mean par .00001 multiplied by the number of Common Stock converted at the time. The transaction was handled as a private sale exempt from registration under Section 4(2) of the Securities Act of 1933. During the nine months ended March 31, 2015, the Company accrued $524 (March 31, 2014 - $506) in interest expense. | ||||
A portion of the proceeds from issuance of the convertible debt, equal to the intrinsic value, is allocated to additional paid-in capital. Because the debt is due on demand and is convertible at the date of issuance, the valuation of the beneficial conversion feature is charged to interest expense at the date of issuance. | ||||
On the date of issuance, interest expense relating to the beneficial conversion feature of this convertible note of $11,000 was recorded in the financial statements, with a corresponding increase to additional paid in capital. During the nine months ended March 31, 2015, a debt discount of $0 (nine months ended March 31, 2014 - $11,000) was accreted to the statement of operations. | ||||
On September 17, 2014, the Company transferred the note balance of $11,000 to LG Capital Funding, LLC. | ||||
As of March 31, 2015, principal balance of $0 (March 31, 2014 - $11,000), accrued interest of $1,760 (March 31, 2014 - $506) and a debt discount of $0 (March 31, 2014 - $0) was recorded. | ||||
Direct Capital Group Note #5 | ||||
On September 30, 2013 the Company entered into a Convertible Promissory Note with Direct Capital Group in the sum of $11,000. The promissory note is unsecured, bears interest at 8% per annum, and matures on April 1, 2014. Any principal amount not paid by the maturity date bears interest at 22% per annum. The Conversion Price shall mean par .00001 multiplied by the number of Common Stock converted at the time. The transaction was handled as a private sale exempt from registration under Section 4(2) of the Securities Act of 1933. During the nine months ended March 31, 2015, the Company accrued $524 (March 31, 2014 - $434) in interest expense. | ||||
A portion of the proceeds from issuance of the convertible debt, equal to the intrinsic value, is allocated to additional paid-in capital. Because the debt is due on demand and is convertible at the date of issuance, the valuation of the beneficial conversion feature is charged to interest expense at the date of issuance. | ||||
On the date of issuance, interest expense relating to the beneficial conversion feature of this convertible note of $11,000 was recorded in the financial statements, with a corresponding increase to additional paid in capital. During the nine months ended March 31, 2015, a debt discount of $0 (nine months ended March 31, 2014 - $10,970) was accreted to the statement of operations. | ||||
On September 17, 2014, the Company transferred the note balance of $11,000 to LG Capital Funding, LLC. | ||||
As of March 31, 2015, principal balance of $0 (March 31, 2014 - $11,000), accrued interest of $1,554 (March 31, 2014 - $434) and debt discount of $0 (March 31, 2014 - $30) was recorded. | ||||
Direct Capital Group Note #6 | ||||
On September 30, 2013 the Company entered into a Convertible Promissory Note with Direct Capital Group in the sum of $46,215. The promissory note is unsecured, bears interest at 8% per annum, and matures on April 1, 2014. Any principal amount not paid by the maturity date bears interest at 22% per annum. The Conversion Price shall mean par .00001 multiplied by the number of Common Stock converted at the time. The transaction was handled as a private sale exempt from registration under Section 4(2) of the Securities Act of 1933. During the nine months ended March 31, 2015, the Company accrued $501 (March 31, 2014 - $1,824) in interest expense. | ||||
A portion of the proceeds from issuance of the convertible debt, equal to the intrinsic value, is allocated to additional paid-in capital. Because the debt is due on demand and is convertible at the date of issuance, the valuation of the beneficial conversion feature is charged to interest expense at the date of issuance. | ||||
On the date of issuance, interest expense relating to the beneficial conversion feature of this convertible note of $46,215 was recorded in the financial statements, with a corresponding increase to additional paid in capital. During the nine months ended March 31, 2015, a debt discount of $0 (nine months ended March 31, 2014 - $46,090) was accreted to the statement of operations. | ||||
On July 18, 2014, the Company transferred the note balance of $46,215 to Union Capital, LLC. | ||||
As of March 31, 2015, principal balance of $0 (March 31, 2014 - $46,215), accrued interest of $4,831 (March 31, 2014 - $1,824) and a debt discount of $0 (March 31, 2014 - $125) was recorded. | ||||
Direct Capital Group Note #7 | ||||
On October 11, 2013, the Company arranged a debt swap whereas Direct Capital Group acquired the debt from a former related party in the amount $190,084. The promissory note is unsecured, bears interest at 6% per annum. During the nine months ending March 31, 2015, the Company accrued $6,402 (nine months ended March 31, 2014 - $4,359) in interest expense. | ||||
Upon the holder’s option to convert becoming active the Company recorded a debt discount and derivative liability of $218,091 being the fair value of the conversion feature which was determined using the Black-Scholes valuation model. The debt discount is accreted to the statement of operations using the effective interest rate method over the term of the note or to the date of conversion, and the derivative liability is revalued at each reporting date to fair value. Any change in fair value is credited or charged to the statement of operations in the period. | ||||
During the nine months ended March 31, 2015, the Company recorded a loss of $30,923 (nine months ended March 31, 2014 – gain of $97,156) due to the change in value of the derivative liability during the period, and a debt discount of $0 (nine months ended March 31, 2014 - $151,338) was accreted to the statement of operations. | ||||
On January 31, 2014, the Company transferred $50,000 of the note to Coventry Enterprises, LLC and $25,000 of the note to Prolific Group, LLC. | ||||
During the nine months ended March 31, 2015, the Company issued 628,000 common shares upon the conversion of $5,200 of the principal balance, and $10,669 of the derivative liability was re-classified as additional paid in capital upon conversion. | ||||
As of March 31, 2015, principal balance of $69,889 (March 31, 2014 - $82,504), accrued interest of $11,929 (March 31, 2014 - $4,359), debt discount of $0 (March 31, 2014 - $38,746) and a derivative liability of $107,521 (March 31, 2014 - $95,550) was recorded. | ||||
Direct Capital Group Note #10 | ||||
On December 31, 2013 the Company entered into a Convertible Promissory Note with Direct Capital Group in the sum of $16,000. The promissory note is unsecured, bears interest at 8% per annum, and matures on July 1, 2014. Any principal amount not paid by the maturity date bears interest at 22% per annum. The Conversion Price shall mean par .00001 multiplied by the number of Common Stock converted at the time. The transaction was handled as a private sale exempt from registration under Section 4(2) of the Securities Act of 1933. During the nine months ended March 31, 2015, the Company accrued $164 (March 31, 2014 - $312) in interest expense. | ||||
A portion of the proceeds from issuance of the convertible debt, equal to the intrinsic value, is allocated to additional paid-in capital. Because the debt is due on demand and is convertible at the date of issuance, the valuation of the beneficial conversion feature is charged to interest expense at the date of issuance. | ||||
On the date of issuance, interest expense relating to the beneficial conversion feature of this convertible note of $16,000 was recorded in the financial statements, with a corresponding increase to additional paid in capital. During the nine months ended March 31, 2015, a debt discount of $44 (nine months ended March 31, 2014 - $7,912) was accreted to the statement of operations. | ||||
On July 18, 2014, the Company transferred the note balance of $16,000 to Union Capital, LLC. | ||||
As of March 31, 2015, principal balance of $0 (March 31, 2014 - $16,000), accrued interest of $795 (March 31, 2014 - $312) and debt discount of $0 (March 31, 2014 - $8,088) was recorded. | ||||
Direct Capital Group Note #11 | ||||
On January 31, 2014 the Company entered into a Convertible Promissory Note with Direct Capital Group in the sum of $16,000. The promissory note is unsecured, bears interest at 8% per annum, and matures on August 1, 2014. Any principal amount not paid by the maturity date bears interest at 22% per annum. The Conversion Price shall mean par .00001 multiplied by the number of Common Stock converted at the time. The transaction was handled as a private sale exempt from registration under Section 4(2) of the Securities Act of 1933. During the nine months ended March 31, 2015, the Company accrued $63 (March 31, 2014 - $207) in interest expense. | ||||
A portion of the proceeds from issuance of the convertible debt, equal to the intrinsic value, is allocated to additional paid-in capital. Because the debt is due on demand and is convertible at the date of issuance, the valuation of the beneficial conversion feature is charged to interest expense at the date of issuance. | ||||
On the date of issuance, interest expense relating to the beneficial conversion feature of this convertible note of $16,000 was recorded in the financial statements, with a corresponding increase to additional paid in capital. During the nine months ended March 31, 2015, a debt discount of $1,901 (nine months ended March 31, 2014 - $5,187) was accreted to the statement of operations. | ||||
On July 18, 2014, the Company transferred the note balance of $16,000 to Union Capital, LLC. | ||||
As of March 31, 2015, principal balance of $0 (March 31, 2014 - $16,000), accrued interest of $589 (March 31, 2014 - $207) and debt discount of $0 (March 31, 2014 - $10,813) was recorded. | ||||
Direct Capital Group Note #12 | ||||
On February 28, 2014 the Company entered into a Convertible Promissory Note with Direct Capital Group in the sum of $16,000. The promissory note is unsecured, bears interest at 8% per annum, and matures on September 1, 2014. Any principal amount not paid by the maturity date bears interest at 22% per annum. The Conversion Price shall mean par .00001 multiplied by the number of Common Stock converted at the time. The transaction was handled as a private sale exempt from registration under Section 4(2) of the Securities Act of 1933. During the nine months ended March 31, 2015, the Company accrued $501 (March 31, 2014 - $109) in interest expense. | ||||
A portion of the proceeds from issuance of the convertible debt, equal to the intrinsic value, is allocated to additional paid-in capital. Because the debt is due on demand and is convertible at the date of issuance, the valuation of the beneficial conversion feature is charged to interest expense at the date of issuance. | ||||
On the date of issuance, interest expense relating to the beneficial conversion feature of this convertible note of $16,000 was recorded in the financial statements, with a corresponding increase to additional paid in capital. During the nine months ended March 31, 2015, a debt discount of $4,536 (nine months ended March 31, 2014 - $2,681) was accreted to the statement of operations. | ||||
On September 17, 2014, the Company transferred the note balance of $16,000 to LG Capital Funding, LLC. | ||||
As of March 31, 2015, principal balance of $0 (March 31, 2014 - $16,000), accrued interest of $929 (March 31, 2014 - $501) and debt discount of $0 (March 31, 2014 - $13,319) was recorded. | ||||
Direct Capital Group Note #13 | ||||
On March 31, 2014 the Company entered into a Convertible Promissory Note with Direct Capital Group in the sum of $16,000. The promissory note is unsecured, bears interest at 8% per annum, and matures on October 1, 2014. Any principal amount not paid by the maturity date bears interest at 22% per annum. The Conversion Price shall mean par .00001 multiplied by the number of Common Stock converted at the time. The transaction was handled as a private sale exempt from registration under Section 4(2) of the Securities Act of 1933. During the nine months ended March 31, 2015, the Company accrued $323 (March 31, 2014 - $0) in interest expense. | ||||
A portion of the proceeds from issuance of the convertible debt, equal to the intrinsic value, is allocated to additional paid-in capital. Because the debt is due on demand and is convertible at the date of issuance, the valuation of the beneficial conversion feature is charged to interest expense at the date of issuance. | ||||
On the date of issuance, interest expense relating to the beneficial conversion feature of this convertible note of $16,000 was recorded in the financial statements, with a corresponding increase to additional paid in capital. During the nine months ended March 31, 2015, a debt discount of $8,087 (nine months ended March 31, 2014 - $0) was accreted to the statement of operations. | ||||
On September 17, 2014, the Company transferred the note balance of $11,000 to LG Capital Funding, LLC. | ||||
As of March 31, 2015, principal balance of $0 (March 31, 2014 - $16,000), accrued interest of $642 (March 31, 2014 - $0) and debt discount of $0 (March 31, 2014 - $16,000) was recorded. | ||||
Direct Capital Group Note #14 | ||||
On April 30, 2014 the Company entered into a Convertible Promissory Note with Direct Capital Group in the sum of $48,000. The promissory note is unsecured, bears interest at 8% per annum, and matures on November 1, 2014. Any principal amount not paid by the maturity date bears interest at 22% per annum. The Conversion Price shall mean par .00001 multiplied by the number of Common Stock converted at the time. The transaction was handled as a private sale exempt from registration under Section 4(2) of the Securities Act of 1933. During the nine months ended March 31, 2015, the Company accrued $1,557 (March 31, 2014 - $0) in interest expense. | ||||
A portion of the proceeds from issuance of the convertible debt, equal to the intrinsic value, is allocated to additional paid-in capital. Because the debt is due on demand and is convertible at the date of issuance, the valuation of the beneficial conversion feature is charged to interest expense at the date of issuance. | ||||
On the date of issuance, interest expense relating to the beneficial conversion feature of this convertible note of $48,000 was recorded in the financial statements, with a corresponding increase to additional paid in capital. During the nine months ended March 31, 2015, a debt discount of $32,173 (nine months ended March 31, 2014 - $0) was accreted to the statement of operations. | ||||
On November 25, 2014, the Company transferred the note balance of $48,000 to Aladdin Trading, LLC. | ||||
As of March 31, 2015, principal balance of $0 (March 31, 2014 - $0), accrued interest of $2,199 (March 31, 2014 - $0) and debt discount of $0 (March 31, 2014 - $0) was recorded. | ||||
Direct Capital Group Note #15 | ||||
On June 1, 2014 the Company entered into a Promissory Note with Direct Capital Group in the sum of $71,237. The promissory note is unsecured, bears interest at 8% per annum, and is due on demand or in increments. During the nine months ended March 31, 2015, the Company accrued $4,278 (March 31, 2014 - $0) in interest expense. | ||||
As of March 31, 2015, principal balance of $71,237 (March 31, 2014 - $0) and accrued interest of $4,731 (March 31, 2014 - $0) was recorded. | ||||
Direct Capital Group Note #16 | ||||
On July 1, 2014 the Company entered into a Promissory Note with Direct Capital Group in the sum of $61,722. The promissory note is unsecured, bears interest at 8% per annum, and is due on demand or in increments. During the nine months ended March 31, 2015, the Company accrued $3,693 (March 31, 2014 - $0) in interest expense. | ||||
As of March 31, 2015, principal balance of $61,722 (March 31, 2014 - $0) and accrued interest of $3,693 (March 31, 2014 - $0) was recorded. | ||||
Direct Capital Group Note #17 | ||||
On July 31, 2014 the Company entered into a Convertible Promissory Note with Direct Capital Group in the sum of $48,000. The promissory note is unsecured, bears interest at 8% per annum, and matures on February 1, 2015. Any principal amount not paid by the maturity date bears interest at 22% per annum. The Conversion Price shall mean par .00001 multiplied by the number of Common Stock converted at the time. The transaction was handled as a private sale exempt from registration under Section 4(2) of the Securities Act of 1933. During the nine months ended March 31, 2015, the Company accrued $2,421 (March 31, 2014 - $0) in interest expense. | ||||
A portion of the proceeds from issuance of the convertible debt, equal to the intrinsic value, is allocated to additional paid-in capital. Because the debt is due on demand and is convertible at the date of issuance, the valuation of the beneficial conversion feature is charged to interest expense at the date of issuance. | ||||
On the date of issuance, interest expense relating to the beneficial conversion feature of this convertible note of $48,000 was recorded in the financial statements, with a corresponding increase to additional paid in capital. During the nine months ended March 31, 2015, a debt discount of $48,000 (nine months ended March 31, 2014 - $0) was accreted to the statement of operations. | ||||
On October 22, 2014, the Company transferred the note balance of $21,000 to Union Capital, LLC. | ||||
As of March 31, 2015, principal balance of $27,000 (March 31, 2014 - $0), accrued interest of $2,421 (March 31, 2014 - $0) and debt discount of $0 (March 31, 2014 - $0) was recorded. | ||||
Direct Capital Group Note #18 | ||||
On August 1, 2014 the Company entered into a Promissory Note with Direct Capital Group in the sum of $82,150. The promissory note is unsecured, bears interest at 8% per annum, and is due on demand or in increments. During the nine months ended March 31, 2015, the Company accrued $4,357 (March 31, 2014 - $0) in interest expense. | ||||
As of March 31, 2015, principal balance of $82,150 (March 31, 2014 - $0) and accrued interest of $4,357 (March 31, 2014 - $0) was recorded. | ||||
Direct Capital Group Note #19 | ||||
On October 1, 2014 the Company entered into a Convertible Promissory Note with Direct Capital Group in the sum of $48,000. The promissory note is unsecured, bears interest at 8% per annum, and matures on April 1, 2015. Any principal amount not paid by the maturity date bears interest at 22% per annum. The Conversion Price shall mean par .00001 multiplied by the number of Common Stock converted at the time. The transaction was handled as a private sale exempt from registration under Section 4(2) of the Securities Act of 1933. During the nine months ended March 31, 2015, the Company accrued $1,021 (March 31, 2014 - $0) in interest expense. | ||||
A portion of the proceeds from issuance of the convertible debt, equal to the intrinsic value, is allocated to additional paid-in capital. Because the debt is due on demand and is convertible at the date of issuance, the valuation of the beneficial conversion feature is charged to interest expense at the date of issuance. | ||||
On the date of issuance, interest expense relating to the beneficial conversion feature of this convertible note of $48,000 was recorded in the financial statements, with a corresponding increase to additional paid in capital. During the nine months ended March 31, 2015, a debt discount of $47,956 (nine months ended March 31, 2014 - $0) was accreted to the statement of operations. | ||||
On November 25, 2014, the Company transferred the note balance of $32,000 to Coventry Enterprises, LLC. | ||||
As of March 31, 2015, principal balance of $16,000 (March 31, 2014 - $0), accrued interest of $1,021 (March 31, 2014 - $0) and debt discount of $44 (March 31, 2014 - $0) was recorded. | ||||
Direct Capital Group Note #20 | ||||
On October 1, 2014 the Company entered into a Convertible Promissory Note with Direct Capital Group in the sum of $150,000. The promissory note is unsecured, bears interest at 8% per annum, and matures on April 1, 2015. Any principal amount not paid by the maturity date bears interest at 22% per annum. The Conversion Price shall mean par .00001 multiplied by the number of Common Stock converted at the time. The transaction was handled as a private sale exempt from registration under Section 4(2) of the Securities Act of 1933. During the nine months ended March 31, 2015, the Company accrued $5,951 (March 31, 2014 - $0) in interest expense. | ||||
A portion of the proceeds from issuance of the convertible debt, equal to the intrinsic value, is allocated to additional paid-in capital. Because the debt is due on demand and is convertible at the date of issuance, the valuation of the beneficial conversion feature is charged to interest expense at the date of issuance. | ||||
On the date of issuance, interest expense relating to the beneficial conversion feature of this convertible note of $150,000 was recorded in the financial statements, with a corresponding increase to additional paid in capital. During the nine months ended March 31, 2015, a debt discount of $149,588 (nine months ended March 31, 2014 - $0) was accreted to the statement of operations. | ||||
As of March 31, 2015, principal balance of $150,000 (March 31, 2014 - $0), accrued interest of $5,951 (March 31, 2014 - $0) and debt discount of $412 (March 31, 2014 - $0) was recorded. | ||||
Direct Capital Group Note #21 | ||||
On October 2, 2014 the Company entered into a Convertible Promissory Note with Direct Capital Group in the sum of $150,000. The promissory note is unsecured, bears interest at 8% per annum, and matures on April 2, 2015. Any principal amount not paid by the maturity date bears interest at 22% per annum. The Conversion Price shall mean par .00001 multiplied by the number of Common Stock converted at the time. The transaction was handled as a private sale exempt from registration under Section 4(2) of the Securities Act of 1933. During the nine months ended March 31, 2015, the Company accrued $5,918 (March 31, 2014 - $0) in interest expense. | ||||
A portion of the proceeds from issuance of the convertible debt, equal to the intrinsic value, is allocated to additional paid-in capital. Because the debt is due on demand and is convertible at the date of issuance, the valuation of the beneficial conversion feature is charged to interest expense at the date of issuance. | ||||
On the date of issuance, interest expense relating to the beneficial conversion feature of this convertible note of $150,000 was recorded in the financial statements, with a corresponding increase to additional paid in capital. During the nine months ended March 31, 2015, a debt discount of $149,167 (nine months ended March 31, 2014 - $0) was accreted to the statement of operations. | ||||
As of March 31, 2015, principal balance of $150,000 (March 31, 2014 - $0), accrued interest of $5,918 (March 31, 2014 - $0) and debt discount of $833 (March 31, 2014 - $0) was recorded. | ||||
Direct Capital Group Note #22 | ||||
On October 3, 2014 the Company entered into a Convertible Promissory Note with Direct Capital Group in the sum of $150,000. The promissory note is unsecured, bears interest at 8% per annum, and matures on April 3, 2015. Any principal amount not paid by the maturity date bears interest at 22% per annum. The Conversion Price shall mean par .00001 multiplied by the number of Common Stock converted at the time. The transaction was handled as a private sale exempt from registration under Section 4(2) of the Securities Act of 1933. During the nine months ended March 31, 2015, the Company accrued $5,885 (March 31, 2014 - $0) in interest expense. | ||||
A portion of the proceeds from issuance of the convertible debt, equal to the intrinsic value, is allocated to additional paid-in capital. Because the debt is due on demand and is convertible at the date of issuance, the valuation of the beneficial conversion feature is charged to interest expense at the date of issuance. | ||||
On the date of issuance, interest expense relating to the beneficial conversion feature of this convertible note of $150,000 was recorded in the financial statements, with a corresponding increase to additional paid in capital. During the nine months ended March 31, 2015, a debt discount of $148,737 (nine months ended March 31, 2014 - $0) was accreted to the statement of operations. | ||||
As of March 31, 2015, principal balance of $150,000 (March 31, 2014 - $0), accrued interest of $5,885 (March 31, 2014 - $0) and debt discount of $1,263 (March 31, 2014 - $0) was recorded. | ||||
Direct Capital Group Note #23 | ||||
On October 4, 2014 the Company entered into a Convertible Promissory Note with Direct Capital Group in the sum of $150,000. The promissory note is unsecured, bears interest at 8% per annum, and matures on April 4, 2015. Any principal amount not paid by the maturity date bears interest at 22% per annum. The Conversion Price shall mean par .00001 multiplied by the number of Common Stock converted at the time. The transaction was handled as a private sale exempt from registration under Section 4(2) of the Securities Act of 1933. During the nine months ended March 31, 2015, the Company accrued $5,852 (March 31, 2014 - $0) in interest expense. | ||||
A portion of the proceeds from issuance of the convertible debt, equal to the intrinsic value, is allocated to additional paid-in capital. Because the debt is due on demand and is convertible at the date of issuance, the valuation of the beneficial conversion feature is charged to interest expense at the date of issuance. | ||||
On the date of issuance, interest expense relating to the beneficial conversion feature of this convertible note of $150,000 was recorded in the financial statements, with a corresponding increase to additional paid in capital. During the nine months ended March 31, 2015, a debt discount of $148,297 (nine months ended March 31, 2014 - $0) was accreted to the statement of operations. | ||||
As of March 31, 2015, principal balance of $150,000 (March 31, 2014 - $0), accrued interest of $5,852 (March 31, 2014 - $0) and debt discount of $1,703 (March 31, 2014 - $0) was recorded. | ||||
Direct Capital Group Note #24 | ||||
On January 1, 2015 the Company entered into a Convertible Promissory Note with Direct Capital Group in the sum of $360,000. The promissory note is unsecured, bears interest at 8% per annum, and matures on July 1, 2015. Any principal amount not paid by the maturity date bears interest at 22% per annum. The Conversion Price shall mean par .00001 multiplied by the number of Common Stock converted at the time. The transaction was handled as a private sale exempt from registration under Section 4(2) of the Securities Act of 1933. During the nine months ended March 31, 2015, the Company accrued $7,022 (March 31, 2014 - $0) in interest expense. | ||||
A portion of the proceeds from issuance of the convertible debt, equal to the intrinsic value, is allocated to additional paid-in capital. Because the debt is due on demand and is convertible at the date of issuance, the valuation of the beneficial conversion feature is charged to interest expense at the date of issuance. | ||||
On the date of issuance, interest expense relating to the beneficial conversion feature of this convertible note of $360,000 was recorded in the financial statements, with a corresponding increase to additional paid in capital. During the nine months ended March 31, 2015, a debt discount of $177,017 (nine months ended March 31, 2014 - $0) was accreted to the statement of operations. | ||||
As of March 31, 2015, principal balance of $360,000 (March 31, 2014 - $0), accrued interest of $7,022 (March 31, 2014 - $0) and debt discount of $182,983 (March 31, 2014 - $0) was recorded. | ||||
Direct Capital Group Note #25 | ||||
On January 2, 2015 the Company entered into a Convertible Promissory Note with Direct Capital Group in the sum of $75,000. The promissory note is unsecured, bears interest at 8% per annum, and matures on July 2, 2015. Any principal amount not paid by the maturity date bears interest at 22% per annum. The Conversion Price shall mean par .00001 multiplied by the number of Common Stock converted at the time. The transaction was handled as a private sale exempt from registration under Section 4(2) of the Securities Act of 1933. During the nine months ended March 31, 2015, the Company accrued $1,447 (March 31, 2014 - $0) in interest expense. | ||||
A portion of the proceeds from issuance of the convertible debt, equal to the intrinsic value, is allocated to additional paid-in capital. Because the debt is due on demand and is convertible at the date of issuance, the valuation of the beneficial conversion feature is charged to interest expense at the date of issuance. | ||||
On the date of issuance, interest expense relating to the beneficial conversion feature of this convertible note of $75,000 was recorded in the financial statements, with a corresponding increase to additional paid in capital. During the nine months ended March 31, 2015, a debt discount of $36,464 (nine months ended March 31, 2014 - $0) was accreted to the statement of operations. | ||||
As of March 31, 2015, principal balance of $75,000 (March 31, 2014 - $0), accrued interest of $1,447 (March 31, 2014 - $0) and debt discount of $38,536 (March 31, 2014 - $0) was recorded. | ||||
Gel Properties Note #3 | ||||
On May 27, 2014, the Company arranged a debt swap under which a Direct Capital note for $75,000 was transferred to Gel Properties, LLC. The promissory note is unsecured, bears interest at 6% per annum and matures on May 27, 2015. The note also contains customary events of default. During the nine months ended March 31, 2015, the Company accrued $363 (nine months ended March 31, 2014 - $0) in interest expense. | ||||
Upon the holder’s option to convert becoming active, the Company recorded a debt discount and derivative liability of $161,019, being the fair value of the conversion feature which was determined using the Black-Scholes valuation model. The debt discount is accreted to the statement of operations using the effective interest rate method over the term of the note or to the date of conversion, and the derivative liability is revalued at each reporting date to fair value. Any change in fair value is credited or charged to the statement of operations in the period. | ||||
During the nine months ended March 31, 2015, the Company recorded a loss of $3,810 (nine months ended March 31, 2014 - $0) due to the change in value of the derivative liability during the period, and a debt discount of $54,955 (nine months ended March 31, 2014 - $0) was accreted to the statement of operations. | ||||
During the nine months ended March 31, 2015, the Company issued 84,686 common shares upon the conversion of $60,600 of the principal balance and $874 in interest, and $81,200 of the derivative liability was re-classified as additional paid in capital upon conversion. | ||||
As of March 31, 2015, principal balance of $0 (March 31, 2014 - $0), accrued interest of $0 (March 31, 2014 - $0), debt discount of $0 (March 31, 2014 - $0) and a derivative liability of $0 (March 31, 2014 - $0) was recorded. | ||||
JMJ Financial Note #1 | ||||
On July 18, 2013, the Company issued a convertible promissory note to JMJ Financial, LLC. Under the terms of the note, the Company borrowed $27,750 on July18, 2013 and $33,300 on February 20, 2014 for a total of $61,050 from JMJ Financial. In the event the Company does not repay note on or within 90 days of the date the funds were distributed, a one-time interest charge of 12% will be applied to the principal balance. The note has a maturity date of July 18, 2014 for the first payment and February 20, 2015 for the second payment. The note also contains customary events of default. During the nine months ended March 31, 2015, the Company accrued $0 (nine months ended March 31, 2014 - $3,300) in interest expense. | ||||
Upon the holder’s option to convert becoming active the Company recorded a debt discount and derivative liability of $76,527 being the fair value of the conversion feature which was determined using the Black-Scholes valuation model. The debt discount is accreted to the statement of operations using the effective interest rate method over the term of the note or to the date of conversion, and the derivative liability is revalued at each reporting date to fair value. Any change in fair value is credited or charged to the statement of operations in the period. | ||||
During the nine months ended March 31, 2015, the Company recorded a gain of $3,648 (nine months ended March 31, 2014 - $13,577) due to the change in value of the derivative liability during the period, and a debt discount of $21,440 (nine months ended March 31, 2014 - $28,130) was accreted to the statement of operations. | ||||
During the nine months ended March 31, 2015, the Company issued 97,653 common shares upon the conversion of $33,300 of the principal balance and $3,996 of interest, and $41,380 of the derivative liability was re-classified as additional paid in capital upon conversion. | ||||
As of March 31, 2015, principal balance of $0 (March 31, 2014 - $0), accrued interest of $0 (March 31, 2014 - $3,300), debt discount of $0 (March 31, 2014 - $0) and a derivative liability of $0 (March 31, 2014 - $0) was recorded. | ||||
JMJ Financial Note #2 | ||||
On April 16, 2014, the Company issued a convertible promissory note to JMJ Financial, LLC. Under the terms of the note, the Company borrowed $49,950 on April 16, 2014 and $33,300 on June 23, 2014 for a total of $83,250 from JMJ Financial. In the event the Company does not repay note on or within 90 days of the date the funds were distributed, a one-time interest charge of 12% will be applied to the principal balance. The note has a maturity date of April 16, 2015 for the first payment and June 23, 2015 for the second payment. The note also contains customary events of default. During the nine months ended March 31, 2015, the Company accrued $9,990 (nine months ended March 31, 2014 - $0) in interest expense. | ||||
Upon the holder’s option to convert becoming active the Company recorded a debt discount and derivative liability of $414,278 being the fair value of the conversion feature which was determined using the Black-Scholes valuation model. The debt discount is accreted to the statement of operations using the effective interest rate method over the term of the note or to the date of conversion, and the derivative liability is revalued at each reporting date to fair value. Any change in fair value is credited or charged to the statement of operations in the period. | ||||
During the nine months ended March 31, 2015, the Company recorded a loss of $36,543 (nine months ended March 31, 2014 - $0) due to the change in value of the derivative liability during the period, and a debt discount of $69,189 (nine months ended March 31, 2014 - $0) was accreted to the statement of operations. | ||||
During the nine months ended March 31, 2015, the Company issued 619,415 common shares upon the conversion of $42,971 of the principal balance, and $81,981 of the derivative liability was re-classified as additional paid in capital upon conversion. | ||||
As of March 31, 2015, principal balance of $40,279 (March 31, 2014 - $0), accrued interest of $9,990 (March 31, 2014 - $0), debt discount of $3,158 (March 31, 2014 - $0) and a derivative liability of $67,132 (March 31, 2014 - $0) was recorded. | ||||
KBM Worldwide Note #1 | ||||
On April 11, 2014, the Company issued a convertible promissory note to KBM Worldwide, Inc. Under the terms of the note, the Company has borrowed a total of $37,500 from KBM Worldwide, Inc., which accrues interest at an annual rate of 8% and has a maturity date of January 15, 2015. The note also contains customary events of default. During the nine months ended March 31, 2015, the Company accrued $1,561 (nine months ended March 31, 2014 - $0) in interest expense. | ||||
Upon the holder’s option to convert becoming active the Company recorded a debt discount and derivative liability of $42,549 being the fair value of the conversion feature which was determined using the Black-Scholes valuation model. The debt discount is accreted to the statement of operations using the effective interest rate method over the term of the note or to the date of conversion, and the derivative liability is revalued at each reporting date to fair value. Any change in fair value is credited or charged to the statement of operations in the period. | ||||
During the nine months ended March 31, 2015, the Company recorded a loss of $35,273 (nine months ended March 31, 2014 - $0) due to the change in value of the derivative liability during the period, and a debt discount of $37,500 (nine months ended March 31, 2014 - $0) was accreted to the statement of operations. | ||||
During the nine months ended March 31, 2015, the Company issued 412,200 common shares upon the conversion of $32,040 of the principal balance, and $70,762 of the derivative liability was re-classified as additional paid in capital upon conversion. | ||||
As of March 31, 2015, principal balance of $5,460 (March 31, 2014 - $0), accrued interest of $2,219 (March 31, 2014 - $0), debt discount of $0 (March 31, 2014 - $0) and a derivative liability of $7,060 (March 31, 2014 - $0) was recorded. | ||||
KBM Worldwide Note #2 | ||||
On July 15, 2014, the Company issued a convertible promissory note to KBM Worldwide, Inc. Under the terms of the note, the Company has borrowed a total of $32,500 from KBM Worldwide, Inc., which accrues interest at an annual rate of 8% and has a maturity date of April 17, 2015. The note also contains customary events of default. During the nine months ended March 31, 2015, the Company accrued $1,845 (nine months ended March 31, 2014 - $0) in interest expense. | ||||
Upon the holder’s option to convert becoming active the Company recorded a debt discount and derivative liability of $55,795 being the fair value of the conversion feature which was determined using the Black-Scholes valuation model. The debt discount is accreted to the statement of operations using the effective interest rate method over the term of the note or to the date of conversion, and the derivative liability is revalued at each reporting date to fair value. Any change in fair value is credited or charged to the statement of operations in the period. | ||||
During the nine months ended March 31, 2015, the Company recorded a gain of $13,770 (nine months ended March 31, 2014 - $0) due to the change in value of the derivative liability during the period, and a debt discount of $26,684 (nine months ended March 31, 2014 - $0) was accreted to the statement of operations. | ||||
As of March 31, 2015, principal balance of $32,500 (March 31, 2014 - $0), accrued interest of $1,845 (March 31, 2014 - $0), debt discount of $5,816 (March 31, 2014 - $0) and a derivative liability of $42,025 (March 31, 2014 - $0) was recorded. | ||||
LG Capital Note #1 | ||||
On February 26, 2014, the Company executed an Unsecured Promissory Note to LG Capital Funding, LLC. Under the terms of the note, the Company has borrowed a total of $30,000, which accrues interest at an annual rate of 8% and has a maturity date of February 26, 2015. The note also contains customary events of default. During the nine months ended March 31, 2015, the Company accrued $2,236 (nine months ended March 31, 2014 - $0) in interest expense. | ||||
Upon the holder’s option to convert becoming active the Company recorded a debt discount and derivative liability of $44,287 being the fair value of the conversion feature which was determined using the Black-Scholes valuation model. The debt discount is accreted to the statement of operations using the effective interest rate method over the term of the note or to the date of conversion, and the derivative liability is revalued at each reporting date to fair value. Any change in fair value is credited or charged to the statement of operations in the period. | ||||
During the nine months ended March 31, 2015, the Company recorded a loss of $10,258 (nine months ended March 31, 2014 - $5,558) due to the change in value of the derivative liability during the period, and a debt discount of $30,000 (nine months ended March 31, 2014 - $11,808) was accreted to the statement of operations. | ||||
As of March 31, 2015, principal balance of $30,000 (March 31, 2014 - $0), accrued interest of $3,051 (March 31, 2014 - $0), debt discount of $0 (March 31, 2014 - $18,192) and a derivative liability of $54,545 (March 31, 2014 - $23,162) was recorded. | ||||
LG Capital Note #3 | ||||
On June 12, 2014, the Company arranged a debt swap under which two Direct Capital notes for $16,000 each was transferred to LG Capital Funding, LLC for a total amount of $32,000. The promissory note is unsecured, bears interest at 8% per annum and matures on June 12, 2015. The note also contains customary events of default. | ||||
During the nine months ended March 31, 2015, the Company accrued $390 (nine months ended March 31, 2014 - $188) in interest expense. | ||||
Upon the holder’s option to convert becoming active the Company recorded a debt discount and derivative liability of $53,930 being the fair value of the conversion feature which was determined using the Black-Scholes valuation model. The debt discount is accreted to the statement of operations using the effective interest rate method over the term of the note or to the date of conversion, and the derivative liability is revalued at each reporting date to fair value. Any change in fair value is credited or charged to the statement of operations in the period. | ||||
During the nine months ended March 31, 2015, the Company recorded a loss of $3,897 (nine months ended March 31, 2014 - $0) due to the change in value of the derivative liability during the period, and a debt discount of $30,422 (nine months ended March 31, 2014 - $0) was accreted to the statement of operations. | ||||
During the nine months ended March 31, 2015, the Company issued 67,300 common shares upon the conversion of $27,000 of the principal balance and $496 in interest, and $42,073 of the derivative liability was re-classified as additional paid in capital upon conversion. | ||||
As of March 31, 2015, principal balance of $0 (March 31, 2014 - $0), accrued interest of $0 (March 31, 2014 - $121), debt discount of $0 (March 31, 2014 - $0) and a derivative liability of $0 (March 31, 2014 - $0) was recorded. | ||||
LG Capital Note #4 | ||||
On June 12, 2014, the Company executed an Unsecured Promissory Note to LG Capital Funding, LLC. Under the terms of the note, the Company has borrowed a total of $40,000, which accrues interest at an annual rate of 8% and has a maturity date of June 12, 2015. The note also contains customary events of default. During the nine months ended March 31, 2015, the Company accrued $2,402 (nine months ended March 31, 2014 - $0) in interest expense. | ||||
Upon the holder’s option to convert becoming active the Company recorded a debt discount and derivative liability of $71,475 being the fair value of the conversion feature which was determined using the Black-Scholes valuation model. The debt discount is accreted to the statement of operations using the effective interest rate method over the term of the note or to the date of conversion, and the derivative liability is revalued at each reporting date to fair value. Any change in fair value is credited or charged to the statement of operations in the period. | ||||
During the nine months ended March 31, 2015, the Company recorded a loss of $1,252 (nine months ended March 31, 2014 - $0) due to the change in value of the derivative liability during the period, and a debt discount of $25,942 (nine months ended March 31, 2014 - $0) was accreted to the statement of operations. | ||||
As of March 31, 2015, principal balance of $40,000 (March 31, 2014 - $0), accrued interest of $2,560 (March 31, 2014 - $0), debt discount of $14,058 (March 31, 2014 - $0) and a derivative liability of $72,727 (March 31, 2014 - $0) was recorded. | ||||
LG Capital Note #5 | ||||
On September 17, 2014, the Company arranged a debt swap under which Direct Capital notes were transferred to LG Capital Funding, LLC for a total amount of $54,000. The promissory note is unsecured, bears interest at 8% per annum and matures on September 17, 2015. The note also contains customary events of default. During the nine months ended March 31, 2015, the Company accrued $1,030 (nine months ended March 31, 2014 - $0) in interest expense. | ||||
Upon the holder’s option to convert becoming active the Company recorded a debt discount and derivative liability of $68,325 being the fair value of the conversion feature which was determined using the Black-Scholes valuation model. The debt discount is accreted to the statement of operations using the effective interest rate method over the term of the note or to the date of conversion, and the derivative liability is revalued at each reporting date to fair value. Any change in fair value is credited or charged to the statement of operations in the period. | ||||
During the nine months ended March 31, 2015, the Company recorded a loss of $68,655 (nine months ended March 31, 2014 - $0) due to the change in value of the derivative liability during the period, and a debt discount of $54,000 (nine months ended March 31, 2014 - $0) was accreted to the statement of operations. | ||||
During the nine months ended March 31, 2015, the Company issued 922,479 common shares upon the conversion of $54,000 of the principal balance and $1,030 in interest, and $136,980 of the derivative liability was re-classified as additional paid in capital upon conversion. | ||||
As of March 31, 2015, principal balance of $0 (March 31, 2014 - $0), accrued interest of $0 (March 31, 2014 - $0), debt discount of $0 (March 31, 2014 - $0) and a derivative liability of $0 (March 31, 2014 - $0) was recorded. | ||||
LG Capital Note #6 | ||||
On September 17, 2014, the Company executed an Unsecured Promissory Note to LG Capital Funding, LLC. Under the terms of the note, the Company has borrowed a total of $55,000, which accrues interest at an annual rate of 8% and has a maturity date of September 17, 2015. The note also contains customary events of default. During the nine months ended March 31, 2015, the Company accrued $2,351 (nine months ended March 31, 2014 - $0) in interest expense. | ||||
Upon the holder’s option to convert becoming active the Company recorded a debt discount and derivative liability of $100,000 being the fair value of the conversion feature which was determined using the Black-Scholes valuation model. The debt discount is accreted to the statement of operations using the effective interest rate method over the term of the note or to the date of conversion, and the derivative liability is revalued at each reporting date to fair value. Any change in fair value is credited or charged to the statement of operations in the period. | ||||
During the nine months ended March 31, 2015, the Company recorded a gain of $0 (nine months ended March 31, 2014 - $0) due to the change in value of the derivative liability during the period, and a debt discount of $4,185 (nine months ended March 31, 2014 - $0) was accreted to the statement of operations. | ||||
As of March 31, 2015, principal balance of $55,000 (March 31, 2014 - $0), accrued interest of $2,351 (March 31, 2014 - $0), debt discount of $50,815 (March 31, 2014 - $0) and a derivative liability of $100,000 (March 31, 2014 - $0) was recorded. | ||||
New Venture Attorneys Note #1 | ||||
On April 1, 2014, the Company executed an Unsecured Promissory Note to New Venture Attorneys PC. Under the terms of the note, the Company has borrowed a total of $50,000, which accrues interest at an annual rate of 8% and has a maturity date of April 1, 2015. The note also contains customary events of default. During the nine months ended March 31, 2015, the Company accrued $3,003 (nine months ended March 31, 2014 - $0) in interest expense. | ||||
Upon the holder’s option to convert becoming active the Company recorded a debt discount and derivative liability of $61,389 being the fair value of the conversion feature which was determined using the Black-Scholes valuation model. The debt discount is accreted to the statement of operations using the effective interest rate method over the term of the note or to the date of conversion, and the derivative liability is revalued at each reporting date to fair value. Any change in fair value is credited or charged to the statement of operations in the period. | ||||
During the nine months ended March 31, 2015, the Company recorded a loss of $29,519 (nine months ended March 31, 2014 - $0) due to the change in value of the derivative liability during the period, and a debt discount of $49,866 (nine months ended March 31, 2014 - $0) was accreted to the statement of operations. | ||||
As of March 31, 2015, principal balance of $50,000 (March 31, 2014 - $0), accrued interest of $3,989 (March 31, 2014 - $0), debt discount of $134 (March 31, 2014 - $0) and a derivative liability of $90,909 (March 31, 2014 - $0) was recorded. | ||||
Prolific Group Note #1 | ||||
On January 31, 2014, the Company arranged a debt swap under which a Direct Capital note for $25,000 was transferred to Prolific Group, LLC. The promissory note is unsecured, bears interest at 6% per annum and matures on January 31, 2015. The note also contains customary events of default. During the nine months ended March 31, 2015, the Company accrued $1,483 (nine months ended March 31, 2014 - $0) in interest expense. | ||||
Upon the holder’s option to convert becoming active the Company recorded a debt discount and derivative liability of $85,981 being the fair value of the conversion feature which was determined using the Black-Scholes valuation model. The debt discount is accreted to the statement of operations using the effective interest rate method over the term of the note or to the date of conversion, and the derivative liability is revalued at each reporting date to fair value. Any change in fair value is credited or charged to the statement of operations in the period. | ||||
During the nine months ended March 31, 2015, the Company recorded a loss of $7,525 (nine months ended March 31, 2014 – gain of $41,050) due to the change in value of the derivative liability during the period, and a debt discount of $11,781 (nine months ended March 31, 2014 - $5,718) was accreted to the statement of operations. | ||||
As of March 31, 2015, principal balance of $20,000 (March 31, 2014 - $0), accrued interest of $2,018 (March 31, 2014 - $0), debt discount of $0 (March 31, 2014 - $19,282) and a derivative liability of $30,769 (March 31, 2014 - $26,637) was recorded. | ||||
Union Capital Note #1 | ||||
On May 27, 2014, the Company arranged a debt swap under which a Direct Capital note for $48,516 was transferred to Union Capital, LLC. The promissory note is unsecured, bears interest at 8% per annum and matures on May 27, 2015. The note also contains customary events of default. During the nine months ended March 31, 2015, the Company accrued $0 (nine months ended March 31, 2014 - $0) in interest expense. | ||||
Upon the holder’s option to convert becoming active the Company recorded a debt discount and derivative liability of $104,160 being the fair value of the conversion feature which was determined using the Black-Scholes valuation model. The debt discount is accreted to the statement of operations using the effective interest rate method over the term of the note or to the date of conversion, and the derivative liability is revalued at each reporting date to fair value. Any change in fair value is credited or charged to the statement of operations in the period. | ||||
During the nine months ended March 31, 2015, the Company recorded a loss of $6,937 (nine months ended March 31, 2014 - $0) due to the change in value of the derivative liability during the period, and a debt discount of $25,860 (nine months ended March 31, 2014 - $0) was accreted to the statement of operations. | ||||
During the nine months ended March 31, 2015, the Company issued 23,026 common shares upon the conversion of $28,516 of the principal balance and $178 in interest, and $43,353 of the derivative liability was re-classified as additional paid in capital upon conversion. | ||||
As of March 31, 2015, principal balance of $0 (March 31, 2014 - $0), accrued interest of $0 (March 31, 2014 - $0), debt discount of $0 (March 31, 2014 - $0) and a derivative liability of $0 (March 31, 2014 - $0) was recorded. | ||||
Union Capital Note #2 | ||||
On May 27, 2014, the Company executed an Unsecured Promissory Note to Union Capital, LLC. Under the terms of the note, the Company has borrowed a total of $97,000, which accrues interest at an annual rate of 8% and has a maturity date of May 27, 2015. The note also contains customary events of default. During the nine months ended March 31, 2015, the Company accrued $5,642 (nine months ended March 31, 2014 - $0) in interest expense. | ||||
Upon the holder’s option to convert becoming active the Company recorded a debt discount and derivative liability of $293,012 being the fair value of the conversion feature which was determined using the Black-Scholes valuation model. The debt discount is accreted to the statement of operations using the effective interest rate method over the term of the note or to the date of conversion, and the derivative liability is revalued at each reporting date to fair value. Any change in fair value is credited or charged to the statement of operations in the period. | ||||
During the nine months ended March 31, 2015, the Company recorded a gain of $127,266 (nine months ended March 31, 2014 - $0) due to the change in value of the derivative liability during the period, and a debt discount of $77,824 (nine months ended March 31, 2014 - $0) was accreted to the statement of operations. | ||||
During the nine months ended March 31, 2015, the Company issued 790,000 common shares upon the conversion of $15,595 of the principal balance and $863 in interest, and $30,071 of the derivative liability was re-classified as additional paid in capital upon conversion. | ||||
As of March 31, 2015, principal balance of $81,405 (March 31, 2014 - $0), accrued interest of $5,502 (March 31, 2014 - $0), debt discount of $19,176 (March 31, 2014 - $0) and a derivative liability of $135,675 (March 31, 2014 - $0) was recorded. | ||||
Union Capital Note #3 | ||||
On July 18, 2014, the Company arranged a debt swap under which three Direct Capital notes for $46,215, $16,000 and $16,000 was transferred to Union Capital, LLC for a total amount of $82,450. The promissory note is unsecured, bears interest at 8% per annum and matures on July 18, 2015. The note also contains customary events of default. During the nine months ended March 31, 2015, the Company accrued $1,017 (nine months ended March 31, 2014 - $0) in interest expense. | ||||
Upon the holder’s option to convert becoming active the Company recorded a debt discount and derivative liability of $161,503 being the fair value of the conversion feature which was determined using the Black-Scholes valuation model. The debt discount is accreted to the statement of operations using the effective interest rate method over the term of the note or to the date of conversion, and the derivative liability is revalued at each reporting date to fair value. Any change in fair value is credited or charged to the statement of operations in the period. | ||||
During the nine months ended March 31, 2015, the Company recorded a gain of $58,410 (nine months ended March 31, 2014 - $0) due to the change in value of the derivative liability during the period, and a debt discount of $82,450 (nine months ended March 31, 2014 - $0) was accreted to the statement of operations. | ||||
During the nine months ended March 31, 2015, the Company issued 190,011 common shares upon the conversion of $82,450 of the principal balance and $1,017 in interest, and $103,094 of the derivative liability was re-classified as additional paid in capital upon conversion. | ||||
As of March 31, 2015, principal balance of $0 (March 31, 2014 - $0), accrued interest of $0 (March 31, 2014 - $0), debt discount of $0 (March 31, 2014 - $0) and a derivative liability of $0 (March 31, 2014 - $0) was recorded. | ||||
Union Capital Note #4 | ||||
On July 18, 2014, the Company executed an Unsecured Promissory Note to Union Capital, LLC. Under the terms of the note, the Company has borrowed a total of $110,000, which accrues interest at an annual rate of 8% and has a maturity date of July 18, 2015. The note also contains customary events of default. During the nine months ended March 31, 2015, the Company accrued $6,172 (nine months ended March 31, 2014 - $0) in interest expense. | ||||
Upon the holder’s option to convert becoming active the Company recorded a debt discount and derivative liability of $182,842 being the fair value of the conversion feature which was determined using the Black-Scholes valuation model. The debt discount is accreted to the statement of operations using the effective interest rate method over the term of the note or to the date of conversion, and the derivative liability is revalued at each reporting date to fair value. Any change in fair value is credited or charged to the statement of operations in the period. | ||||
During the nine months ended March 31, 2015, the Company recorded a loss of $491 (nine months ended March 31, 2014 - $0) due to the change in value of the derivative liability during the period, and a debt discount of $44,837 (nine months ended March 31, 2014 - $0) was accreted to the statement of operations. | ||||
As of March 31, 2015, principal balance of $110,000 (March 31, 2014 - $0), accrued interest of $6,172 (March 31, 2014 - $0), debt discount of $65,163 (March 31, 2014 - $0) and a derivative liability of $183,333 (March 31, 2014 - $0) was recorded. | ||||
Union Capital Note #5 | ||||
On August 28, 2014, the Company executed an Unsecured Promissory Note to Union Capital, LLC. Under the terms of the note, the Company has borrowed a total of $32,333, which accrues interest at an annual rate of 8% and has a maturity date of August 28, 2015. The note also contains customary events of default. During the nine months ended March 31, 2015, the Company accrued $1,524 (nine months ended March 31, 2014 - $0) in interest expense. | ||||
Upon the holder’s option to convert becoming active the Company recorded a debt discount and derivative liability of $53,888 being the fair value of the conversion feature which was determined using the Black-Scholes valuation model. The debt discount is accreted to the statement of operations using the effective interest rate method over the term of the note or to the date of conversion, and the derivative liability is revalued at each reporting date to fair value. Any change in fair value is credited or charged to the statement of operations in the period. | ||||
During the nine months ended March 31, 2015, the Company recorded a gain of $0 (nine months ended March 31, 2014 - $0) due to the change in value of the derivative liability during the period, and a debt discount of $13,179 (nine months ended March 31, 2014 - $0) was accreted to the statement of operations. | ||||
As of March 31, 2015, principal balance of $32,333 (March 31, 2014 - $0), accrued interest of $1,524 (March 31, 2014 - $0), debt discount of $19,154 (March 31, 2014 - $0) and a derivative liability of $53,888 (March 31, 2014 - $0) was recorded. | ||||
Union Capital Note #6 | ||||
On October 22, 2014, the Company executed an Unsecured Promissory Note to Union Capital, LLC. Under the terms of the note, the Company has borrowed a total of $32,333, which accrues interest at an annual rate of 8% and has a maturity date of October 22, 2015. The note also contains customary events of default. During the nine months ended March 31, 2015, the Company accrued $1,290 (nine months ended March 31, 2014 - $0) in interest expense. | ||||
After 180 days from issuance, the note may be converted at the option of the holder into common stock of the Company. The conversion price is 60% of the market price, where market price is defined as “the lowest closing bid price on the OTCBB for the ten prior trading days including the day upon which a Notice of Conversion is received by the Company.” | ||||
As of March 31, 2015, principal balance of $32,333 (March 31, 2014 - $0), accrued interest of $1,290 (March 31, 2014 - $0), debt discount of $0 (March 31, 2014 - $0) and a derivative liability of $0 (March 31, 2014 - $0) was recorded. | ||||
Union Capital Note #7 | ||||
On October 22, 2014, the Company arranged a debt swap under which two Direct Capital notes were transferred to Union Capital, LLC in the amount of $32,000. Under the terms of the note, the Company has borrowed a total of $34,560 from Union Capital, LLC, which includes $2,560 in legal fees, accrues interest at an annual rate of 8% and has a maturity date of October 22, 2015. The note also contains customary events of default. During the nine months ended March 31, 2015, the Company accrued $304 (nine months ended March 31, 2014 - $0) in interest expense. | ||||
Upon the holder’s option to convert becoming active the Company recorded a debt discount and derivative liability of $45,103 being the fair value of the conversion feature which was determined using the Black-Scholes valuation model. The debt discount is accreted to the statement of operations using the effective interest rate method over the term of the note or to the date of conversion, and the derivative liability is revalued at each reporting date to fair value. Any change in fair value is credited or charged to the statement of operations in the period. | ||||
During the nine months ended March 31, 2015, the Company recorded a loss of $26,524 (nine months ended March 31, 2014 - $0) due to the change in value of the derivative liability during the period, and a debt discount of $34,560 (nine months ended March 31, 2014 - $0) was accreted to the statement of operations. | ||||
During the nine months ended March 31, 2015, the Company issued 522,725 common shares upon the conversion of $34,560 of the principal balance and $304 in interest, and $71,627 of the derivative liability was re-classified as additional paid in capital upon conversion. | ||||
As of March 31, 2015, principal balance of $0 (March 31, 2014 - $0), accrued interest of $0 (March 31, 2014 - $0), debt discount of $0 (March 31, 2014 - $0) and a derivative liability of $0 (March 31, 2014 - $0) was recorded. |
Derivative_Liabilities
Derivative Liabilities | 9 Months Ended | |
Mar. 31, 2015 | ||
Derivative Liabilities | ||
Derivative Liabilities | Note 10 – Derivative Liabilities | |
The Company issued financial instruments in the form of convertible notes with embedded conversion features. The convertible notes payable have conversion rates which are indexed to the market value of the Company’s common stock price. | ||
During the nine months ended March 31, 2015, $490,918 of principal and $8,758 in interest of convertible notes payable were converted into common stock of the Company. | ||
These derivative liabilities have been measured in accordance with fair value measurements, as defined by GAAP. The valuation assumptions are classified within Level 3 inputs. | ||
The following table represents the Company’s derivative liability activity for the embedded conversion features discussed above: | ||
March 31, | ||
2015 | ||
Balance, beginning of year | $ 420,092 | |
Initial recognition of derivative liability | 2,586,109 | |
Conversion of derivative instruments to Common Stock | (870,289) | |
Mark-to-Market adjustment to fair value | (427,972) | |
Balance as of March 31, 2015 | $ 1,707,940 | |
Common_Stock
Common Stock | 9 Months Ended |
Mar. 31, 2015 | |
Common Stock | |
Common Stock | Note 11 – Common Stock |
On August 26, 2011, the Company issued 70,000 shares at $0.002 per share pursuant to a Share Exchange Agreement with Cloud Date Corporation. An intangible asset of $140,000 was recorded. | |
From January 1, 2013 to March 31, 2013, the holders of a convertible notes converted a total of $39,000 of principal and interest into 6,246 shares of common stock. | |
On March 13, 2013, the Company issued 6,000 shares of common stock to settle debt of $60. These shares were then retired on April 23, 2013 | |
On May 22, 2013, the Company issued 10,000 shares of common stock to settle debt of $100. Of the shares issued, 5 were retired on June 27, 2013. | |
From April 1, 2013 to June 30, 2013, the holders of convertible notes converted a total of $12,000 of principal into 3,636 shares of common stock. | |
From September 19, 2013 to September 26, 2013, partial conversion of 1 Convertible Preferred share was converted to 45,000 shares of common stock. This 1 Convertible Preferred share was cancelled and the remaining value of $165,000 was reinstated. | |
On May 12, 2014, the Company issued 30,000 shares to Rancho Capital Management. | |
From July 1, 2013 to June 30, 2014, the holders of convertible notes converted a total of $391,649 of principal and interest into 897,851 shares of common stock. | |
On December 15, 2014, pursuant to a consulting agreement, the Company issued 105,833 shares of common stock for $149,500 in fees owed to the President, Brett Everett. | |
On January 15, 2015, the Board of Directors authorized a 1,000:1 reverse stock split of the common shares. The reverse stock split received regulatory approval. The record date for the reverse stock split was March 16, 2015. The authorized number of common shares remained unchanged. All references in the accompanying financial statements to the number of common shares have been restated to reflect the reverse stock split. | |
From July 1, 2014 to March 31, 2015, the holders of convertible notes converted a total of $499,676 in principal and interest into 5,815,140 shares of common stock. | |
As of March 31, 2015 the Company has authorized 7,500,000,000 shares of common stock, of which 7,034,916 shares are issued and outstanding. | |
Preferred_Stock
Preferred Stock | 9 Months Ended |
Mar. 31, 2015 | |
Preferred Stock | |
Preferred Stock | Note 12 –Preferred Stock |
As of March 31, 2015, the Company has authorized 50,000,000 shares of preferred stock, of which 110,000 Shares of Series A Preferred, 1,000 shares of Series B Preferred, and 66 Shares Series C Preferred are issued and outstanding. | |
Income_Taxes
Income Taxes | 9 Months Ended | ||
Mar. 31, 2015 | |||
Income Taxes: | |||
Income Taxes | Note 13 – Income Taxes | ||
The Company had no income tax expense during the reported period due to net operating losses. A reconciliation of income tax expense to the amount computed at the statutory rates is as follows: | |||
March 31, | |||
2015 | 2014 | ||
Operating profit (loss) for the nine month period ended March 31 | $ (4,999,179) | $ (806,187) | |
Average statutory tax rate | 34% | 34% | |
Expected income tax provisions | $ (1,699,721) | $ (274,104) | |
Unrecognized tax gains (loses) | (1,699,721) | (274,104) | |
Income tax expense | $ - | $ - | |
The Company has net operating losses carried forward of approximately $7,990,548 for tax purposes which will expire in 2025 if not utilized beforehand. | |||
Subsequent_Events
Subsequent Events | 9 Months Ended |
Mar. 31, 2015 | |
Subsequent Events: | |
Subsequent Events | Note 14 – Subsequent Events |
None. | |
Accounting_Policies_Policies
Accounting Policies (Policies) | 9 Months Ended | ||
Mar. 31, 2015 | |||
Accounting Policies: | |||
Use of Estimates. | a) Use of Estimates. | ||
The preparation of these financial statements in conformity with US generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company regularly evaluates estimates and assumptions related to stock-based compensation and deferred income tax valuations. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. | |||
Basic and Diluted Loss Per Share. | b) | Basic and Diluted Loss Per Share. | |
The Company computes (loss) per share in accordance with ASC 260, Earnings per Share, which requires presentation of both basic and diluted per share (EPS) on the face of the income statement. Basic loss per share is computed by dividing net loss available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all potentially dilutive shares if their effect is anti-dilutive. | |||
Cash and Cash Equivalents. | c) | Cash and Cash Equivalents. | |
The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. | |||
Financial Instruments. | |||
d) Financial Instruments. | |||
The Company’s financial instruments consist principally of cash, amounts receivable, and accounts payable, due to related parties and due to former related party. Pursuant to ASC 820, Fair Value Measurements and Disclosures, and ASC 825, Financial Instruments the fair value of the Company’s cash equivalents is determined based on “Level 1” inputs, which consist of quoted prices in active markets for identical assets. The Company believes that the recorded values of all of the Company’s other financial instruments approximate their current fair values because of their nature or respective relatively short maturity dates. | |||
The Company’s operations are in Canada, which results in exposure to market risks from changes in foreign currency rates. The financial risk is the risk to the Company’s operations that arise from fluctuations in foreign exchange rates and the degree of volatility of these rates. Currently, the Company does not use derivative instruments to reduce its exposure to foreign currency risk. | |||
Mineral Property Costs. | e) | Mineral Property Costs. | |
Mineral property exploration costs are expensed as incurred. Mineral property acquisition costs are initially capitalized. When it has been determined that a mineral property can be economically developed as a result of establishing proven and probable reserves, the costs then incurred to develop such property, are capitalized. Such costs will be amortized using the units-of-production method over the estimated life of the probable reserve. If mineral properties are subsequently abandoned or impaired, any capitalized costs will be charged to operations. | |||
Income Taxes, Policy | f) | Income Taxes. | |
The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, Income Taxes. The asset and liability method provides that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities and for operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. | |||
Interest and penalties on tax deficiencies recognized in accordance with ASC accounting standards are classified as income taxes in accordance with ASC Topic 740-10-50-19. | |||
Foreign Currency Translation. | g) | Foreign Currency Translation. | |
The functional and reporting currency of the Company is the United States dollar. Monetary assets and liabilities denominated in foreign currencies are translated to United States dollars in accordance with ASC 740 Foreign Currency Translation Matters, using the exchange rate prevailing at the balance sheet date. Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in the determination of income. The Company has not, to the date of these financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations. | |||
To the extent that the Company incurs transactions that are not denominated in its functional currency, they are undertaken in Canadian dollars. The Company has not, to the date of these financials statements, entered into derivative instruments to offset the impact of foreign currency fluctuations. | |||
Stock-based Compensation. | h) | Stock-based Compensation. | |
The Company records stock-based compensation in accordance with ASC 718, Compensation – Stock Based Compensation and ASC 505, Equity Based Payments to Non-Employees, which requires the measurement and recognition of compensation expense based on estimated fair values for all share-based awards made to employees and directors, including stock options. | |||
ASC 718 requires companies to estimate the fair value of share-based awards on the date of grant using an option-pricing model. The Company uses the Black-Scholes option-pricing model as its method of determining fair value. This model is affected by the Company’s stock price as well as assumptions regarding a number of subjective variables. These subjective variables include, but are not limited to the Company’s expected stock price volatility over the term of the awards, and actual and projected employee stock option exercise behaviors. The value of the portion of the award that is ultimately expected to vest is recognized as an expense in the statement of operations over the requisite service period. | |||
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. | |||
Recently Issued Accounting Pronouncements. | i) | Recently Issued Accounting Pronouncements. | |
Recent Developed Accounting Pronouncements | |||
Effective January 2013, we adopted FASB ASU No. 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities (ASU 2011-11). The amendments in ASU 2011-11 require the disclosure of information on offsetting and related arrangements for financial and derivative instruments to enable users of its financial statements to understand the effect of those arrangements on its financial position. Amendments under ASU 2011-11 will be applied retrospectively for fiscal years, and interim periods within those years, beginning after January 1, 2013. The adoption of this update did not have a material impact on the consolidated financial statements. | |||
Effective January 2013, we adopted FASB ASU No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive (ASU 2013-02). This guidance is the culmination of the FASB’s deliberation on reporting reclassification adjustments from accumulated other comprehensive income (AOCI). The amendments in ASU 2013-02 do not change the current requirements for reporting net income or other comprehensive income. However, the amendments require disclosure of amounts reclassified out of AOCI in its entirety, by component, on the face of the statement of operations or in the notes thereto. Amounts that are not required to be reclassified in their entirety to net income must be cross-referenced to other disclosures that provide additional detail. This standard is effective prospectively for annual and interim reporting periods beginning after December 15, 2012. The adoption of this update did not have a material impact on the consolidated financial statements. | |||
New Accounting Pronouncements Not Yet Adopted | |||
In February 2013, the FASB issued ASU No. 2013-04, Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date. The amendments in ASU 2013-04 provide guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this Update is fixed at the reporting date, except for obligations addressed within existing guidance in U.S. GAAP. The guidance requires an entity to measure those obligations as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and any additional amount the reporting entity expects to pay on behalf of its co-obligors. The guidance in this Update also requires an entity to disclose the nature and amount of the obligation as well as other information about those obligations. The amendments in this standard are effective retrospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013. We are evaluating the effect, if any, adoption of ASU No. 2013-04 will have on our consolidated financial statements. | |||
In March 2013, the FASB issued ASU No. 2013-05, Foreign Currency Matters (Topic 830): Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity. The amendments in ASU No. 2013-05 resolve the diversity in practice about whether Subtopic 810-10, Consolidation—Overall, or Subtopic 830-30, Foreign Currency Matters—Translation of Financial Statements, applies to the release of the cumulative translation adjustment into net income when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business (other than a sale of in substance real estate or conveyance of oil and gas mineral rights) within a foreign entity. In addition, the amendments in this Update resolve the diversity in practice for the treatment of business combinations achieved in stages (sometimes also referred to as step acquisitions) involving a foreign entity. The amendments in this standard are effective prospectively for fiscal years, and interim reporting periods within those years, beginning December 15, 2013. We are evaluating the effect, if any, adoption of ASU No. 2013-05 will have on our consolidated financial statements. | |||
In April 2013, the FASB issued ASU No. 2013-07, Presentation of Financial Statements (Top 205): Liquidation Basis of Accounting. The objective of ASU No. 2013-07 is to clarify when an entity should apply the liquidation basis of accounting and to provide principles for the measurement of assets and liabilities under the liquidation basis of accounting, as well as any required disclosures. The amendments in this standard is effective prospectively for entities that determine liquidation is imminent during annual reporting periods beginning after December 15, 2013, and interim reporting periods therein. We are evaluating the effect, if any, adoption of ASU No. 2013-07 will have on our consolidated financial statements. | |||
Development Stage Company | j) | Development Stage Company | |
The Company is considered a development stage company, with no operating revenues during the periods presented, as defined by FASB Accounting Standards Codification ASC 915. ACS 915 requires companies to report their operations, shareholders’ deficit and cash flows since inception through the date that revenues are generated from management’s intended operations, among other things. Management has defined inception as April 11, 2011. Since inception, the Company has incurred an operating loss of $5,284,711. The Company’s working capital has been generated through advances from the principal of the Company and solicitation of subscriptions. Management has provided financial data since April 11, 2011 in the financial statements, as a means to provide readers of the Company’s financial information to be able to make informed investment decisions. | |||
Going Concern | k) | Going Concern | |
The Company is in the development stage and has generated $136,759 in revenues and has incurred a net loss of $7,990,548 since inception April 11, 2011. At March 31, 2015, the Company had $299,132 in current assets and $4,116,584 in current liabilities. Further, the Company incurred a loss of $4,999,179 for the nine months ended March 31, 2015. In view of these conditions, the ability of the Company to continue as a going concern is in substantial doubt and dependent upon achieving a profitable level of operations and on the ability of the Company to obtain necessary financing to fund ongoing operations. To meet these objectives, the Company continues to seek other sources of financing in order to support existing operations and expand the range and scope of its business. However, there are no assurances that any such financing can be obtained on acceptable terms, if at all. These financial statements do not give effect to any adjustments, which would be necessary should the Company be unable to continue as a going concern. |
Reverse_Merger_Transaction_Tab
Reverse Merger Transaction (Tables) | 9 Months Ended | |||
Mar. 31, 2015 | ||||
Schedule of summary of allocation of the purchase price and adjustment to stockholders' equity: | ||||
Schedule of summary of allocation of the purchase price | The allocation of the purchase price and adjustment to stockholders’ equity is summarized in the table below: | |||
Net book value of the Company’s net assets acquired | ||||
Cash | $ | 505 | ||
Amounts receivable | 386 | |||
Prepaid expenses | 668 | |||
Mineral claims acquisition costs | 124,912 | |||
Accounts payable | -47,403 | |||
Due to related parties | -73,734 | |||
Due to former related party | (190,084 | ) | ||
Net assets | $ | (184,750 | ) | |
Schedule of adjustment to stockholders' equity | Adjustment to stockholders’ equity | |||
Reduction to additional paid-in capital | $ | (177,858 | ||
Increase in common stock at par value | 700 | |||
Adjustment to accumulated deficit | (7,592 | |||
Net asset adjustment to equity | $ | (184,750 | ||
Schedule_of_Convertible_Notes_
Schedule of Convertible Notes Payable (Tables) | 9 Months Ended | |||
Mar. 31, 2015 | ||||
Schedule of Convertible Notes Payable: | ||||
Schedule of Convertible Notes Payable | ||||
March 31, | June 30, | |||
2015 | 2014 | |||
112 BIT Note #1 | 50,000 | - | ||
Adar Bays Note #1 | 26,654 | 50,000 | ||
Adar Bays Note #2 | 150,000 | 150,000 | ||
Adar Bays Note #3 | 33,333 | - | ||
Aladdin Trading Note #1 | 33,140 | - | ||
Classic Capital Note #1 | 150,000 | 150,000 | ||
Classic Capital Note #2 | 50,000 | 50,000 | ||
Classic Capital Note #3 | 50,000 | 50,000 | ||
Coventry Note #2 | - | - | ||
Direct Capital Note #3 | - | 11,000 | ||
Direct Capital Note #4 | - | 11,000 | ||
Direct Capital Note #5 | - | 11,000 | ||
Direct Capital Note #6 | - | 46,215 | ||
Direct Capital Note #7 | 69,889 | 75,089 | ||
Direct Capital Note #10 | - | 16,000 | ||
Direct Capital Note #11 | - | 16,000 | ||
Direct Capital Note #12 | - | 16,000 | ||
Direct Capital Note #13 | - | 16,000 | ||
Direct Capital Note #14 | - | 48,000 | ||
Direct Capital Note #15 | 71,237 | 71,237 | ||
Direct Capital Note #16 | 61,722 | - | ||
Direct Capital Note #17 | 27,000 | - | ||
Direct Capital Note #18 | 82,150 | - | ||
Direct Capital Note #19 | 16,000 | - | ||
Direct Capital Note #20 | 150,000 | - | ||
Direct Capital Note #21 | 150,000 | - | ||
Direct Capital Note #22 | 150,000 | - | ||
Direct Capital Note #23 | 150,000 | - | ||
Direct Capital Note #24 | 360,000 | - | ||
Direct Capital Note #25 | 75,000 | - | ||
Gel Properties Note #3 | - | 60,600 | ||
JMJ Note #1 | - | 33,300 | ||
JMJ Note #2 | 40,279 | 83,250 | ||
KBM Worldwide Note #1 | 5,460 | 37,500 | ||
KBM Worldwide Note #2 | 32,500 | - | ||
LG Capital Note #1 | 30,000 | 30,000 | ||
LG Capital Note #3 | - | 27,000 | ||
LG Capital Note #4 | 40,000 | 40,000 | ||
LG Capital Note #5 | - | - | ||
LG Capital Note #6 | 55,000 | - | ||
New Venture Note #1 | 50,000 | 50,000 | ||
Prolific Note #1 | 20,000 | 20,000 | ||
Union Capital Note #1 | - | 28,516 | ||
Union Capital Note #2 | 81,405 | 97,000 | ||
Union Capital Note #3 | - | - | ||
Union Capital Note #4 | 110,000 | - | ||
Union Capital Note #5 | 32,333 | - | ||
Union Capital Note #6 | 32,333 | - | ||
Union Capital Note #7 | - | - | ||
$ 2,435,435 | $ 1,294,708 | |||
Debt discount | (528,682) | (263,546) | ||
Accrued interest | 186,341 | 62,404 | ||
$ 2,093,094 | $ 1,093,566 |
Schedule_of_Companys_derivativ
Schedule of Company's derivative liability activity (Tables) | 9 Months Ended | |
Mar. 31, 2015 | ||
Schedule of Company's derivative liability activity: | ||
Schedule of derivative liability activity for the embedded conversion features | The following table represents the Company’s derivative liability activity for the embedded conversion features discussed above: | |
March 31, | ||
2015 | ||
Balance, beginning of year | $ 420,092 | |
Initial recognition of derivative liability | 2,586,109 | |
Conversion of derivative instruments to Common Stock | (870,289) | |
Mark-to-Market adjustment to fair value | (427,972) | |
Balance as of March 31, 2015 | $ 1,707,940 | |
Schedule_of_Income_Taxes_Table
Schedule of Income Taxes (Tables) | 9 Months Ended | ||
Mar. 31, 2015 | |||
Schedule of Income Taxes (Tables): | |||
Schedule of Effective Income Tax Rate Reconciliation | The Company had no income tax expense during the reported period due to net operating losses. A reconciliation of income tax expense to the amount computed at the statutory rates is as follows: | ||
March 31, | |||
2015 | 2014 | ||
Operating profit (loss) for the nine month period ended March 31 | $ (4,999,179) | $ (806,187) | |
Average statutory tax rate | 34% | 34% | |
Expected income tax provisions | $ (1,699,721) | $ (274,104) | |
Unrecognized tax gains (loses) | (1,699,721) | (274,104) | |
Income tax expense | $ - | $ - |
Nature_of_Operations_and_Conti1
Nature of Operations and Continuance of Business (Details) | Aug. 26, 2011 |
Nature of Operations and Continuance of Business Details: | |
Common stock shares issued | 70,000 |
Development_Stage_Company_Deta
Development Stage Company (Details) (USD $) | 48 Months Ended |
Mar. 31, 2015 | |
Development Stage Company Details: | |
Operating loss incurred | $5,284,711 |
Going_Concern_Details
Going Concern (Details) (USD $) | 9 Months Ended | 48 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2015 | Mar. 15, 2015 | |
Going Concern Details: | |||
Rrevenues generated in the development stage | $136,759 | ||
Net loss incurred | 7,990,548 | ||
Current assets | 299,132 | 299,132 | 299,132 |
Current liabilities | 4,116,584 | 4,116,584 | 4,116,584 |
Net Loss | $4,999,179 |
Net_book_value_of_the_Companys
Net book value of the Company's net assets acquired (Details) (USD $) | Mar. 31, 2015 |
Net book value of the Company's net assets acquired Details: | |
Cash | $505 |
Amounts receivable | 386 |
Prepaid expenses (13) | 668 |
Mineral claims acquisition costs | 124,912 |
Accounts payable | -47,403 |
Due to related parties | -73,734 |
Due to former related party | -190,084 |
Net assets | ($184,750) |
Adjustment_to_equity_Details
Adjustment to equity (Details) (USD $) | Mar. 31, 2015 |
Adjustment to stockholders' equity Details: | |
Reduction to additional paid-in capital | ($177,858) |
Increase in common stock at par value | 700 |
Adjustment to accumulated deficit | -7,592 |
Net asset adjustment to equity | ($184,750) |
Intangible_Asset_Details
Intangible Asset (Details) (USD $) | Mar. 31, 2015 | 5-May-14 | Aug. 25, 2011 |
Intangible Asset Details: | |||
Acquired the right, title, and interest in software with an estimated fair value | $140,000 | ||
Accumulated amortization | 100,690 | ||
Accumulated amortization carrying value | 39,310 | ||
Property purchased from Classic Capital, Inc. | 250,000 | ||
Accumulated amortization | 37,637 | ||
Accumulated amortization carrying value | $212,363 |
Mineral_Claims_Details
Mineral Claims (Details) (USD $) | Mar. 22, 2013 | Apr. 01, 2009 |
Mineral Claims Details: | ||
Assets purchase | $114,000 | |
Account payable of First Light | 10,912 | |
Total purchase consideration in the First Light transaction | 124,911 | |
Impairment of mineral claims | $124,911 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
Related Party Transactions Details: | ||
Due to related parties | $144,404 | $82,282 |
Indebted to shareholders | $4,540 | $4,540 |
Due_to_Former_Related_Party_De
Due to Former Related Party (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 | Sep. 30, 2013 |
Due to Former Related Party Details: | |||
Due to former President and Director | $0 | $0 | $190,084 |
Convertible_Notes_Payable_Deta
Convertible Notes Payable (Details) (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
Convertible Notes Payable Details: | ||
112 BIT Note #1 | $50,000 | |
Adar Bays Note #1 | 26,654 | 50,000 |
Adar Bays Note #2 | 150,000 | 150,000 |
Adar Bays Note #3 | 33,333 | |
Aladdin Trading Note #1 | 33,140 | |
Classic Capital Note #1 | 150,000 | 150,000 |
Classic Capital Note #2 | 50,000 | 50,000 |
Classic Capital Note #3 | 50,000 | 50,000 |
Direct Capital Note #3 | 11,000 | |
Direct Capital Note #4 | 11,000 | |
Direct Capital Note #5 | 11,000 | |
Direct Capital Note #6 | 46,215 | |
Direct Capital Note #7 | 69,889 | 75,089 |
Direct Capital Note #10 | 16,000 | |
Direct Capital Note #11 | 16,000 | |
Direct Capital Note #12 | 16,000 | |
Direct Capital Note #13 | 16,000 | |
Direct Capital Note #14 | 48,000 | |
Direct Capital Note #15 | 71,237 | 71,237 |
Direct Capital Note #16 | 61,722 | |
Direct Capital Note #17 | 27,000 | |
Direct Capital Note #18 | 82,150 | |
Direct Capital Note #19 | 16,000 | |
Direct Capital Note #20 | 150,000 | |
Direct Capital Note #21 | 150,000 | |
Direct Capital Note #22 | 150,000 | |
Direct Capital Note #23 | 150,000 | |
Direct Capital Note #24 | 360,000 | |
Direct Capital Note #25 | 75,000 | |
Gel Properties Note #3 | 60,600 | |
JMJ Note #1 | 33,300 | |
JMJ Note #2 | 40,279 | 83,250 |
KBM Worldwide Note #1 | 5,460 | 37,500 |
KBM Worldwide Note #2 | 32,500 | |
LG Capital Note #1 | 30,000 | 30,000 |
LG Capital Note #3 | 27,000 | |
LG Capital Note #4 | 40,000 | 40,000 |
LG Capital Note #6 | 55,000 | |
New Venture Note #1 | 50,000 | 50,000 |
Prolific Note #1 | 20,000 | 20,000 |
Union Capital Note #1 | 28,516 | |
Union Capital Note #2 | 81,405 | 97,000 |
Union Capital Note #4 | 110,000 | |
Union Capital Note #5 | 32,333 | |
Union Capital Note #6 | 32,333 | |
Convertible Notes Payable | 2,435,435 | 1,294,708 |
Debt discount | -528,682 | -263,546 |
Accrued interest | 186,341 | 62,404 |
Total Convertible Notes Payable | $2,093,094 | $1,093,566 |
Derivative_Liabilities_Details
Derivative Liabilities (Details) (USD $) | Mar. 31, 2015 |
Derivative Liabilities Details | |
Convertible notes payable converted into common stock value | $490,918 |
Interest of convertible notes payable converted into common stock | $8,758 |
Derivative_liability_activity_
Derivative liability activity for the embedded conversion features (Details) (USD $) | Mar. 31, 2015 |
Derivative liability activity for the embedded conversion features Details | |
Balance, beginning of year | $420,092 |
Initial recognition of derivative liability | 2,586,109 |
Conversion of derivative instruments to Common Stock | -870,289 |
Mark-to-Market adjustment to fair value | -427,972 |
Balance as of March 31, 2015 | $1,707,940 |
Common_Stock_Transactions_Deta
Common Stock Transactions (Details) (USD $) | Mar. 31, 2015 | Dec. 15, 2014 | Jun. 30, 2014 | 12-May-14 | Sep. 26, 2013 | Jun. 30, 2013 | 22-May-13 | Mar. 31, 2013 | Aug. 26, 2011 |
Common Stock Transactions | |||||||||
Issued shares of common stock | 105,833 | 70,000 | |||||||
Shares of common stock in fees owed to the President in amount | $149,500 | ||||||||
Shares of common stock per share | $0.00 | ||||||||
Intangible asset recorded | 140,000 | ||||||||
Convertible notes converted a total | 499,676 | 391,649 | 12,000 | 39,000 | |||||
Convertible notes interest converted shares of common stock | 6,246 | ||||||||
Issued shares of common stock to settle debt | 10,000 | 6,000 | |||||||
Shares of common stock to settle debt value | 100 | 60 | |||||||
Shares issued retired on June 27, 2013 | 5 | ||||||||
Convertible notes principal converted into shares of common stock (Shares) | 5,815,140 | 897,851 | 3,636 | ||||||
Convertible Preferred share cancelled and the remaining value reinstated | $165,000 | ||||||||
Issued shares to Rancho Capital Management | 30,000 | ||||||||
Authorized shares of common stock | 7,500,000,000 | ||||||||
Shares are issued and outstanding | 7,034,916 |
Preferred_Stock_Shares_Details
Preferred Stock Shares (Details) | Mar. 31, 2015 |
Preferred Stock Shares Details | |
Authorized shares of preferred stock | 50,000,000 |
Series A preferred shares issued and outstanding | 110,000 |
Series B preferred shares issued and outstanding | 1,000 |
Series C preferred shares issued and outstanding | 66 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 9 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Income Taxes Details | ||
Operating profit (loss) for the nine month period ended March 31 | ($4,999,179) | ($806,187) |
Average statutory tax rate | 34.00% | 34.00% |
Expected income tax provisions | -1,699,721 | -274,104 |
Unrecognized tax gains (loses) | -1,699,721 | -274,104 |
Income tax expense | $0 | $0 |
112BIT_LLC_Note_1_Details
112BIT, LLC Note #1 (Details) (USD $) | Mar. 31, 2015 | Nov. 24, 2014 | Mar. 31, 2014 |
112BIT, LLC Note #1 Details | |||
Convertible promissory note | $50,000 | ||
Promissory note bears interest at per annum | 6.00% | ||
Principal balance | 50,000 | 0 | |
Accrued interest | $1,044 | $0 |
112BIT_LLC_Note_1_During_the_p
112BIT, LLC Note #1 - During the period (Details) (USD $) | 9 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
112BIT, LLC Note #1 - During the period | ||
Accrued interest | $1,044 | $0 |
Adar_Bays_LLC_Note_1_Details
Adar Bays, LLC Note #1 (Details) (USD $) | Mar. 31, 2015 | 19-May-14 | Mar. 31, 2014 |
Adar Bays, LLC Note #1 Details | |||
Convertible promissory note | $50,000 | ||
Promissory note bears interest at per annum | 8.00% | ||
Principal balance | 26,654 | 0 | |
Accrued interest | 2,982 | 0 | |
Debt discount | 4,734 | 0 | |
Derivative liability | $44,424 | $0 |
Adar_Bays_LLC_Note_1_During_th
Adar Bays, LLC Note #1 - During the period (Details) (USD $) | 9 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Adar Bays, LLC Note #1 - During the period Details | ||
Accrued interest | $2,522 | $0 |
Debt discount and derivative liability | 142,413 | |
Gain on change in value of the derivative liability | 55,360 | 0 |
Debt discount accreted | 45,266 | 0 |
Issued common shares upon the conversion | 550,100 | |
Principal balance | 23,346 | |
Derivative liability | $42,629 |
Adar_Bays_LLC_Note_2_Details
Adar Bays, LLC Note #2 (Details) (USD $) | Mar. 31, 2015 | 27-May-14 | Mar. 31, 2014 |
Adar Bays, LLC Note #2 Details | |||
Convertible promissory note | $150,000 | ||
Promissory note bears interest at per annum | 8.00% | ||
Principal balance | 150,000 | 0 | |
Accrued interest | 10,126 | 0 | |
Debt discount | 37,123 | 0 | |
Derivative liability | $250,000 | $0 |
Adar_Bays_LLC_Note_2_During_th
Adar Bays, LLC Note #2 - During the period (Details) (USD $) | 9 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Adar Bays, LLC Note #2 - During the period Details | ||
Accrued interest | $9,008 | $0 |
Debt discount and derivative liability | 453,113 | |
Gain on change in value of the derivative liability | 203,113 | 0 |
Debt discount accreted | $112,877 | $0 |
Adar_Bays_LLC_Note_3_Details
Adar Bays, LLC Note #3 (Details) (USD $) | Mar. 31, 2015 | 27-May-14 | Mar. 31, 2014 |
Adar Bays, LLC Note #3 Details | |||
Convertible promissory note | $33,333 | ||
Promissory note bears interest at per annum | 8.00% | ||
Principal balance | 33,333 | 0 | |
Accrued interest | 2,309 | 0 | |
Debt discount | 6,706 | 0 | |
Derivative liability | $55,555 | $0 |
Adar_Bays_LLC_Note_3_During_th
Adar Bays, LLC Note #3 - During the period (Details) (USD $) | 9 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Adar Bays, LLC Note #3 - During the period Details | ||
Accrued interest | $2,309 | $0 |
Debt discount and derivative liability | 94,941 | |
Gain on change in value of the derivative liability | 39,386 | 0 |
Debt discount accreted | $26,627 | $0 |
Aladdin_Trading_LLC_Note_1_Det
Aladdin Trading, LLC Note #1 (Details) (USD $) | Mar. 31, 2015 | Nov. 25, 2014 | Mar. 31, 2014 |
Aladdin Trading, LLC Note #1 Details | |||
Convertible promissory note | $50,240 | ||
Promissory note bears interest at per annum | 8.00% | ||
Principal balance | 33,140 | 0 | |
Accrued interest | 973 | 0 | |
Debt discount | 19,559 | 0 | |
Derivative liability | $55,233 | $0 |
Aladdin_Trading_LLC_Note_1_Dur
Aladdin Trading, LLC Note #1 - During the period (Details) (USD $) | 9 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Aladdin Trading, LLC Note #1 - During the period Details | ||
Accrued interest | $973 | $0 |
Debt discount and derivative liability | 151,692 | |
Gain on change in value of the derivative liability | 56,881 | 0 |
Debt discount accreted | 30,681 | 0 |
Issued common shares upon the conversion | 285,000 | |
Principal balance | 17,100 | |
Derivative liability | $39,578 |
Classic_Capital_Note_1_Details
Classic Capital Note #1 (Details) (USD $) | Mar. 31, 2015 | 5-May-14 | Mar. 31, 2014 |
Classic Capital Note #1 Details | |||
Convertible promissory note | $150,000 | ||
Promissory note bears interest at per annum | 8.00% | ||
Principal balance | 150,000 | 0 | |
Accrued interest | 10,849 | 0 | |
Debt discount | 19,384 | 0 | |
Derivative liability | $214,286 | $0 |
Classic_Capital_Note_1_During_
Classic Capital Note #1 - During the period (Details) (USD $) | 9 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Classic Capital Note #1 - During the period Details | ||
Accrued interest | $9,008 | $0 |
Debt discount and derivative liability | 314,959 | |
Gain on change in value of the derivative liability | 100,673 | 0 |
Debt discount accreted | $130,616 | $0 |
Classic_Capital_Note_2_Details
Classic Capital Note #2 (Details) (USD $) | Mar. 31, 2015 | 31-May-14 | Mar. 31, 2014 |
Classic Capital Note #2 Details | |||
Convertible promissory note | $50,000 | ||
Promissory note bears interest at per annum | 8.00% | ||
Principal balance | 50,000 | 0 | |
Accrued interest | 3,332 | 0 | |
Debt discount | 13,603 | 0 | |
Derivative liability | $71,429 | $0 |
Classic_Capital_Note_2_During_
Classic Capital Note #2 - During the period (Details) (USD $) | 9 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Classic Capital Note #2 - During the period Details | ||
Accrued interest | $3,003 | $0 |
Debt discount and derivative liability | 60,909 | |
Loss on change in value of the derivative liability | 10,520 | 0 |
Debt discount accreted | $36,397 | $0 |
Classic_Capital_Note_3_Details
Classic Capital Note #3 (Details) (USD $) | Mar. 31, 2015 | Jun. 30, 2014 | Mar. 31, 2014 |
Classic Capital Note #3 Details | |||
Convertible promissory note | $50,000 | ||
Promissory note bears interest at per annum | 8.00% | ||
Principal balance | 50,000 | 0 | |
Accrued interest | 3,003 | 0 | |
Debt discount | 24,325 | 0 | |
Derivative liability | $71,429 | $0 |
Classic_Capital_Note_3_During_
Classic Capital Note #3 - During the period (Details) (USD $) | 9 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Classic Capital Note #3 - During the period Details | ||
Accrued interest | $3,003 | $0 |
Debt discount and derivative liability | 74,524 | |
Gain on change in value of the derivative liability | 3,095 | 0 |
Debt discount accreted | $25,675 | $0 |
Coventry_Enterprises_LLC_Note_
Coventry Enterprises, LLC Note #2 (Details) (USD $) | Mar. 31, 2015 | Nov. 25, 2014 | Mar. 31, 2014 |
Coventry Enterprises, LLC Note #2 Details | |||
Company arranged a debt swap under which a Direct Capital note was transferred to Coventry Enterprises, LLC in the amount of | $48,000 | ||
Convertible promissory note | 34,240 | ||
Legal fees included in the amount borrowed | 2,240 | ||
Promissory note bears interest at per annum | 8.00% | ||
Principal balance | 26,654 | 0 | |
Accrued interest | 2,982 | 0 | |
Debt discount | 4,734 | 0 | |
Derivative liability | $44,424 | $0 |
Coventry_Enterprises_LLC_Note_1
Coventry Enterprises, LLC Note #2 - During the period (Details) (USD $) | 9 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Coventry Enterprises, LLC Note #2 - During the period Details | ||
Accrued interest | $167 | $0 |
Debt discount and derivative liability | 113,390 | |
Gain on change in value of the derivative liability | 38,497 | 0 |
Debt discount accreted | 34,240 | 0 |
Issued common shares upon the conversion | 622,545 | |
Principal balance | 34,240 | |
Derivative liability | $74,893 |
Direct_Capital_Group_Note_3_De
Direct Capital Group Note #3 (Details) (USD $) | Mar. 31, 2015 | Sep. 17, 2014 | Mar. 31, 2014 | Jul. 31, 2013 |
Direct Capital Group Note #3 Details | ||||
Convertible Promissory Note with Direct Capital Group in the sum | $11,000 | |||
Interest per annum | 8.00% | |||
Interest per annum | 22.00% | |||
Conversion Price | $0.00 | |||
Date of issuance, interest expense relating to the beneficial conversion feature of this convertible note | 11,000 | |||
Company transferred the note balance to Union Capital, LLC | 11,000 | |||
Principal balance | 0 | 11,000 | ||
Accrued interest | 2,185 | 581 | ||
Debt discount | $0 | $0 |
Direct_Capital_Group_Note_3_Du
Direct Capital Group Note #3 - During the Period (Details) (USD $) | 9 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Direct Capital Group Note #3 - During the Period Details | ||
Accrued interest | $756 | $581 |
Debt discount accreted | $0 | $11,000 |
Direct_Capital_Group_Note_4_De
Direct Capital Group Note #4 (Details) (USD $) | Mar. 31, 2015 | Oct. 22, 2014 | Mar. 31, 2014 | Aug. 31, 2013 |
Direct Capital Group Note #4 Details | ||||
Convertible Promissory Note with Direct Capital Group in the sum | $11,000 | |||
Interest per annum | 8.00% | |||
Interest per annum | 22.00% | |||
Conversion Price | $0.00 | |||
Date of issuance, interest expense relating to the beneficial conversion feature of this convertible note | 11,000 | |||
Company transferred the note balance to LG Capital Funding, LLC | 11,000 | 11,000 | ||
Principal balance | 0 | 11,000 | ||
Accrued interest | 1,760 | 506 | ||
Debt discount | $0 | $0 |
Direct_Capital_Group_Note_4_Du
Direct Capital Group Note #4 - During the Period (Details) (USD $) | 9 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Direct Capital Group Note #4 - During the Period Details | ||
Accrued interest | $524 | $506 |
Debt discount accreted | $0 | $11,000 |
Direct_Capital_Group_Note_5_De
Direct Capital Group Note #5 (Details) (USD $) | Mar. 31, 2015 | Sep. 17, 2014 | Mar. 31, 2014 | Sep. 30, 2013 |
Direct Capital Group Note #5 Details | ||||
Convertible Promissory Note with Direct Capital Group in the sum | $11,000 | |||
Interest per annum | 8.00% | |||
Interest per annum | 22.00% | |||
Conversion Price | $0.00 | |||
Date of issuance, interest expense relating to the beneficial conversion feature of this convertible note | 11,000 | |||
Company transferred the note balance to LG Capital Funding, LLC | 11,000 | 11,000 | ||
Principal balance | 0 | 11,000 | ||
Accrued interest | 1,554 | 434 | ||
Debt discount | $0 | $0 |
Direct_Capital_Group_Note_5_Du
Direct Capital Group Note #5 - During the Period (Details) (USD $) | 9 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Direct Capital Group Note #5 - During the Period Details | ||
Accrued interest | $501 | $1,824 |
Debt discount accreted | $0 | $46,090 |
Direct_Capital_Group_Note_6_De
Direct Capital Group Note #6 (Details) (USD $) | Mar. 31, 2015 | Jul. 18, 2014 | Mar. 31, 2014 | Sep. 30, 2013 |
Direct Capital Group Note #6 Details | ||||
Convertible Promissory Note with Direct Capital Group in the sum | $46,215 | |||
Interest per annum | 8.00% | |||
Interest per annum | 22.00% | |||
Conversion Price | $0.00 | |||
Date of issuance, interest expense relating to the beneficial conversion feature of this convertible note | 46,215 | |||
Company transferred the note balance to Union Capital, LLC | 46,215 | 11,000 | ||
Principal balance | 0 | 46,215 | ||
Accrued interest | 4,831 | 1,824 | ||
Debt discount | $0 | $125 |
Direct_Capital_Group_Note_6_Du
Direct Capital Group Note #6 - During the Period (Details) (USD $) | 9 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Direct Capital Group Note #6 - During the Period Details | ||
Accrued interest | $501 | $1,824 |
Debt discount accreted | $0 | $46,090 |
Direct_Capital_Group_Note_7_De
Direct Capital Group Note #7 (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 | Jan. 31, 2014 | Oct. 11, 2013 |
Direct Capital Group Note #7 Details: | ||||
Debt acquired from a former related party | $190,084 | |||
Promissory note is unsecured , bears interest per annum | 0.00% | 0.00% | 0.00% | 6.00% |
Debt discount and derivative liability | 218,091 | |||
Note transferred to Coventry Enterprises, LLC | 50,000 | |||
Note transferred to Prolific Group, LLC | 25,000 | |||
Principal balance | 69,889 | 82,504 | ||
Accrued interest | 11,929 | 4,359 | ||
Debt discount | 0 | 38,746 | ||
Derivative liability | $107,521 | $95,550 |
Direct_Capital_Group_During_th
Direct Capital Group During the Period Note #7 (Details) (USD $) | 9 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Direct Capital Group During the Period Note #7 Details: | ||
Accrued interest | $6,402 | $4,359 |
Loss due to change in derivative liability | 30,923 | 0 |
Gain due to change in derivative liability | 0 | 97,156 |
Debt discount accreted | 0 | 151,338 |
Issued Common Shares | 628,000 | 0 |
Principal balance | 5,200 | 0 |
Derivative liability was re-classified as additional paid in capital | $10,669 | $0 |
Direct_Capital_Group_Note_10_D
Direct Capital Group Note #10 (Details) (USD $) | Mar. 31, 2015 | Jul. 18, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Direct Capital Group Note #10 Details: | ||||
Company entered into a Convertible Promissory Note with Direct Capital Group | $16,000 | |||
Promissory note is unsecured , bears interest per annum | 0.00% | 0.00% | 0.00% | 8.00% |
Date of issuance, interest expense relating to the beneficial conversion feature of this convertible note | 16,000 | |||
Note transferred to Union Capital, LLC | 16,000 | |||
Principal balance | 0 | 16,000 | ||
Accrued interest | 795 | 312 | ||
Debt discount | $0 | $8,088 |
Direct_Capital_Group_During_th1
Direct Capital Group During the Peeiod Note #10 (Details) (USD $) | 9 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Direct Capital Group During the Peeriod Note #10 : | ||
Accrued interest | $164 | $312 |
Debt discount accreted | $44 | $7,912 |
Direct_Capital_Group_Note_11_D
Direct Capital Group Note #11 (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 | Jan. 31, 2014 |
Direct Capital Group Note #11 Details: | |||
Promissory note is unsecured , bears interest per annum | 0.00% | 0.00% | 0.00% |
Date of issuance, interest expense relating to the beneficial conversion feature of this convertible note | $16,000 | ||
Note transferred to Union Capital, LLC | 16,000 | ||
Principal balance | 0 | 16,000 | |
Accrued interest | 589 | 207 | |
Debt discount | $0 | $10,813 |
Direct_Capital_Group_During_th2
Direct Capital Group During the Period Note #11 (Details) (USD $) | 9 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Direct Capital Group During the Period Note #11: | ||
Accrued interest | $63 | $207 |
Debt discount accreted | $1,901 | $5,187 |
Direct_Capital_Group_Note_12_D
Direct Capital Group Note #12 (Details) (USD $) | Mar. 31, 2015 | Sep. 17, 2014 | Mar. 31, 2014 | Feb. 28, 2014 |
Direct Capital Group Note #12 Details: | ||||
Company entered into a Convertible Promissory Note with Direct Capital Group | $16,000 | |||
Promissory note is unsecured , bears interest per annum | 0.00% | 0.00% | 0.00% | 8.00% |
Date of issuance, interest expense relating to the beneficial conversion feature of this convertible note | 16,000 | |||
Note transferred to LG Capital Funding, LLC | 16,000 | |||
Principal balance | 0 | 16,000 | ||
Accrued interest | 929 | 501 | ||
Debt discount | $0 | $13,319 |
Direct_Capital_Group_During_th3
Direct Capital Group During the Period Note #12 (Details) (USD $) | 9 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Direct Capital Group During the Period Note #12: | ||
Accrued interest | $501 | $109 |
Debt discount accreted | $4,536 | $2,681 |
Direct_Capital_Group_Note_13_D
Direct Capital Group Note #13 (Details) (USD $) | Mar. 31, 2015 | Sep. 17, 2014 | Mar. 31, 2014 |
Direct Capital Group Note #13 Details: | |||
Company entered into a Convertible Promissory Note with Direct Capital Group | $16,000 | ||
Promissory note is unsecured , bears interest per annum | 0.00% | 0.00% | 8.00% |
Date of issuance, interest expense relating to the beneficial conversion feature of this convertible note | 16,000 | ||
Note transferred to LG Capital Funding, LLC | 11,000 | ||
Principal balance | 0 | 16,000 | |
Debt discount | $0 | $16,000 |
Direct_Capital_Group_During_th4
Direct Capital Group During the Period Note #13 (Details) (USD $) | 9 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Direct Capital Group During the Period Note #13: | ||
Accrued interest | $323 | $0 |
Debt discount accreted | $8,087 | $0 |
Direct_Capital_Group_Note_14_D
Direct Capital Group Note #14 (Details) (USD $) | Mar. 31, 2015 | Nov. 25, 2014 | Apr. 30, 2014 | Mar. 31, 2014 |
Direct Capital Group Note #14 Details: | ||||
Company entered into a Convertible Promissory Note with Direct Capital Group | $48,000 | |||
Promissory note is unsecured , bears interest per annum | 0.00% | 0.00% | 8.00% | 0.00% |
Date of issuance, interest expense relating to the beneficial conversion feature of this convertible note | 48,000 | |||
Note transferred to Aladdin Trading, LLC | 48,000 | |||
Principal balance | 0 | 0 | ||
Accrued interest | 2,199 | 0 | ||
Debt discount | $0 | $0 |
Direct_Capital_Group_During_th5
Direct Capital Group During the Period Note #14 (Details) (USD $) | 9 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Direct Capital Group During the Period Note #14 : | ||
Accrued interest | $1,557 | $0 |
Debt discount accreted | $32,173 | $0 |
Direct_Capital_Group_Note_15_D
Direct Capital Group Note #15 (Details) (USD $) | Mar. 31, 2015 | Jun. 01, 2014 | Mar. 31, 2014 |
Direct Capital Group Note #15 Details: | |||
Company entered into a Convertible Promissory Note with Direct Capital Group | $71,237 | ||
Promissory note is unsecured , bears interest per annum | 0.00% | 8.00% | 0.00% |
Principal balance | 71,237 | 0 | |
Accrued interest | $4,731 | $0 |
Direct_Capital_Group_During_th6
Direct Capital Group During the Period Note #15 (Details) (USD $) | 9 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Direct Capital Group During the Period Note #15 : | ||
Accrued interest | $4,278 | $0 |
Direct_Capital_Group_Note_16_D
Direct Capital Group Note #16 (Details) (USD $) | Mar. 31, 2015 | Jun. 01, 2014 | Mar. 31, 2014 |
Direct Capital Group Note #16 Details: | |||
Company entered into a Convertible Promissory Note with Direct Capital Group | $61,722 | ||
Promissory note is unsecured , bears interest per annum | 0.00% | 8.00% | 0.00% |
Principal balance | 61,722 | 0 | |
Accrued interest | $3,693 | $0 |
Direct_Capital_Group_During_th7
Direct Capital Group During the Period Note #16 (Details) (USD $) | 9 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Direct Capital Group During the Period Note #16 : | ||
Accrued interest | $3,693 | $0 |
Direct_Capital_Group_Note_17_D
Direct Capital Group Note #17 (Details) (USD $) | Mar. 31, 2015 | Oct. 22, 2014 | Jul. 31, 2014 | Mar. 31, 2014 |
Direct Capital Group Note #17 Details: | ||||
Company entered into a Convertible Promissory Note with Direct Capital Group | $48,000 | |||
Promissory note is unsecured , bears interest per annum | 0.00% | 0.00% | 8.00% | 0.00% |
Date of issuance, interest expense relating to the beneficial conversion feature of this convertible note | 48,000 | |||
Note transferred to Union Capital, LLC | 21,000 | |||
Principal balance | 27,000 | 0 | ||
Accrued interest | 2,421 | 0 | ||
Debt discount | $0 | $0 |
Direct_Capital_Group_During_th8
Direct Capital Group During the Period Note #17 (Details) (USD $) | 9 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Direct Capital Group During the Period Note #17 : | ||
Accrued interest | $2,421 | $0 |
Debt discount accreted | $48,000 | $0 |
Direct_Capital_Group_Note_18_D
Direct Capital Group Note #18 (Details) (USD $) | Mar. 31, 2015 | Aug. 01, 2014 | Mar. 31, 2014 |
Direct Capital Group Note #18 Details: | |||
Company entered into a Convertible Promissory Note with Direct Capital Group | $82,150 | ||
Promissory note is unsecured , bears interest per annum | 0.00% | 8.00% | 0.00% |
Principal balance | $82,150 | $0 |
Direct_Capital_Group_During_th9
Direct Capital Group During the Period Note #18 (Details) (USD $) | 9 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Direct Capital Group During the Period Note #18 : | ||
Accrued interest | $4,357 | $0 |
Direct_Capital_Group_Note_19_D
Direct Capital Group Note #19 (Details) (USD $) | Mar. 31, 2015 | Nov. 25, 2014 | Oct. 01, 2014 | Mar. 31, 2014 |
Direct Capital Group Note #19 Details: | ||||
Company entered into a Convertible Promissory Note with Direct Capital Group | $48,000 | |||
Promissory note is unsecured , bears interest per annum | 0.00% | 0.00% | 8.00% | 0.00% |
Date of issuance, interest expense relating to the beneficial conversion feature of this convertible note | 48,000 | |||
Note transferred to Coventry Enterprises, LLC | 32,000 | |||
Principal balance | 16,000 | 0 | ||
Accrued interest | 1,021 | 0 | ||
Debt discount | $44 | $0 |
Recovered_Sheet1
Direct Capital Group During the Period Note #19 (Details) (USD $) | 9 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Direct Capital Group During the Period Note #19 : | ||
Debt discount accreted | $47,956 | $0 |
Direct_Capital_Group_Note_20_D
Direct Capital Group Note #20 (Details) (USD $) | Mar. 31, 2015 | Oct. 01, 2014 | Mar. 31, 2014 |
Direct Capital Group Note #20 Details: | |||
Company entered into a Convertible Promissory Note with Direct Capital Group | $150,000 | ||
Promissory note is unsecured , bears interest per annum | 0.00% | 8.00% | 0.00% |
Date of issuance, interest expense relating to the beneficial conversion feature of this convertible note | 150,000 | ||
Principal balance | 150,000 | 0 | |
Accrued interest | 5,951 | 0 | |
Debt discount | $412 | $0 |
Recovered_Sheet2
Direct Capital Group During the Period Note #20 (Details) (USD $) | 9 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Direct Capital Group During the Period Note #20 : | ||
Debt discount accreted | $149,588 | $0 |
Direct_Capital_Group_Note_21_D
Direct Capital Group Note #21 (Details) (USD $) | Mar. 31, 2015 | Oct. 02, 2014 | Mar. 31, 2014 |
Direct Capital Group Note #21 Details: | |||
Company entered into a Convertible Promissory Note with Direct Capital Group | $150,000 | ||
Promissory note is unsecured , bears interest per annum | 0.00% | 8.00% | 0.00% |
Date of issuance, interest expense relating to the beneficial conversion feature of this convertible note | 150,000 | ||
Principal balance | 150,000 | 0 | |
Accrued interest | 5,918 | 0 | |
Debt discount | $833 | $0 |
Recovered_Sheet3
Direct Capital Group During the Period Note #21 (Details) (USD $) | 9 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Direct Capital Group During the Period Note #21: | ||
Debt discount accreted | $149,167 | $0 |
Direct_Capital_Group_Note_22_D
Direct Capital Group Note #22 (Details) (USD $) | Mar. 31, 2015 | Oct. 03, 2014 | Mar. 31, 2014 |
Direct Capital Group Note #22 Details | |||
Convertible Promissory Note with Direct Capital Group in the sum | $150,000 | ||
Interest per annum | 22.00% | ||
Conversion Price | $0.00 | ||
Principal balance | 150,000 | 0 | |
Accrued interest | 5,885 | 0 | |
Debt discount | 1,263 | 0 | |
Debt discount accreted | $148,737 | $0 |
Direct_Capital_Group_Note_23_D
Direct Capital Group Note #23 (Details) (USD $) | Mar. 31, 2015 | Oct. 04, 2014 | Mar. 31, 2014 |
Direct Capital Group Note #23 Details | |||
Convertible Promissory Note with Direct Capital Group in the sum | $150,000 | ||
Interest per annum | 8.00% | ||
Conversion Price | $0.00 | ||
Principal balance | 150,000 | 0 | |
Accrued interest | 5,852 | 0 | |
Debt discount | 1,703 | 0 | |
Debt discount accreted | $148,297 | $0 |
Direct_Capital_Group_Note_24_D
Direct Capital Group Note #24 (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
Direct Capital Group Note #24 Details | ||
Convertible Promissory Note with Direct Capital Group in the sum January 1, 2015 | $150,000 | |
Interest per annum | 8.00% | |
Conversion Price | $0.00 | |
Principal balance | 150,000 | 0 |
Accrued interest | 5,852 | 0 |
Debt discount | 1,703 | 0 |
Debt discount accreted | $148,297 | $0 |
Direct_Capital_Group_Note_25_D
Direct Capital Group Note #25 (Details) (USD $) | Mar. 31, 2015 | Jan. 02, 2015 | Jun. 30, 2014 |
Direct Capital Group Note #25 Details | |||
Convertible Promissory Note with Direct Capital Group in the sum January 1, 2015 | $75,000 | ||
Interest per annum | 22.00% | ||
Conversion Price | $0.00 | ||
Principal balance | 75,000 | 0 | |
Accrued interest | 1,447 | 0 | |
Debt discount | 38,536 | 0 | |
Debt discount accreted | $36,464 | $0 |
Gel_Properties_Note_3_Details
Gel Properties Note #3 (Details) (USD $) | Mar. 31, 2015 | 27-May-14 | Mar. 31, 2014 |
Gel Properties Note #3 Details | |||
Direct Capital note transferred to Gel Properties, LLC | $75,000 | ||
Unsecured promissory note bears interest at per annum | 0.06 | ||
Accrued interest | 363 | 0 | |
Debt discount and derivative liability | 161,019 | ||
Principal balance | 0 | 0 | |
Accrued interest | 0 | 0 | |
Debt discount | 0 | 0 | |
Derivative liability | $0 | $0 |
JMJ_Financial_Note_1_Details
JMJ Financial Note #1 (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 | Feb. 20, 2014 | Jul. 18, 2013 |
JMJ Financial Note #1 Details | ||||
Convertible promissory note | $33,300 | $27,750 | ||
Promissory note bears interest at per annum | 0.12 | 0.12 | ||
Debt discount and derivative liability | 76,527 | |||
Principal balance | 0 | 0 | ||
Accrued interest | 0 | 3,300 | ||
Debt discount | 0 | 0 | ||
Derivative liability | $0 | $0 |
JMJ_Financial_Note_2_Details
JMJ Financial Note #2 (Details) (USD $) | Mar. 31, 2015 | Jun. 23, 2014 | Apr. 16, 2014 | Mar. 31, 2014 |
JMJ Financial Note #2 Details | ||||
Convertible promissory note | $33,300 | $49,950 | ||
Promissory note bears interest at per annum | 12.00% | 12.00% | ||
Debt discount and derivative liability | 414,278 | |||
Principal balance | 40,279 | 0 | ||
Accrued interest | 9,990 | 0 | ||
Debt discount | 3,158 | 0 | ||
Derivative liability | $67,132 | $0 |
KBM_Worldwide_Note_1_Details
KBM Worldwide Note #1 (Details) (USD $) | Mar. 31, 2015 | Apr. 11, 2014 | Mar. 31, 2014 |
KBM Worldwide Note #1 Details | |||
Convertible promissory note | $37,500 | ||
Interest rate | 8.00% | ||
Debt discount and derivative liability | 42,549 | ||
Principal balance | 32,500 | 0 | |
Accrued interest | 1,845 | 0 | |
Debt discount | 5,816 | 0 | |
Derivative liability | $42,025 | $0 |
KBM_Worldwide_Note_2_Details
KBM Worldwide Note #2 (Details) (USD $) | Mar. 31, 2015 | Jul. 15, 2014 | Mar. 31, 2014 |
KBM Worldwide Note #2 Details | |||
Convertible promissory note | $32,500 | ||
Interest rate | 8.00% | ||
Debt discount and derivative liability | 55,795 | ||
Principal balance | 32,500 | 0 | |
Accrued interest | 1,845 | 0 | |
Debt discount | 5,816 | 0 | |
Derivative liability | $42,025 | $0 |
LG_Capital_Note_1_Details
LG Capital Note #1 (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 | Feb. 26, 2014 |
LG Capital Note #1 Details | |||
Convertible promissory note | $30,000 | ||
Interest rate | 8.00% | ||
Debt discount and derivative liability | 44,287 | ||
Principal balance | 30,000 | 0 | |
Accrued interest | 3,051 | 0 | |
Debt discount | 0 | 18,192 | |
Derivative liability | $54,545 | $23,162 |
LG_Capital_Note_3_Details
LG Capital Note #3 (Details) (USD $) | Mar. 31, 2015 | Jul. 12, 2014 | Mar. 31, 2014 |
LG Capital Note #3 Details | |||
Convertible promissory note | $32,000 | ||
Interest rate | 8.00% | ||
Debt discount and derivative liability | 53,930 | ||
Principal balance | 0 | 0 | |
Accrued interest | 0 | 121 | |
Debt discount | 0 | 0 | |
Derivative liability | $0 | $0 |
LG_Capital_Note_4_Details
LG Capital Note #4 (Details) (USD $) | Mar. 31, 2015 | Jun. 12, 2014 | Mar. 31, 2014 |
LG Capital Note #4 Details | |||
Convertible promissory note | $40,000 | ||
Interest rate | 8.00% | ||
Debt discount and derivative liability | 71,475 | ||
Principal balance | 40,000 | 0 | |
Accrued interest | 2,560 | 0 | |
Debt discount | 14,058 | 0 | |
Derivative liability | $72,727 | $0 |
LG_Capital_Note_5_Details
LG Capital Note #5 (Details) (USD $) | Mar. 31, 2015 | Sep. 17, 2014 | Mar. 31, 2014 |
LG Capital Note #5 Details | |||
Convertible promissory note | $54,000 | ||
Interest rate | 8.00% | ||
Debt discount and derivative liability | 68,325 | ||
Principal balance | 0 | 0 | |
Accrued interest | 0 | 0 | |
Debt discount | 0 | 0 | |
Derivative liability | $0 | $0 |
LG_Capital_Note_6_Details
LG Capital Note #6 (Details) (USD $) | Mar. 31, 2015 | Sep. 17, 2014 | Mar. 31, 2014 |
LG Capital Note #6 Details | |||
Convertible promissory note | $55,000 | ||
Interest rate | 8.00% | ||
Debt discount and derivative liability | 0 | 100,000 | 0 |
Principal balance | 55,000 | 0 | |
Debt discount | 50,815 | 0 | |
Derivative liability | $100,000 | $0 |
New_Venture_Attorneys_Note_1_D
New Venture Attorneys Note #1 (Details) (USD $) | Mar. 31, 2015 | Apr. 01, 2014 | Mar. 31, 2014 |
New Venture Attorneys Note #1 Details | |||
Unsecured Promissory Note to New Venture Attorneys | $50,000 | ||
Accrues interest at an annual rate | 8.00% | ||
Debt discount and derivative liability | 61,389 | 0 | 0 |
Principal balance | 50,000 | 0 | |
Accrued interest | 3,989 | 0 | |
Debt discount | 134 | 0 | |
Derivative liability | $90,909 | $0 |
Prolific_Group_Note_1_Details
Prolific Group Note #1 (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 | Jan. 31, 2014 |
Prolific Group Note #1 Details | |||
Company arranged a debt swap under which a Direct Capital note was transferred to Prolific Group, LLC. | $25,000 | ||
Accrues interest at an annual rate | 6.00% | ||
Debt discount and derivative liability | 85,981 | 0 | 0 |
Principal balance | 20,000 | 0 | |
Accrued interest | 2,018 | 0 | |
Debt discount | 0 | 19,282 | |
Derivative liability | $30,769 | $26,637 |
Union_Capital_Note_1_Details
Union Capital Note #1 (Details) (USD $) | Mar. 31, 2015 | 27-May-14 | Mar. 31, 2014 |
Union Capital Note #1 Details | |||
Company arranged a debt swap under which a Direct Capital note was transferred to Prolific Group, LLC. | $48,516 | ||
Accrues interest at an annual rate | 8.00% | ||
Debt discount and derivative liability | 104,160 | 0 | 0 |
Principal balance | 0 | 0 | |
Accrued interest | 0 | 0 | |
Debt discount | 0 | 0 | |
Derivative liability | $0 | $0 | |
Issued common shares upon the conversion | 23,026 |
Union_Capital_Note_2_Details
Union Capital Note #2 (Details) (USD $) | Mar. 31, 2015 | 27-May-14 | Mar. 31, 2014 |
Union Capital Note #2 Details | |||
Unsecured Promissory Note | $97,000 | ||
Accrues interest at an annual rate | 8.00% | ||
Debt discount and derivative liability | 293,012 | 0 | 0 |
Principal balance | 81,405 | 0 | |
Accrued interest | 5,502 | 0 | |
Debt discount | 19,176 | 0 | |
Derivative liability | $135,675 | $0 | |
Issued common shares upon the conversion | 790,000 |
Union_Capital_Note_3_Details
Union Capital Note #3 (Details) (USD $) | Mar. 31, 2015 | Jul. 18, 2014 | Mar. 31, 2014 |
Union Capital Note #3 Details | |||
Company arranged a debt swap under which three Direct Capital notes | $82,450 | ||
Accrues interest at an annual rate | 8.00% | ||
Debt discount and derivative liability | 161,503 | 0 | 0 |
Principal balance | 0 | 0 | |
Accrued interest | 0 | 0 | |
Debt discount | 0 | 0 | |
Derivative liability | $0 | $0 | |
Issued common shares upon the conversion | 190,011 |
Union_Capital_Note_4_Details
Union Capital Note #4 (Details) (USD $) | Mar. 31, 2015 | Jul. 18, 2014 | Mar. 31, 2014 |
Union Capital Note #4 Details | |||
Unsecured Promissory Note to Union Capital, LLC. | $110,000 | ||
Accrues interest at an annual rate | 8.00% | ||
Debt discount and derivative liability | 182,842 | 0 | 0 |
Principal balance | 110,000 | 0 | |
Accrued interest | 6,172 | 0 | |
Debt discount | 65,163 | 0 | |
Derivative liability | $183,333 | $0 |
Union_Capital_Note_5_Details
Union Capital Note #5 (Details) (USD $) | Mar. 31, 2015 | Aug. 28, 2014 | Mar. 31, 2014 |
Union Capital Note #5 Details | |||
Unsecured Promissory Note to Union Capital, LLC. | $32,333 | ||
Accrues interest at an annual rate | 8.00% | ||
Debt discount and derivative liability | 53,888 | 0 | 0 |
Principal balance | 32,333 | 0 | |
Accrued interest | 1,524 | 0 | |
Debt discount | 19,154 | 0 | |
Derivative liability | $53,888 | $0 |
Union_Capital_Note_6_Details
Union Capital Note #6 (Details) (USD $) | Mar. 31, 2015 | Oct. 22, 2014 | Mar. 31, 2014 |
Union Capital Note #6 Details | |||
Unsecured Promissory Note to Union Capital, LLC. | $32,333 | ||
Accrues interest at an annual rate | 8.00% | ||
Principal balance | 32,333 | 0 | |
Accrued interest | 1,290 | 0 | |
Debt discount | 0 | 0 | |
Derivative liability | $0 | $0 |
Union_Capital_Note_7_Details
Union Capital Note #7 (Details) (USD $) | Mar. 31, 2015 | Oct. 22, 2014 | Mar. 31, 2014 |
Union Capital Note #7 Details | |||
Company arranged a debt swap under which two Direct Capital notes were transferred to Union Capital, LLC in the amount | $32,000 | ||
Accrues interest at an annual rate | 8.00% | ||
Principal balance | 0 | 0 | |
Accrued interest | 0 | 0 | |
Debt discount | 0 | 0 | |
Derivative liability | $0 | $0 |